Nearly half a year after the smooth handover of the core management, Poly Developments And Holdings Group Co.Ltd(600048) handed over the annual report card.
On January 9, Poly Developments And Holdings Group Co.Ltd(600048) released the performance express for 2021. It is estimated that the total business income for the whole year is 285.05 billion yuan, a year-on-year increase of 17.2%, and the net profit attributable to the parent company is 27.58 billion yuan.
While the revenue increased steadily, Poly Developments And Holdings Group Co.Ltd(600048) in 2021, the sales increased against the trend, with a year-on-year increase of 6.38% to 534.929 billion yuan. According to Kerui data, in 2021, the sales of the top 100 real estate enterprises increased by about 3%, and the sales ranking of Poly Developments And Holdings Group Co.Ltd(600048) increased from No. 5 at the end of 2020 to No. 4.
In the downturn stage of the real estate industry, the performance of Poly Developments And Holdings Group Co.Ltd(600048) can show strong toughness, on the one hand, it benefits from its consistent stable business strategy, on the other hand, it has obvious advantages on the resource side.
Everbright Securities Company Limited(601788) pointed out that the current real estate industry is gradually changing from financial industry to manufacturing industry, and the high leverage dividend is gradually disappearing, while the cost advantage and blood recovery ability will become the core competitiveness of real estate enterprises in the future, Poly Developments And Holdings Group Co.Ltd(600048) as a central enterprise, it is expected to further improve the market share.
sales continue to grow
With the real estate industry entering the era of management bonus, the development path of high leverage expansion in the past has become history, and the pursuit of quality growth has become the industry consensus.
As a central enterprise, Poly Developments And Holdings Group Co.Ltd(600048) has always adhered to cash flow management as the core and attached importance to the quality and efficiency of sales collection. By the third quarter of 2021, Poly Developments And Holdings Group Co.Ltd(600048) had achieved sales return of 367.2 billion yuan, with a return rate of 89.5%.
In the past year, Poly Developments And Holdings Group Co.Ltd(600048) both the sales amount and the average sales price also hit a record high. According to the data of Gf Securities Co.Ltd(000776) , Poly Developments And Holdings Group Co.Ltd(600048) achieved a full caliber sales amount of 534.93 billion yuan in 2021, a year-on-year increase of 6.4%, a sales area of 33.33 million m3, a year-on-year decrease of 2.2%, and the average sales price of the company in the whole year was 16050 yuan / m2, a year-on-year increase of 8.8%.
With its layout in the first and second tier core cities, Poly Developments And Holdings Group Co.Ltd(600048) has a prominent ability to resist market risks. In the fourth quarter of last year, the industry as a whole was in an accelerated downward state. The sales amount of the top 100 decreased by 35% year-on-year in the fourth quarter alone, while Poly Developments And Holdings Group Co.Ltd(600048) decreased by 7.79% year-on-year, 4.5 percentage points narrower than that in the third quarter, exceeding the head of the industry and the overall growth rate.
According to the Research Report of Gf Securities Co.Ltd(000776) , it can be observed from the average price change that Poly Developments And Holdings Group Co.Ltd(600048) adjusted the layout of key cities according to different market sales performance in the fourth quarter, strengthened the promotion of goods in high-speed cities, and increased the average sales price of the company by 12.6% year-on-year in the fourth quarter alone, thus maintaining a good relative sales performance.
In addition, Poly Developments And Holdings Group Co.Ltd(600048) while meeting the sales growth, it pays attention to controlling the total pushing amount, optimizing the business intention of stock value structure, and reducing the scale of pushed unsold value and the related risk of inventory impairment.
Poly Developments And Holdings Group Co.Ltd(600048) always be cautious in land acquisition and make timely adjustments according to the changes of market environment. According to the data, in 2021, the amount of Poly Developments And Holdings Group Co.Ltd(600048) land acquisition was about 185.6 billion yuan, the investment intensity was 35%, and the land acquisition equity accounted for 72%, an increase of 7 percentage points over 20 years.
Citic Securities Company Limited(600030) believes that considering that regulators encourage industry mergers and acquisitions, it is expected that Poly Developments And Holdings Group Co.Ltd(600048) sales scale, market share and industry ranking will be further improved.
obvious financial advantages
The sound financial situation is Poly Developments And Holdings Group Co.Ltd(600048) an important reason why it can still actively obtain land despite the overall decline of investment in the industry.
Poly Developments And Holdings Group Co.Ltd(600048) has always maintained a moderate leverage level. It is the only one of the top 5 real estate enterprises that has always maintained the "three red lines" green file, with steady growth in operating income, profit and sales scale.
