The fundamentals of the real estate industry have emerged.

Wind data shows that in the first half of 2019, 119 real estate development companies in the Shenwan secondary industry achieved a total operating income of 912.861 billion yuan and a net profit of 120.536 billion yuan, an increase of 23.80% and 19.57% respectively compared with the same period in 2018.

Most real estate companies maintained operating income and net profit growth in the first half of the year.

Wind data shows that among the 119 real estate development companies mentioned above, 73 companies achieved year-on-year growth in operating income, and 72 companies achieved year-on-year growth in net profits attributable to shareholders of listed companies.

However, judging from the semi-annual reports of real estate companies, real estate companies are very concerned about the impact of tightening financing, destocking and other factors on subsequent performance, and each has its own tricks.

The main reason for strengthening sales carryover into performance growth is that the performance of leading real estate companies continues to grow.

Semi-annual report data shows that in the first half of this year, 18 real estate companies had operating income of more than 10 billion yuan in the first half, compared with 14 in the same period last year.

Specifically, Greenland Holdings achieved operating income of 201.445 billion yuan in the first half of the year, the highest among A-share real estate companies.

Vanke and Poly ranked second and third with 139.320 billion yuan and 71.141 billion yuan respectively.

In the first half of the year, the revenue of Greenland, Vanke and Poly increased by 27.59%, 31.46% and 19.49% respectively year-on-year; the net profits attributable to shareholders of listed companies were 8.987 billion yuan, 11.84 billion yuan and 9.955 billion yuan respectively, with year-on-year growth of 48.4% respectively.

, 29.8% and 53.28%.

Major real estate companies place great emphasis on sales carryover, which has also become an important factor for companies to maintain revenue scale.

In the first half of the year, Vanke achieved a settlement area of ??8.463 million square meters, a year-on-year increase of 20.7%; and a settlement income of 132.99 billion yuan, a year-on-year increase of 32.2%.

Country Garden also performed well in the first half of the year with carryover funds, with cash collections from equity property sales of approximately 265.94 billion yuan, and the equity sales recovery rate as high as 94.3%.

Greenland Holdings said that the company has accelerated the pace of carryover. In the first half of the year, carryover revenue reached 90.1 billion yuan, a year-on-year increase of 26%; the average gross profit margin of carryover projects reached 27.97%, an increase of 1.86 percentage points over the same period last year, and continued to maintain an upward trend.

; Settlement profits increased significantly accordingly, playing a cornerstone role in the company's overall performance growth.

There are also some companies that have experienced a certain decline in performance due to poor sales carryover.

Taking China Merchants Shekou as an example, in the first half of the year, the company achieved revenue of 16.687 billion yuan, a year-on-year decrease of 20.49%; net profit attributable to the parent company was 4.898 billion yuan, a year-on-year decrease of 31.17%.

The decline in revenue and performance was mainly due to the year-on-year decrease in the carry-over area and carry-over unit price in the current period.

As of the first half of 2019, the company's advance receipts and contract liabilities were 111.103 billion yuan, a significant increase from 75.349 billion yuan at the end of 2018.

Financing tightening and destocking have affected subsequent performance. Although most real estate companies still maintained revenue and profit growth in the first half of the year, judging from the semi-annual reports of real estate companies, real estate companies have greatly affected subsequent performance by factors such as financing tightening and destocking.

focus on.

In terms of tightening financing, it was mentioned in the semi-annual reports of many real estate companies.

Vanke said the overall economy will still face many risks and challenges in the second half of the year.

In terms of financing, as financial supervision continues to tighten, real estate companies will face certain pressures on financing.

Poly Real Estate said that at the beginning of 2019, industry funds were affected by the increase in social financing and the seasonal easing of credit, and the funds rebounded slightly. However, by June, affected by strict controls such as real estate financing and trust funds, the funds further

Under pressure.

Caixin Development said that as financing for real estate companies continues to tighten, the financing costs of real estate companies are also rising, which has an adverse impact on the company's funds.

The latest research report from Guodu Securities believes that due to the tightening of financing channel quotas in the current period, the self-raised funds of real estate companies have declined significantly.

With the current increase in mortgage interest rates, it is expected that personal mortgages will continue to fall in the future, which will lead to a slight decline in the funds in place of enterprises.

Therefore, reducing the debt ratio has become the main theme of real estate companies' operations in the first half of the year.

As for leading real estate companies, Vanke said that the company has sufficient cash on hand and its net debt ratio remains low.

Vanke has 143.87 billion yuan in cash on hand, which is much higher than its interest-bearing liabilities due within one year.

Longfor said that as of the end of the reporting period, the company had cash on hand of 58.07 billion yuan and a net debt ratio of 53.0%.

Country Garden has a cash balance of 222.84 billion yuan, covering 2 times short-term interest-bearing debt, and has an excellent financial security "moat".

Small and medium-sized real estate companies also pay attention to reducing debt to maintain the resilience of company development.

Taking Shimao Real Estate as an example, at the end of the reporting period, the company's book cash was approximately 52.234 billion yuan, and its unused financing lines from banks and financial institutions were approximately 40 billion yuan.

Xu Shitan, vice chairman of the board of directors and president of Shimao Group, said at the interim results meeting that the second half of the year will be more stressful for small real estate companies; for large real estate companies, if the debt ratio is high, the pressure will also be greater. Shimao Group

Will invest carefully.

In terms of destocking, Soochow Securities believes that in August, the area of ??newly started real estate construction has reached 3.25 times the completed area, greatly exceeding the level of the past few years.