Financial reporter Zhang Tingwang
At present, the third quarterly report of A-share listed real estate companies has been disclosed.
Flush data shows that among the 104 A-share real estate companies, there are 65 companies with positive net profits in the first three quarters of this year, accounting for 62.5%; There were 47 companies with a year-on-year increase in net profit, accounting for 45.2%.
In the difficult environment of real estate, the viability and operation ability of real estate enterprises have been tested. Today, let's take a look at which companies are the most "profitable" from the third quarterly report of real estate companies? Which companies have seen a surge in performance?
Who is the most "profitable"?
Vanke and Poly are the "leaders" and "twin stars" of leading real estate companies this year.
According to the third quarterly report released by Vanke, in the third quarter of this year, Vanke achieved operating income of 89.42 billion yuan, a year-on-year decrease of 31.6%; net profit attributable to shareholders of listed companies was 3.75 billion yuan, down 22.5% year-on-year.
Overall, in the first three quarters of this year, Vanke achieved a cumulative operating income of 290.31 billion yuan, a year-on-year decrease of 14.0%; net profit attributable to shareholders of listed companies was 13.62 billion yuan, down 20.3% year-on-year. Among them, the gross profit margin of Vanke's real estate development business before tax was 18.5%, and the gross profit margin after deducting taxes and surcharges was 14.6%; The Group as a whole reported a gross margin of 17.6% before tax and an after-tax gross margin of 14.3%.
It is worth mentioning that Vanke still maintains stable financial indicators. As of the end of September, Vanke's net debt ratio was 53.9%; Although monetary funds decreased from the medium term to 103.68 billion yuan, they still covered short-term debt by 2.2 times.
Image source: Visual China
Poly Development's net profit in the first three quarters of this year also exceeded 10 billion.
The third quarterly report disclosed that in the third quarter of this year, Poly Development achieved operating income of 55.528 billion yuan, an increase of 21.63% year-on-year; net profit attributable to shareholders of listed companies was 1.070 billion yuan, down 52.84% year-on-year. Poly Development said that the decline in net profit in the third quarter was mainly due to the decline in the gross profit margin of the carry-over projects during the reporting period.
In the first three quarters of this year, Poly Development achieved operating income of 192.506 billion yuan and net profit attributable to shareholders of listed companies of 13.293 billion yuan, an increase of 23.10% and 1.33% year-on-year respectively.
Image source: Visual China
The third place in terms of earning power is China Merchants Shekou.
On the evening of October 30, China Merchants Shekou released its third quarter report for 2023. In the first three quarters of 2023, China Merchants Shekou achieved revenue of 75.8 billion yuan, a year-on-year decrease of 15%; net profit attributable to shareholders of listed companies was 3.8 billion yuan, a year-on-year increase of 27%, of which the net profit attributable to shareholders of listed companies in the third quarter was 1.6 billion yuan, a year-on-year increase of 51%; Net cash flow from operating activities in the first three quarters was RMB25.7 billion, up 217% year-on-year.
Seazen Holdings ranked fourth with a net profit of 2.478 billion.
On October 27, Seazen Development released the results of its subsidiary, Seazen Holdings, for the third quarter of 2023.
In the third quarter, Seazen Holdings' operating income was 29.511 billion yuan, a year-on-year increase of 55.72%; net profit attributable to shareholders of listed companies was 199 million yuan, a year-on-year decrease of 41.32%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 107 million yuan, a year-on-year decrease of 68.1%.
In the first three quarters of 2023, Seazen Holdings' cumulative operating income was 71.28 billion yuan, a year-on-year increase of 15.43%; net profit attributable to shareholders of listed companies was 2.478 billion yuan, a year-on-year decrease of 26.01%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 2.044 billion yuan, a year-on-year decrease of 29.42%.
Who is the "dark horse" of performance?
Damingcheng is a well-deserved "king of performance growth".
In the third quarter, the revenue of Damingcheng was 5.004 billion yuan, an increase of 224.62% year-on-year; net profit attributable to shareholders of listed companies was 362 million yuan, a year-on-year increase of 3910.46%. In the first three quarters, the company's revenue was 10.23 billion yuan, a year-on-year increase of 184.53%, and the net profit attributable to shareholders of listed companies was 646 million yuan, an increase of 1655.86% year-on-year.
Image source: Company announcement
For the change in net profit, Damingcheng said that there are three reasons:
1. During the reporting period, the number of new projects completed and delivered, the unit price and the total price increased significantly compared with the same period last year; 2. During the reporting period, the number of projects in which the company carried out LAT liquidation increased significantly compared with the same period last year, and the liquidation tax rate of some projects was less than the accrued tax rate, resulting in a decrease in business tax and surcharge compared with the same period last year; 3. During the reporting period, the company adhered to the business direction of reducing liabilities and deleveraging, continued to reduce staff and expenditure, reduce costs and increase efficiency, and improved profitability, resulting in a decrease in the total expenses of the company in the three periods during the reporting period compared with the same period last year.
SIIC Development and Jinbin Development performed well.
According to the performance report released by SIIC Development, in the first three quarters of 2023, the company's operating income was 5.081 billion yuan, a year-on-year increase of 151.24%; net profit attributable to shareholders of listed companies was 409 million yuan, a year-on-year increase of 463.57%. The performance report released by Jinbin Development shows. In the first three quarters of 2023, the company's operating income was 2.184 billion yuan, a year-on-year increase of 393.1%; net profit attributable to shareholders of listed companies was 497 million yuan, a year-on-year increase of 361.02%.
In addition, the net profit of Zhonghua Enterprise, Wanye Enterprise, Dalong Real Estate, Shahe Co., Ltd. and other companies has doubled.
Image source: Visual China
In the first three quarters of this year, Binjiang Group's operating income was about 46.392 billion yuan, a year-on-year increase of about 133.5%; net profit attributable to shareholders of listed companies was about 2.472 billion yuan, a year-on-year increase of about 20.23%; The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was about 2.44 billion yuan.
From the perspective of the layout of Binjiang Group, as a regional leading real estate enterprise, Binjiang Group's advantageous area is in the Yangtze River Delta, and the core layout is in Hangzhou.
In addition, Huafa shares are also a typical representative of real estate companies growing against the trend. According to the third quarterly report released by Huafa shares, in the first three quarters of this year, Huafa shares achieved operating income of 47.251 billion yuan, a year-on-year increase of 40.24%; net profit was 3.112 billion yuan, a year-on-year increase of 8.83%; the net profit attributable to the parent company was 2.201 billion yuan, a year-on-year increase of 1.14%; The net operating cash flow was 46.304 billion yuan, a year-on-year increase of 114.90%. In the first three quarters, Huafa achieved full-caliber contract sales of 103.58 billion yuan, a year-on-year increase of 41.99%.