Report summary:
Kerui released the top 100 list of real estate enterprise sales in April 2022. The full caliber sales amount of the top 100 real estate enterprises in a single month decreased by 59.2% year-on-year. Vanke ranks first in the industry in terms of sales in a single month, with a sales amount of 33.5 billion yuan. Country garden and Poly Developments And Holdings Group Co.Ltd(600048) rank second and third respectively, with a sales amount of 30.5 billion yuan in a single month.
Industry: weak sales performance and further decline in month on month growth
In April, the top 100 real estate enterprises realized a total sales amount of 492.4 billion yuan in a single month, a year-on-year increase of – 59.2%; From January to April, the top 100 real estate enterprises realized a total sales amount of 212.3 billion yuan, a year-on-year decrease of – 50.5%, down 3.4pct from January to March; In April, the market sales side continued to decline month on month, with poor performance. We expect that with the continuous relaxation of policies at both ends of supply and demand, we expect sales to rebound in the third quarter, but will still maintain the weak trend of negative growth.
Real estate enterprises: all echelons fell sharply in April, and the performance of leading real estate enterprises was slightly stronger
In April, the number of real estate enterprises with monthly sales of more than 10 billion was 14, down 22 from the same period last year. Vanke achieved full-scale sales of 33.5 billion yuan in a single month, while country garden and Poly Developments And Holdings Group Co.Ltd(600048) achieved sales of 30.5 billion yuan and 30.5 billion yuan respectively in a single month. From January to April, country garden, Vanke and Poly Developments And Holdings Group Co.Ltd(600048) achieved total sales of 163.4 billion yuan, 138.0 billion yuan and 121.2 billion yuan respectively, ranking among the top three in the industry. From the perspective of sales growth, the performance of the top 1-5 real estate enterprises in April was slightly better than that of other echelons, and all echelons showed an obvious downward trend; Among the top 30 real estate enterprises, only one real estate enterprise achieved positive growth in sales scale and poor overall performance.
Investment advice
In April, the sales of the top 100 real estate enterprises continued to decline, and the performance of each echelon was weak. At present, the policy of the real estate industry continues to relax, and the sector valuation is expected to be further repaired, which deserves special attention. We mainly recommend leading real estate enterprises China Vanke Co.Ltd(000002) , Poly Developments And Holdings Group Co.Ltd(600048) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Hangzhou Binjiang Real Estate Group Co.Ltd(002244) , Xuhui holding, etc; Relevant beneficiary objects include Gemdale Corporation(600383) , Longhu group, China Resources Land, Greentown China, China overseas development, country garden services, Yongsheng life services, etc.
Risk tips
Sales were lower than expected, and the real estate regulation policy was tightened.
