On April 30, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) ( Hangzhou Binjiang Real Estate Group Co.Ltd(002244) . SZ, hereinafter referred to as ” Hangzhou Binjiang Real Estate Group Co.Ltd(002244) “) released the 2021 annual report. During the reporting period, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) achieved an operating revenue of 37.976 billion yuan (the same below), a year-on-year increase of 32.80%; The annual sales reached 169.1 billion yuan, a year-on-year increase of 24%. The net profit attributable to the parent company was 3.027 billion yuan, a year-on-year increase of 30.06%; Deduct non net profit of RMB 2.987 billion, with a year-on-year increase of 40.40%; The net cash flow from operating activities was 839 million yuan, a year-on-year increase of 126.59%.
In addition to the steady growth of the performance of the previous year, at the end of 2021, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) unsettled advance payment for housing was 93.54 billion yuan, an increase of 28.5% over the beginning of the year. The continuous thickening of advance payment not only provided sufficient guarantee for future performance, but also increased the debt.
Hangzhou Binjiang Real Estate Group Co.Ltd(002244) is headquartered in Hangzhou and has been cultivating this market for many years. In 2021, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) real estate business revenue was 37.49 billion yuan, accounting for 98.72% of the total operating revenue, with a year-on-year increase of 31.57%. Among them, the income in Hangzhou was 22.552 billion yuan, accounting for 59.38% of the total operating income, with a year-on-year increase of 106.28%.
Hangzhou Binjiang Real Estate Group Co.Ltd(002244) 2021: among the 38 new land reserve projects, Hangzhou accounted for 60%, and another 12 projects were distributed in other cities in Zhejiang. On April 25, 2022, among the first batch of centralized land supply in 2022 in Hangzhou, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) made great efforts to win 11 plots with a total price of about 18.435 billion yuan Hangzhou Binjiang Real Estate Group Co.Ltd(002244) such a large-scale investment in Hangzhou is also related to Hangzhou changing the rules of this round of local shooting game and transferring profit space to developers.
But Hangzhou Binjiang Real Estate Group Co.Ltd(002244) did not aim high. The sales target of 2022 is only set at 150 billion yuan to 160 billion yuan, or mainly based on the following two reasons:
Firstly, while the revenue increased, the cost of Hangzhou Binjiang Real Estate Group Co.Ltd(002244) also increased sharply, which led the company to adopt a conservative sales strategy. During the reporting period, the operating cost of Hangzhou Binjiang Real Estate Group Co.Ltd(002244) real estate industry was 28.245 billion yuan, a year-on-year increase of 35.80%. This led to a decline in gross profit margin Hangzhou Binjiang Real Estate Group Co.Ltd(002244) current gross profit margin was 24.66%, a year-on-year decrease of 2.34 percentage points.
Secondly, the sales and profits of listed real estate enterprises in the industry generally declined in the first quarter. According to the report of the first quarter of 2022, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) achieved a total operating revenue of 6.183 billion yuan during the reporting period, a year-on-year decrease of 16.79%; The net profit attributable to the parent company was 228 million yuan, a year-on-year decrease of 42.69%; Deduct non net profit of 231 million yuan, a year-on-year decrease of 41.44%; The net cash flow from operating activities was -11.499 billion yuan, a year-on-year decrease of 170457%.
The periodic decline may be caused by various internal and external factors. Whether Hangzhou Binjiang Real Estate Group Co.Ltd(002244) can achieve the sales target in 2022 depends on the development trend of the industry after consolidation and the future real estate market.
