In 2020, the revenue was 230.59 billion yuan, a year-on-year increase of 36.2%, and the net profit was 35.64 billion yuan, a year-on-year increase of 36.9%. By the end of 2020, Sunac's cash in hand was 65.438+0326 billion yuan, and its short-term debt decreased by 34.9% compared with the middle of the same year. According to the "three red lines", Sunac changed from a red file to a yellow file within six months.
All the data reveal four words: rising against the trend.
In 2020, the global economy was deeply affected by the epidemic, and the real estate industry also experienced a roller coaster-like ups and downs. What did Sunac do right in the past year?
As the saying goes, choice is more important than hard work. If the house sells well, it is better to take the land well.
According to the analysis of Sunac's financial report, about 78% of Sunac's land reserve is located in first-and second-tier cities, and 22% is located in strong third-tier cities. Among them, Hangzhou, Chongqing, Wuhan, Tianjin and other strong second-tier cities have the largest positions, accounting for 65%, far exceeding first-tier cities (13%) and strong third-tier cities (22%).
In the last two years, the regulation of first-tier cities has become more and more strict, and the third-tier cities are tepid. Only strong second-tier cities are Changhong, and Sunac in heavy second-tier cities is just standing on the cusp.
More importantly, in the case of heavy first-and second-tier cities, the average land cost of Sunac is only about 4270 yuan/square meter, and this cost control ability is enviable.
High-quality land+low-cost land price, such a sunac, it is strange to be a tyrant!
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Profits increase while liabilities decrease, and the main business is more stable.
Let me say a digression first. This year's Spring Festival movies are unprecedentedly popular. What did you see?
In addition to Li Huanying, who was full of tears and tender feelings, the domestic fantasy film The Writer's Odyssey also had a high popularity, and was even rated as one of the most successful domestic fantasy films in recent years. Lei Jiayin, Da Power Power, Tong Liya and other popular actors starred, and Douban scored 7.0, which was the third highest in the Spring Festival movies.
But you should know that such a fantasy movie was also written by the developer Sunac. During the Spring Festival this year, Sunac's films The Writer's Odyssey and Bunny Bear: Wild Animals earned more than 983 million and 575 million box offices respectively.
Now developers don't want to deal only with reinforced concrete. Just like Daxie Sunac, they are involved in six major industries, such as real estate, property services, cultural tourism and culture, which brings surprises.
In 2020, Sunac recorded contract sales of 575.3 billion yuan, which was almost the same as the original small target of 600 billion yuan, but it also ranked fourth in the industry. In addition, Sunac continues to maintain its leading position as a core city, ranking 1 in sales amount among Hangzhou, Chongqing, Wuhan and Tianjin 12 national key cities.
Under the great changes in the industry, Sunac can keep its head ranking, showing its profound basic skills in its main business.
As the saying goes, high winds know the strength of grass. It is really rare for Sunac to achieve such a good annual performance. I pulled the financial report and found the secret of Sunac's progress.
Sunac did well in addition to this last year.
In 2020, Sunac will go upstream and make further money. In 2020, Sunac recorded an operating income of 230.59 billion yuan, a year-on-year increase of 36.2%; The net profit of returning to the mother was 35.64 billion yuan, a year-on-year increase of 36.9%; After 20 19, it once again hit a record high, reaching a new peak of revenue of 200 billion+and net profit of 30 billion+.
Image from: Sunac China
In recent years, Sunac has also seized the golden rule of "cash is king" in the fire. By the end of 2020, Sunac will have 654.38+0326 billion yuan in cash, with unlimited cash exceeding short-term debt and abundant liquidity; Short-term debt decreased by 34.9% compared with the middle of the same year, and cash flow was more calm and safe.
In addition to making money, we should also reduce the burden. Therefore, Sunac also began to do subtraction.
In 2020, it took Sunac half a year to jump from "three red lines" to yellow: by the end of 2020, Sunac's net debt ratio decreased by 76 percentage points year-on-year to 96%; The short-term debt ratio of unrestricted cash rose to 1.08, and the asset-liability ratio decreased to 78% after excluding advance receipts. According to the "three red lines" standard, Sunac has been classified as a yellow file, and the debt risk has been further reduced.
Wang Mengde, CEO of Sunac China, stressed that the corporate debt index will continue to be optimized until 2023, and the last index will be completed ahead of schedule in 2022.
In addition, Sunac is also planning to actively plan the future and lay out a longer-term main business map. By the end of 2020, about 78% of Sunac's land reserves are located in first-and second-tier cities, and the average land cost is only about 4,270 yuan/square meter. In 20021year, Sunac's annual saleable value is expected to exceed 900 billion, of which more than 78% are located in first-and second-tier cities.
Image from: Sunac China
This gives investors a sense of security. After all, the recent centralized land supply policy has alarmed the housing circle, and the news that key cities auction land three times a year is shocking. However, compared with most other small partners, I believe that Sunac will be more emboldened.
Don't panic if you have food in your hand. Before the land auction reform was officially launched, Sunac had already occupied a good starting position in advance.
No wonder Shen Wanhongyuan (Hong Kong) spoke highly of Sunac in the research report: "Sunac China insisted on deepening the first and second lines, successfully expanded and leveraged against the trend in 15- 17 with the help of counter-cyclical expansion strategy, and used the label advantage of M&A expansion to create a strong advantage of thick and high-quality land reserve and low land cost ... indicating that the subsequent sales and performance will be qualitatively improved, and at the same time,
02
Changes and ambitions of cross-border Sunac
During the Spring Festival this year, Sunac was the developer that surprised me the most. Even if you are not in the sales office, you can hear its name: "Let's ski together in Sunac!"