As of the third quarter of 2021, Poly Developments And Holdings Group Co.Ltd(600048) after deducting advance receipts, the asset liability ratio was 65.62%, basically unchanged year-on-year; The net debt ratio was 67.6%, a year-on-year decrease of 3.3 percentage points; The cash short-term debt ratio was 2.32, a year-on-year increase of 0.4, with strong short-term solvency.
In terms of specific financial indicators, as of the third quarter of 2021, Poly Developments And Holdings Group Co.Ltd(600048) interest bearing liabilities were 341 billion yuan, a year-on-year increase of 12.9%; Monetary capital was 132.109 billion yuan, a year-on-year increase of 7.7%.
According to the incomplete statistics of Kerui Research Center, the financing volume of 100 typical real estate enterprises in 2021 was 1287.3 billion yuan, a year-on-year decrease of 26%. The financing volume showed negative growth for the first time in recent five years and reached the lowest point in five years.
In this context, Poly Developments And Holdings Group Co.Ltd(600048) as an old central enterprise reflects obvious financing advantages. For example, after the Symposium of real estate enterprise representatives held by Bank Of China Limited(601988) market dealers association on November 9 last year, Poly Developments And Holdings Group Co.Ltd(600048) and China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Bright Real Estate Group Co.Limited(600708) central enterprises and state-owned enterprises have successively started issuing bonds in the inter-bank market.
According to the data of Huaan Securities Co.Ltd(600909) , in 2021, Poly Developments And Holdings Group Co.Ltd(600048) issued 4 medium-term notes, 8 general corporate bonds and 5 ABS, with a total issuance scale of RMB 21.4 billion.
By the end of the year, the board of directors of Poly Developments And Holdings Group Co.Ltd(600048) reviewed and approved the proposal on registering 10 billion yuan medium-term notes, and agreed that Poly Developments And Holdings Group Co.Ltd(600048) should apply to the inter-bank Trading Association for registration and issue 10 billion yuan ordinary medium-term notes.
The Huaan Securities Co.Ltd(600909) research report pointed out that at the end of 2021, the regulatory authorities repeatedly released real estate financial policy signals to guide the financing environment of real estate enterprises to gradually "unfreeze", the head high-quality model real estate enterprises had a lot of income, and the source of funds of Poly Developments And Holdings Group Co.Ltd(600048) was further enriched.
However, in the context of tight financing, real estate enterprises rely more on the cash flow generated by their own operations. For Poly Developments And Holdings Group Co.Ltd(600048) , in addition to the cash flow brought by sales collection, there is also an important source, that is, diversified business.
Poly Developments And Holdings Group Co.Ltd(600048) diversified industrial layout started early and has a complete system, forming a "one main and two wings" business layout with real estate investment and development as the main body and comprehensive services and real estate finance as the wings. In 2021, Poly Developments And Holdings Group Co.Ltd(600048) related diversified industries will achieve steady growth.
In 2021, while poly's property market expansion scale reached a new high, it deepened the implementation of the large property strategy, in which non residential business accounted for 70%. Benchmark projects include Shanghai Jiaotong line 15, National Defense University, Central South University, Wutai Mountain and Guangzhou tower scenic spot.
In the shopping center sector, poly's commercial management scale exceeds 5 million square meters, and the opened area exceeds 2 million square meters. The annual sales in 2021 increased steadily year-on-year.
In the hotel and apartment sector, the company's revenue increased significantly year-on-year in 2020. The hotel operation implemented the time limit control of energy use, and the monthly cost during the epidemic period decreased by 20% - 32% compared with the normal period; In addition, the hotel sector has 45 international brand franchises, operates 20 hotels and conference centers, and prepares to operate more than 60.
The commercial and hotel companies also successfully obtained the right to operate the commercial street and accommodation of the 14th National Games, and successfully completed the operation. The apartment business has achieved cumulative profits, taking the construction and service of talent apartment as a key project to serve the social and people's livelihood, and has landed in a large talent apartment community of 1200 + in Hangzhou.
In the health sector, poly health investment added 6380 pension beds this year. Under the closed management of pension projects, great health has rapidly promoted the family pension service business. Its professional aging products suppliers and companies have obtained 84 national patents, which can provide an overall solution for aging transformation for millions of families across the country.
In the financial sector, Poly Developments And Holdings Group Co.Ltd(600048) 's industrial fund management scale has accumulated nearly 160 billion yuan.
Shenwan Hongyuan Group Co.Ltd(000166) the research report points out that it is expected that after the accelerated liquidation of real estate, the pattern will be optimized, the concentration will be further improved, and high-quality real estate enterprises are expected to obtain greater development space.
