亚博体育新亚博体育新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新亚博新� Judging from the sales completion of real estate companies in 2018, leading real estate companies still maintain growth rate and their concentration continues to increase. Leading real estate companies are no longer just taking the lead in sales. Stable financials, low leverage and solid fundamentals have become the goals that the industry further pursues.
3-April real estate companies successively released their 2018 annual reports. The reporter of "Daily Economic News" specially selected 22 representative listed real estate companies to conduct in-depth analysis from multiple dimensions of revenue, net profit, ROE, gross sales profit margin, and cash flow status.
The net profits of China Overseas, Evergrande, Country Garden and Vanke exceeded 30 billion yuan in 2018, occupying the top four positions on the list with 39.3 billion yuan, 37.3 billion yuan, 34.6 billion yuan and 33.7 billion yuan respectively.
Most real estate companies have a debt-to-asset ratio of between 75% and 85%, while China Overseas has the lowest debt-to-asset ratio, less than 60%, while Sunac and Country Garden have the debt-to-asset ratios of nearly 90%.
Data source: Real estate companies' return on investment comparison
net profit refers to the net profit attributable to the parent company shareholders after deducting income tax and minority shareholder profit and loss . The trial calculation formula is: net profit for continuous operation + net profit for non-continuous operation + other special items.
Return on equity (ROE), also known as net equity rating and return on equity, is the percentage of net profit and average net asset of , reflecting the return on investment of the company's owner's equity. Among the sample real estate companies counted this time, Xincheng Holdings (601155) leads a large number of leading real estate companies such as Sunac China, Country Garden , and Vanke with more than 40% ROE.
In early April, the Shanghai Stock Exchange issued an inquiry letter on Xincheng Holdings 2018 annual report, 16 questions directly point out many questions about the company's profits, capital transactions, and the sustainability of future development. The most core question is whether Xincheng has adjusted its profits? Recently, Xincheng Holdings responded to 16 questions from the Shanghai Stock Exchange in the company's 2018 annual report inquiry letter issued by the Shanghai Stock Exchange.
sales gross profit margin to a certain extent reflects the profitability of real estate companies' products. With increasingly fierce market competition, the gross profit margins of Country Garden and China Resources Land still exceed 40%, while the gross profit margins of many real estate companies including China Overseas, China Jinmao, and Vanke also exceeded 30%.
Happiness and worries of real estate companies' capital chain
Enterprise free cash flow, also known as entity free cash flow, refers to cash that enterprises can freely dispose of after deducting necessary and constrained expenses to meet the needs of production, operation and growth. Here "freedom" is a residual concept, referred to as "free cash flow ". "Enterprise free cash flow" is relative to "Stockholder free cash flow", which refers to the sum of cash flows owned by all investors of the enterprise, including shareholders and creditors.
htmlOf the 022 real estate companies, 10 of the real estate companies have positive cash flows, while the remaining 12 real estate companies have negative cash flows.Short-term loans and long-term loans are currently due: loans, loans and bonds that usually carry interest if they are within one year (including one year) from the maturity date. It includes bank loans due within one year, bank overdrafts, repurchase of financial assets, short-term bonds payable, etc., and also includes the current maturity of long-term loans and capital leasing.
