Performance growth is hard to hide. Housing enterprises have their own ways to consolidate their main business in the second half of the year.

The fundamentals of the real estate industry surfaced. Wind data shows that in the first half of 20 19, Shenwan's secondary industry 1 19 real estate development enterprises realized a total operating income of 9 128 1 billion yuan and a net profit of 120536 billion yuan, compared with 20/kloc. Most housing enterprises maintained operating income and net profit growth in the first half of the year. Wind data shows that among the above-mentioned 1 19 real estate development enterprises, 73 companies achieved year-on-year growth in operating income, and 72 companies achieved year-on-year growth in net profit attributable to shareholders of listed companies. However, from the semi-annual report of housing enterprises, housing enterprises are very concerned about the impact of factors such as financing tightening and destocking on subsequent performance, and each has its own tricks.

Strengthening sales carry-over has become the main reason for performance growth.

The performance of leading housing enterprises continued to grow. According to the data of the semi-annual report, in the first half of this year, there were 18 real estate enterprises with operating income exceeding 10 billion yuan in the first half of this year, compared with 14 in the same period last year. Specifically, Greenland Holdings achieved an operating income of 20144.5 billion yuan in the first half of the year, which was the highest among A-share housing enterprises. Vanke and Poly are 65.438+03.932 billion yuan and 76.5438+065.438+0.465.438+0 billion yuan respectively, ranking second and third. The revenues of Greenland, Vanke and Poly in the first half of the year increased by 27.59%, 3 1.46% and 19.49% respectively. The net profit attributable to shareholders of listed companies was 8.987 billion yuan,1184 billion yuan and 9.955 billion yuan respectively, up by 48.4%, 29.8% and 53.28% respectively.

Major housing enterprises attach great importance to sales carry-over, which has also become an important factor for enterprises to maintain revenue scale. Vanke achieved a settlement area of 8.463 million square meters in the first half of the year, a year-on-year increase of 20.7%; Settlement income reached 654.38+032.99 billion yuan, a year-on-year increase of 32.2%. Country Garden also performed well in the first half of the year. The cash from equity property sales was about 265.94 billion yuan, and the rate of equity sales was as high as 94.3%. Greenland Holdings said that the company accelerated the pace of carry-over. In the first half of the year, * * * carry-over income was 9065438+ billion yuan, up 26% year-on-year; The gross profit margin of carried-over projects reached 27.97% on average, an increase of 65,438+0.86 percentage points over the same period of last year, and continued to improve; The settlement profit increased substantially accordingly, which played a cornerstone role in the overall performance growth of the company.

There are also some enterprises whose performance has declined due to poor sales carry-over. Taking China Merchants Shekou as an example, the company achieved revenue of 654.38+06.687 billion yuan in the first half of the year, down 20.49% year-on-year; The net profit returned to the mother was 4.898 billion yuan, a year-on-year decrease of 365,438+0.17%. The decline in revenue and performance was mainly due to the year-on-year decline in carry-over area and carry-over unit price. By the end of the first half of 20 19, the company's accounts received in advance and contractual liabilities * * *110.03 million yuan, significantly increased from 75.349 billion yuan at the end of 20 18.

Financing tightening and destocking affect subsequent performance.

Although most housing enterprises still maintained revenue and profit growth in the first half of the year, from the semi-annual report of housing enterprises, housing enterprises are very concerned about the impact of factors such as financing tightening and destocking on subsequent performance.

In terms of financing tightening, many housing companies have mentioned it in the semi-annual report. Vanke said that the overall economy will still face many risks and challenges in the second half of the year. In terms of financing, with the continuous tightening of financial supervision, housing financing will face certain pressure. Poly Real Estate said that at the beginning of 20 19, due to the increase of social financing scale and seasonal easing of credit, the industry funds rebounded slightly, but in June, due to the strict control of real estate financing and the tightening of trust funds, the funds were further under pressure. Caixin Development said that with the continuous tightening of housing financing, the financing cost of real estate enterprises is also rising, which has a negative impact on the company's funds.

