In 2023, the net profit attributable to the parent company of the 50 property enterprises on the list will be 12,963.17 million yuan, an increase of 4.1% over 2022.
Zhongfang Daily reporter Li Ye reported from Beijing
The time has entered mid-April, and the 2023 performance disclosure of listed property companies has also come to an end.
On April 18, a reporter from China Real Estate News compiled the 2023 performance reports released by 50 typical listed property companies, and counted the operating income list, net profit list attributable to the parent company, and gross profit margin list of listed property companies in 2023.
Through the list, it can be found that the head property enterprises have maintained a certain growth rate, and the operating income of the tail property enterprises has even shown negative growth, and the polarization is obvious. On the other hand, among the listed real estate companies, the highest operating income is not necessarily the most profitable, and the growth rate of operating income is not necessarily positively correlated with the net profit attributable to the parent company. In other words, there is still a situation where there is no increase in revenue but not profit.
The net profit of Country Garden Service, the "king of revenue", declined
Overall, the 50 listed property companies will achieve a total operating income of 251.5213 billion yuan in 2023, an increase of 9.1% over the same period in 2022.
Among them, the highest operating income is still Country Garden Services. In 2023, Country Garden's service operating income will exceed the threshold of 40 billion yuan to 42.61 billion yuan, followed by Wanwuyun with an operating income of 33.18 billion yuan in 2023, which is also the two listed property companies with an operating income of more than 30 billion yuan in 2023, and Greentown Service ranks third on the list with an operating income of 17.39 billion yuan, nearly half of the second place.
In 2023, there will be only 8 property enterprises with operating income of more than 10 billion yuan, and China Merchants Accumulation, Ya Life Services, Poly Property, China Resources Vientiane Life, China Overseas Property, Shimao Services and Sunac Services will rank among the top 10 with operating income of 15.63 billion yuan, 15.44 billion yuan, 15.06 billion yuan, 14.77 billion yuan, 13.05 billion yuan, 8.203 billion yuan and 7.01 billion yuan respectively.
After comparing with the performance of 2022, it is found that 38 of the 50 listed property companies have achieved operating income growth. However, only 34 property companies achieved net profit growth. At the same time, 35 of the 50 property companies saw a year-on-year decline in gross profit margins.
Among the 38 property companies that have achieved an increase in operating income, C&D Property, Binjiang Service, Suxin Service, Yuexiu Service, Deshang Property Investment Service, Hehong Service, China Resources Vientiane Life, New Taizheng, China Merchants Accumulation and China Overseas Property have the largest increase in operating income, which will increase by 55.85%, 41.65%, 35.74%, 29.69%, 27.16%, 26.13%, 22.88%, 20.36%, 20.05% and 19.72% respectively in 2023.
The 12 property companies with declining operating income are Fangyuan Life Services, Qifu Life Services, Rongwanjia, Times Neighborhood, Shimao Services, KWG Youhuo, Hongyang Services, Sunac Services, Lushang Services, Yexing Group, Jinke Services and Dexin Services, and the operating income of the above property enterprises will decline by 10.41%, 9.9%, 9.08%, 5.18%, 5.02%, 4.4%, 3.54%, 1.63%, 1.07%, 0.61%, 0.5% and 0.31% respectively in 2023.
It is worth noting that the net profit attributable to the parent company of Country Garden Services, Ya Life Services, Excellent Commercial Enterprise Services, New Taizheng and other property enterprises ranked in the top operating income list and operating income growth list in 2023 has declined, falling by 84.96%, 74.95%, 24.98%, and 13.83% respectively, and the situation of increasing income without increasing profits is prominent.
CR Vientiane Life is the best at "making money"
Compared with operating income, net profit attributable to the parent company can better reflect a company's ability to "make money".
According to the data, 42 property companies will be profitable in 2023. Overall, the net profit attributable to the parent company of the 50 property enterprises on the list in 2023 will be 12,963.17 million yuan, an increase of 4.1% over 2022.
In the 2023 net profit list attributable to the parent company of property companies, China Resources Vientiane Life ranked first with 2.929 billion yuan, while Wanwuyun and Poly Property ranked second and third with 1.955 billion yuan and 1.38 billion yuan respectively. China Overseas Property, China Merchants Accumulation, Greentown Services, Binjiang Services, Yuexiu Services, C&D Property and Ya Life Services ranked among the top 10.
Only 8 property companies, namely Jinke Services, Kaisa Beauty, Sunac Services, Times Neighborhood, Landsea Green Life, Zhenro Services, Pujiang China and Yexing Group, will have a loss in net profit attributable to the parent company in 2023, which will be -951 million yuan, -450 million yuan, -435.1 million yuan, -201.8 million yuan, -134.2 million yuan, -81.19 million yuan, -74.46 million yuan and -14.05 million yuan respectively.
In 2023, 32 companies will achieve an increase in net profit attributable to the parent company, reflecting a relatively fast "growth rate".
In the list of net profit growth attributable to the parent company, KWG Living, Shimao Services, C&D Property, Yexing Group, Zhenro Services, Jinke Services, First Service Holdings, China Resources Vientiane Life, Lingyue Services and Wanwuyun ranked among the top 10. What is more special is that the net profit attributable to the parent company of Shimao Services in 2022 will be a loss of 927.1 million yuan, and in 2023, it will turn losses into profits, and the net profit attributable to the parent company will be 273.2 million yuan, a year-on-year increase of 129.47%.
The net profit attributable to the parent company of the three property companies, Pujiang China, Kaisa Beauty, and Landsea Green Life, will decline seriously in 2023, down 694.52%, 581.86% and 572.32% year-on-year in 2022.
The gross profit margin of 35 property companies declined
In the 2023 list of gross profit margins of listed property companies, Xingsheng Commercial, Clifford Life Services, New Hope Services, Baolong Commercial, China SCE Commercial Management, Lingyue Services, China Resources Vientiane Life, KWG Living and C&D Property ranked among the top 10. Among them, the gross profit margin of Xingsheng Commercial, which topped the list, was as high as 52.53%, followed by Clifford Life Service with a gross profit margin of 47.42%.
Among the top 10 property companies with the lowest gross profit margins, Pujiang China, China Merchants Jiyu, New Taizheng, Dongyuan Renzhi Service, Wanwuyun, Yincheng Life Service, Landsea Green Life, China Overseas Property and Greentown Service are on the list.
As for the low gross profit margin, China Merchants Jiyu said in response to investors' questions on the interactive platform that the main reasons for the decline in the gross profit margin of basic property management are the rise in labor costs, the increase in investment related to the improvement of service quality, and the concentration of new projects in the second half of the year, resulting in less conversion revenue; The above factors have caused a certain proportion of the gross profit margin of the company's basic property management to decline.
Zhu Baoquan, chairman of Wanwuyun, mentioned more than once that property is an industry with long slopes and thin snow, and there is no pursuit of high gross profits. Property companies should return to the origin of property services and do a good job in taking care of "things" in a down-to-earth manner.
The top three companies with the fastest gross profit margin growth in 2023 are C&D Property, Lingyue Service and Huafa Property Service, which increased by 4.62%, 3.04% and 2.16% respectively from the same period last year.
It is worth noting that in 2023, only 15 property companies will increase their gross profit margins, and the remaining 35 property companies will all decline in gross profit margins. Among them, the gross profit margins of Deutsche Commercial Investment Services, Rongwanjia and Landsea Green Life decreased the most, by 8.58%, 7.53% and 6.67% respectively.