Wealth lies in the number of skills, not in labor; and in the power of living, not in hard work.
This article was originally planned to be pushed at the beginning of the month, but the big brother on the list delayed the release of the annual report, and the delay was nearly a month.
Time flies, it's about to be May Day, and Xiao Wan's story has come to an end. It is difficult for outsiders to tell clearly, but what the result will be, it is better to leave it to time!
The most important thing to be a man is to be wet with rain and dew, even if it is wool, you can't just stare at a sheep. It's the annual report season, let's see which of the "Seven Real Estate Heroes" has the most exciting financial reports.
Make a disclaimer in advance, and there is no targeting.
The picture comes from the Internet
NO. 1|壹
If it is said that buying a house is an investment behavior, and not looking at the company's financial report, it is blindly following up. Of course, it may not be useful to read it, and you can understand it.
There are three tables of financial reports, first look at the income statement. According to the current market, the most important thing is to live, and no one seems to care about whether you live well or not. But it's still worth taking a look, after all, there are a lot of interesting things in it.
In terms of revenue scale, Xiaowan continues to sit firmly in the top spot with 465.74 billion, followed by Junbao, this data is somewhat unexpected, but this is the case.
In terms of growth rate, Junbao dominates the crowd with 23.4%, which is worthy of being the new "big brother on the list"!
In terms of cost, there are only two that do not fall but rise, one is Xiaolongren, and the other is Junbao. The cost of military treasure has increased because the scale has expanded, and the big guys can understand it. But the little dragon man turned against Tiangang, and forced a reverse drive, completely a rhythm of "chaotic flowers gradually becoming charming".
Some things can't be said even if you see them through, and it's easy to be carried away if you say too much.
The data is derived from the annual reports of each company
From the perspective of profit scale, the top two are Huazi and Dayang, with 37.304 billion and 27.047 billion respectively, which also matches the sales performance.
Compared with the other three bloodline brothers, the profit margin of the "big brother on the list" is slightly inferior, a year-on-year decrease of 30.24%.
The worst decline in profits was not Xiao Wan, who was caught in the whirlpool of public opinion, but Xiaolongren, who fell by 47.8%. It was followed by the ill-fated Xiao Wan, with a decline of 45.62%, and Brother Lemon's decline of 24.92%.
After reading the income statement, it is understandable why Fitch downgraded Xiaolongren's credit rating to "garbage", which feels familiar.
In 2015, Standard & Poor's downgraded the credit rating of a major credit from "BB-" to "B+", which was instantly pointed out, but at the same time, the three major domestic rating agencies gave Evergrande the highest credit rating of AAA. The story that happened later must be clear to everyone.
In fact, since Xiaolongren changed the person, he has been low-key and pragmatic a lot, but his performance is really stretching, which can't help but make people think about it.
The picture comes from the Internet
NO. 2|贰
Next up is the balance sheet, which really tiring me out of collating with the data. Due to the different financial habits of each family, the same asset derives several subjects, and I regret that I didn't study well when I went to school.
From the perspective of asset scale, Xiao Wan is indeed a "good student", although there is a regression, but the heritage is still there, the total assets are still as high as 1.5 trillion, ranking first on the list, followed by Junbao's 1.44 trillion.
From the analysis of asset details, the most important proportion is still inventory. In the face of the current market environment, I don't know how much discount I will sell in the future.
The largest inventory volume is Junbao, which is 869.5 billion, and the strength of the "big brother on the list" is undoubted, and it is full of stamina. followed by Xiaowan's 701.7 billion and Huazi's 524.7 billion.
The inventory scale and the lowest proportion are all Xiaolongren, purely from this point of view, Xiaolongren's follow-up "energy storage" is indeed a little nervous, and the news released is very different.
The military treasure with the most cash on the book is as high as 148 billion, which is stable with a capital letter. According to the current book funds, Junbao can buy 0.94 Huazi, 1.3 Dayang, 1.85 Xiaowan, 2 Shekou, and 2.6 Xiaolongren.
The one with the least cash is still Xiaolongren, only 59.22 billion, why do I feel that Xiaolongren is more dangerous than Xiaowan, it may be an illusion.