Especially in the last two months, several friends have said that they will go skiing in Sunac. In addition to building a house, Sunac's new skills of playing cultural tourism have been seen by more and more people!
Not only the word of mouth in daily life, but also the efforts of Sunac can be seen in the financial report. Among the many product formats of Sunac Travel, Sunac Ice and Snow completed the market reservation in advance based on the advantages of four seasons operation. At present, there are 18 cities in China, and there are 8 planned ski resorts 18, among which 7 ski resorts have been opened, with a cumulative reception of 3.33 million people. Even Sunac has become the largest indoor ice and snow operator in China.
Rongchuang Harbin Bingxue World
Guangzhou Rongchuang Ice and Snow World
At the same time, Sunac integrates Harbin Ice and Snow World, a super ice and snow IP—— established for more than 20 years, to create an indoor and outdoor ice and snow entertainment and holiday destination.
The prospect of ice and snow IP bet by Sunac is considerable. As we all know, China is preparing for the 2022 Beijing Winter Olympics, and has been vigorously developing the ice and snow economy in recent years. I believe that the ice and snow holiday industry will become more and more popular. By then, Sunac will greatly enhance its profitability by virtue of its head advantage.
Sunac revealed in the financial report that up to now, Sunac China Cultural Tourism Project has landed in 39 cities in China. In 2020, Sunac China achieved a construction and operation income of 3.879 billion yuan, up by 3.6 1 1% year-on-year, accounting for 1.68% of the total income of the Group.
Wuxi Rong Chuang LV Wen cheng
At the last performance meeting, Sun Hongbin, Chairman of Sunac China Board of Directors, said: "In Sunac's view, after the epidemic, the tourism industry will rebound. This industry is a supply-side problem, and the demand is far from being met. "
Judging from everyone's enthusiasm for watching movies and skiing during the Spring Festival this year, it is true that the cake in China's cultural tourism industry is still very big, and Sunac Cultural Tourism is expected to become the main contributor to the group's revenue. CITIC Jiantou predicts: "In the future, the cultural tourism sector will become the main force of the company's diversified layout."
In addition, Sunac's "real estate+"map achieved great expansion last year. In the second half of last year, the group pushed its Sunac service to the Hong Kong Stock Exchange and achieved excellent results. By the end of 2020, the construction area under the management of Sunac will reach 65.438+0.35 billion square meters, an increase of 654.38+0.55. 1%. The contracted construction area reached 264 million square meters, up 67.2% year-on-year, which is at the upstream level of the industry.
Sunac services are making more and more money. In 2020, Sunac's service revenue was 4.623 billion yuan, a year-on-year increase of 63.5%. The net profit of returning to the mother was 620 million yuan, a year-on-year increase of 130%. The overall gross profit margin of the company was 27.6%, 2. 1 percentage point year-on-year, and the gross profit margin level was in the forefront of the industry.
03
Sun Hongbin: Without supervision, nothing can be done in this industry.
At the financial performance meeting in 2020, Sun Hongbin's golden sentences appeared frequently.
Regarding the industry supervision issue that everyone is most concerned about, Sun Hongbin said: "I support supervision. Without supervision, the industry can do nothing. Without regulation, house prices and land prices will go to heaven. If it is not regulated, the land price will rise faster than the house price for developers, and it will not make money. Ordinary people can't afford it, and it is good for everyone not to supervise. "
He further explained the reason: "Real estate accounts for more than 30% of the entire financial system. If other industries use real estate as collateral, it will reach more than 50%. If this industry is not regulated, the impact on the financial system will be too great. Moreover, this also involves the happiness of ordinary people, so the central regulation of the property market is these two logics. "
Simple vernacular, and Sun Hongbin has always been straightforward and hearty style. Sun Hongbin also said with a smile: "After three red lines, I don't have to worry about my debt ratio. Now the central bank has the final say. "
When it comes to the new regulations on centralized land supply, Sun Hongbin is also very calm. He believes that it is good to increase the supply of land and make it more transparent. Selling 20-30 plots of land at a time is beneficial to large enterprises. They can bid for 20 plots of land at a time.
In Sun Hongbin's view, the development of the industry is still early. The industry is advancing, and the urbanization rate is still 20 points. There is a great market demand. This year's new home sales market is expected to be 18 trillion, and 20 trillion in the long run is no problem.
Sun Hongbin also talked about his expectations of the Group. He said that in the future, Sunac will focus on real estate, make money quickly, increase the number of shares, and pursue high-quality and profitable growth. In addition, cultural tourism is also a very good business. Sunac should do a good job in cultural tourism. 202 1 year, the goal is to achieve 1 100 million members.
Finally, Sun Hongbin contributed a golden sentence, which I estimate is also the best sentence in this earnings season: "Now the industry is in a brand-new logic, and excellent enterprises will usher in their heyday."
He said that the good days of head enterprises have just begun, and predicted that after two years, individual enterprises will see thunderstorms, many enterprises will clear up, market concentration will increase again, and head enterprises will account for 30%-40%.
In the unsettled year of 2020, Sunac's "real estate+"business has flourished, showing its profound skills as a developer, not only surprising achievements and unlimited possibilities.