Yuexiu Property has contracted its sales target and investment intensity for 20 19 years.

Yuexiu Property (00 123. HK) achieved the annual sales target in the difficult market in 20 18.

On the afternoon of February 27th, Yuexiu Property released its 20 18 annual report. The data shows that the company's accumulated contracted sales amount is about 57.783 billion yuan (RMB, the same below), up about 4 1% year-on-year, accounting for 105% of the sales target of 55 billion yuan in 20 18.

Based on comprehensive financial data such as operating income, core net profit, gross profit margin, net loan ratio and cash on account, Yuexiu Real Estate showed different degrees of year-on-year growth. In terms of financing cost, due to the advantages of state-owned enterprises, it still maintains a low level; However, in the cash-oriented market, the company's payment is not smooth. Last year, the sales return rate was only 72%, which was a low level.

Yuexiu Property is not optimistic about the market judgment in the new year. Lin Zhaoyuan, Chairman and Executive Director, said that the investment intensity will be slightly lowered in 20 19. Yuexiu Property has set a conservative annual sales target of only 68 billion yuan, a year-on-year increase of 17.68%.

Income has turned from falling to rising.

With the performance settlement in the second half of 20 18, Yuexiu Property finally recovered 15% of its revenue and 7.8% of its net profit165438+200 million yuan.

According to the annual report, in 20 18, Yuexiu Property's annual operating income was 26.43 billion yuan, a year-on-year increase of11%. Although the growth rate is not high, it finally turned down to rise.

Compared with income, Yuexiu Property has a better profit level. In 20 18, the company's gross profit margin increased by 6. 1 percentage point year-on-year to 3 1.8%. The gross profit for the whole year was about 8.39 billion yuan, up 37.4% year-on-year, while the core net profit rose by 65,438+09.6% to 28,654,380+000 million yuan.

Yuexiu Property, as a state-owned enterprise, still has a rare advantage in financing. Although the market financing interest rate has risen due to the shortage of funds, the actual annual lending rate of the company has also increased by 0.52 percentage points from 4.3% of 20 17 to 4.82%, but it is still far below the industry level.

In 20 18, Yuexiu Property issued $800 million of 3-year corporate bonds and $400 million of 5.5-year corporate bonds overseas, accounting for 4.875% and 5.375% in coupon rate respectively. In China, 800 million yuan of 3-year corporate bonds and 700 million yuan of 5-year corporate bonds were issued, accounting for 4.24% and 4.25% respectively in coupon rate.

Besides the financing advantage, it is even more rare that Yuexiu Property is the only real estate company with REITs listed in Hong Kong.

Under the background of the normalization of residential regulation, the development mode based on residential development is weak in risk resistance, and relying solely on commercial real estate is restricted by large capital precipitation and long payback period. Yuexiu Property established a dual-platform model through Yuexiu Property Trust (00405). HK), using commercial real estate as a stabilizer for the company's development.

During the reporting period, Yuexiu REIT, which holds 36. 12% equity of Yuexiu Property, held about 970,000 square meters of commercial properties for lease, with annual income of 2.03 billion yuan, up 9.6% year-on-year. The total distributable amount is 850 million yuan, up 2.8% year-on-year, and Yuexiu Property can distribute 307 million yuan in cash.

However, Yuexiu Property said that its net contribution to the associated entities decreased by 32.6% year-on-year to 447 million yuan, mainly due to the decrease in the profit contribution of Yuexiu REIT.

From 2065438 to February 2008, Yuexiu Property sold two properties of Hangzhou Victoria Business Center to Yuexiu REIT for a consideration of 590 million yuan. This benefit comes directly-the company can also recover the investment of Hangzhou real estate at one time by selling it and get an investment premium.

At the same time, at the end of 20 18, Yuexiu Property sold 77.79% equity and debt of Guangzhou Yue Hui at the price of 26180,000 yuan. The Buyer is wholly owned by 1 Fund and is an affiliated company of Yuexiu Property. The after-tax income of this sale is about 300 million yuan.

Due to the depreciation of RMB, the exchange loss of Yuexiu Property in 20 18 reached RMB 4160,000, while the company made a profit of RMB 275 million in 20 17.

Sales target growth is conservative.

Greater Bay Area's planning is fresh and hot, which naturally becomes a hot topic at the performance meeting of housing enterprises.

Lin Zhaoyuan said that 90% of Yuexiu Property's investment in 2065438+2008 was in Greater Bay Area. He was optimistic about the development of Greater Bay Area and believed that the company could gain more development opportunities in the development of Greater Bay Area.

In 20 18, Yuexiu Property added 16 plots of land in Guangzhou, Suzhou, Wuhan and other cities, which increased the company's total land reserve by 19.3% to19410,000 square meters, of which 86.3% was located in Greater Bay Area. The annual report shows that Yuexiu Property has now entered five cities including Guangzhou, Hong Kong, Jiangmen, Zhongshan and Foshan.

In the whole year of 20 19, Yuexiu Property, including Greater Bay Area, Yangtze River Delta, Central China and Bohai Rim, accounted for 58%, 15%, 16% and10/%respectively.

However, due to the prudent judgment of going to the market, Yuexiu Property set the contracted sales target for 20 19 as 68 billion yuan, and the target growth rate was only 18%, even though the saleable resources reached131200 million yuan this year.

Yuexiu Property believes that in 20 19, the real estate industry, as an important pillar of the national economy, is expected to remain stable as a whole, while the real estate market policy will maintain continuity and stability. First-and second-tier cities will enter a period of stable development, but third-and fourth-tier cities will face greater downward pressure.

Lin Zhaoyuan said that the industry regulation of 20 18 has brought great pressure to the market. In view of the change of market scale, the company lowered its sales target this year, and the investment intensity will also be slightly lowered.

In terms of financing, due to the high exchange loss in 20 18 years, Chen Jing, chief financial officer and executive director, said that the company's financing this year will focus on the domestic market.

Yuexiu Property believes that the real estate industry as a whole is still in a period of stable development, but there are still many new opportunities in commercial real estate, pension, long-term rental apartments and other businesses, and the company will focus on incubating these new businesses on 20 19.

In terms of urban renewal, Yuexiu Property will continue to give full play to the resource advantages of state-owned enterprises and deepen the "track+property" cooperation mode with Guangzhou Metro; In terms of old-age real estate, on the basis of operating existing projects, we will expand new projects and create a multi-level model of combining medical care with nursing care; In terms of long-term rental of apartments, in addition to developing small towns, education and other businesses, we will also focus on promoting the cooperation of state-owned enterprises in stock projects and the strategic model of light assets.

By the end of 20 18, 12 and 3 1 year, the cash and equivalents in Yuexiu real estate account were 271600,000 yuan, up 30.6% year-on-year, and the net loan interest rate dropped from 72.8% at the beginning of the year to 6 1.2%.

The copyright of articles, pictures, audio and video files reprinted on this website belongs to the copyright owner. Because the articles and pictures are not original, it is impossible to contact the copyright owners one by one. If the original author or editor thinks that the work is not suitable for online browsing or should not be used for free, please inform us in time so as to take appropriate measures quickly and avoid unnecessary economic losses to both parties. If this webpage unintentionally infringes the intellectual property rights of the media or individuals, please call to delete it.