In terms of illiquid assets, Huazi is far ahead, and his family background is really solid. followed by Xiao Wan's 354.6 billion, the emaciated camel is bigger than the horse, and selling some can still solve the urgent need.
Regarding the assets, the largest is not necessarily the best structure, and the worst must have been counted in everyone's minds, so I won't add to it.
The data is derived from the annual reports of each company
After talking about assets, let's focus on liabilities. The largest debt is Xiaowan, as high as 1,101.9 billion, a decrease of 140 billion compared with the third quarter. In second place is Junbao's 1,099.9 billion, which is only 2 billion less than Xiaowan. The scale of Junbao's debt gave me a new understanding of him, and this "big brother" is really not good.
Let's look at the contract liabilities first, this part will be reduced after the delivery of the house, and it is also the advance payment that real estate companies are most willing to eliminate. Among them, the largest is Junbao's 377.215 billion, followed by Xiaowan's 310.445 billion. The one with the least contract debt is Xiaolongren, only 102.79 billion, which is really embarrassing.
The other part is accounts payable, although it is money owed to suppliers, but it always has to be repaid, and it can't always be exported in one direction! The largest arrears are Huazi, which is 230.94 billion, followed by Xiaowan's 221.7 billion, and the least is Brother Lemon, which is only 85.69 billion.
For real estate companies, the most tricky part is interest-bearing liabilities, contract liabilities can be reduced, the money owed to suppliers can also be delayed, but the money owed to financial institutions is real.
The most severe is the first brother on the list, with interest-bearing liabilities as high as 354.3 billion, a decrease of 27.1 billion over the same period last year, mainly including long-term borrowings of 235.25 billion yuan and bonds payable (with a maturity of more than 1 year) of 45.265 billion yuan.
followed by Xiaowan's 323.7 billion, mainly including long-term borrowings of 197.8 billion yuan and bonds payable (with a maturity of more than 1 year) of 79.52 billion.
Overall analysis, among the TOP7, the lowest asset-liability ratio is Dayang (all liabilities are not excluded from advance receipts, and are calculated directly according to the annual report data), only 57%. The highest asset-liability ratio is not Xiao Wan, but Brother Lemon, who has always been known for his stability, which is as high as 79%, which many people must have not expected.
The data is derived from the annual reports of each company
NO. 3|叁
Finally, there is the cash flow statement, in this area, Xiao Wan's performance can be described as unique. The operating cash flow of the other six companies is tens of billions, while Xiaowan is only 3.912 billion. In other words, most of the money from the sale of houses throughout the year is used for business.
The best performance is Huazi, which is NO.1 in terms of scale and growth, which is worth learning from the whole industry.
There is only one company with a total positive investment and financing cash flow, and that is Brother Lemon, a proper industry example, and the other six not only did not raise money, but also spent a lot more.
These are the only things that can be seen from the financial report, although the financial report has been revised, but careful analysis can still find some problems, and those that cannot be seen will not be evaluated.
In the past, real estate companies were in the real estate rising period of the cycle halo, all kinds of "against the sky" financial buffs stacked, it seems that the company's financial indicators and profit attributes are impeccable, but in the face of the sky-high debt and sales collection/weak cash flow, it is really vulnerable.
The data is derived from the annual reports of each company
After cross-analysis, it is not unreasonable that Xiao Wan has attracted much attention. In these years, there are few charcoal in the snow, and there are many stones falling into the well. While you're sick, don't want your life yet, let alone when!
Every family has a scripture that is difficult to read, and whether they can recite it well depends on their own creation. The hematopoietic function of the company is declining, and it may not be possible to persist for a long time with external blood transfusion alone.
For real estate companies, whether they can pass through this round of downward cycle depends on the future market trend.
If sales continue to be sluggish, no one can avoid the debt problem, even if it is a central enterprise and a local platform, there is a high probability that it will not be able to bear it.
The data is derived from the annual reports of each company
If you want to ask which financial reporting technology is stronger, after thinking about it, you still think that this problem is out of line, what do you think?
Meals need to be eaten in one bite, the road needs to be walked step by step, and it is most important to recognize the facts, and do not be blinded.
At the end of the full text, I sincerely hope that the real estate companies can get better, they are good, and the people will be able to buy a house.