According to the latest research report of Guodu Securities, due to the tightening of financing channels in the current period, the self-raised funds of housing enterprises have dropped a lot. With the increase of the current mortgage interest rate, it is expected that the subsequent personal mortgage will continue to fall, which will lead to a slight decline in the funds in place for enterprises.

Therefore, reducing the debt ratio has become the main theme of housing enterprises' operation in the first half of the year.

In terms of leading housing enterprises, Vanke said that the company has sufficient cash on hand and its net debt ratio remains low. Vanke's cash on hand is 65.438+04.387 billion yuan, which is much higher than the interest-bearing liabilities due within one year. Longhu said that as of the end of the reporting period, the company's cash was 58.07 billion yuan and its net debt ratio was 53.0%. Country Garden has a cash balance of 222.84 billion yuan, covering twice the short-term interest-bearing debt, and has an excellent "moat" for capital security.

Small and medium-sized housing enterprises also pay attention to debt reduction to maintain the resilience of the company's development. Taking Shimao Real Estate as an example, at the end of the reporting period, the company's book cash was about 52.234 billion yuan, and the unused bank and financial institution financing quota was about 40 billion yuan. Xu Shitan, vice chairman and president of Shimao Group's board of directors, said at the interim results meeting that small housing enterprises were under great pressure in the second half of the year; For large housing enterprises, if the debt ratio is high and the pressure is high, Shimao Group will invest cautiously.

In terms of destocking, soochow securities believes that in August, the newly started area of real estate has reached 3.25 times of the completed area, greatly exceeding the level of the past few years. If the completed area can't keep up with the newly started area, many properties can't be sold on time, and it is difficult for real estate developers to withdraw funds in time, then they may face the risk of insufficient liquidity.

CICC predicts that in the third week of August, the sales volume of 10 key cities monitored by CICC will increase year-on-year, and this 10 key city * * will open 6 1 projects, adding a total of 100 13 new houses, down 33% year-on-year; The cumulative push volume in August decreased by 23% year-on-year.

Some companies are not optimistic about the expectation of pushing sales in the semi-annual report. Caixin Development said that it is not excluded that the existing projects and new projects will further introduce the policy of restricting purchases and loans, which may have a certain impact on the sales of the company's real estate projects. At the same time, there are many competing products around the suburban projects in Chongqing. Due to the demographic effect, it is necessary to make great efforts to quickly destock. Joy City also said that in the first half of this year, the third-and fourth-tier cities were greatly affected by the shed reform policy. At the same time, due to the excessive release of demand in the early stage, the situation of decontamination declined and the transaction gradually weakened.

Housing enterprises have their own tricks in the second half of the year.

How to get to the second half of the property market? Combing the semi-annual reports of housing enterprises, it is found that different companies have different views and different moves.

Some housing enterprises will continue to consolidate the main business of real estate. Vanke said that the company will firmly grasp the "basic disk" of operation and continue to consolidate and deepen the established work ideas on the basis of the first half of the year. Insist on active sales and active payment; Accelerate long-term inventory destocking; Improve business performance; Improve the efficiency of capital use; Implement asset verification.

Poly Real Estate said that the company, as a leading enterprise, will actively seize the structural opportunities in the regional market by virtue of its professional strength in financing, expansion, operation management and brand, continue to consolidate its position in the industry, expand its market influence and achieve steady business growth.

Some housing enterprises go into battle lightly, and light assets face market challenges. Joy City Holdings announced on the evening of August 30th that it would inject the relevant equity of Shanghai Changfeng Joy City and Xi 'an Joy City projects into Joy City Commercial M&A Reconstruction Fund. Joy City said that this transaction can realize the development strategy of "great asset management", make full use of real estate funds to realize the closed loop of capital circulation, reduce financing costs and help the company develop by leaps and bounds.

In addition, some housing enterprises have also accelerated the transformation to park development enterprises. Taking Ye Wan enterprises as an example, the company stepped up its transformation efforts, actively explored the innovative mode of "integrated equipment+place" on the basis of establishing a semiconductor industrial park base, strived to optimize and upgrade the two-way industrial structure of semiconductors, promoted the integrated development of production and city in all directions, and ensured a soft landing of transformation while ensuring the steady digestion of real estate inventory.