half-year report ② binjiang group: 22 projects delivered in the second half of the year, with over 90% of the land reserves in the province
2024-09-04
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chao news client reporter cen tianyu
before the end of august, the semi-annual reports of listed companies were released one after another. from now on, zhejiang media real estate research institute will select some contents of the semi-annual reports for news release.
today is: hangzhou binjiang real estate group co., ltd. (binjiang group, 002244.sz).
hangzhou binjiang real estate group co., ltd. achieved operating income of 24.201 billion yuan in the first half of the year, a year-on-year decrease of 10.46%; net profit of 1.166 billion yuan, a year-on-year decrease of 28.74%; net cash flow generated by operating activities was -4.585 billion yuan, a year-on-year decrease of 116.62%.
regarding the decrease in profits and the sharp decline in net cash flow from operating activities, binjiang group stated in its semi-annual report that the decline in profits was mainly affected by the decrease in delivery volume compared with the same period last year and the decline in gross profit of the delivered projects themselves. this is mainly because the main projects settled during the reporting period were projects acquired in 2020 and 2021, and the gross profit margins of these projects were relatively low due to self-holding and other reasons.
(public display picture)
“three red lines” remain “green”
interest-bearing liabilities decreased and comprehensive financing costs hit a new low
as of the end of the reporting period, the company's equity interest-bearing liabilities were 34.44 billion yuan, down 1.56 billion yuan from the end of the previous year, and the consolidated interest-bearing liabilities were 39.868 billion yuan, down 1.65 billion yuan from the end of the previous year, of which bank loans accounted for 79.5% and direct financing accounted for 20.5%. after deducting advance payments, the asset-liability ratio was 55.09% and the net debt ratio was 22.86%.
in terms of debt maturity structure, short-term debt is 10.763 billion yuan, accounting for only 27%, which is lower than the monetary funds at the end of the period (26.438 billion yuan). the cash-to-short-term debt ratio is 2.46 times, which can effectively cover short-term debt.
in addition, the company's comprehensive financing costs have continued to decline in recent years. the comprehensive financing rate was 5.6% in 2019, 5.2% in 2020, 4.9% in 2021, 4.6% in 2022, 4.2% in 2023, and reached a new low of 3.7% at the end of june 2024.
the above-mentioned “three red lines” monitoring indicators continue to remain in the “green zone”.
during the reporting period, the company's net cash flow from operating activities was -4.58 billion yuan, down 116.62% from the same period last year.this is mainly because the company maintained a strong land acquisition momentum, and the expenditure on purchasing goods and receiving labor services was relatively stable. however, the capital recovery during the reporting period was affected by factors such as the year-on-year decline in sales and the reduction in the down payment ratio for mortgages, and the decline was large compared with the same period last year. it is expected that with the payment of land funds and the gradual completion of sold projects to meet the mortgage loan conditions, the capital recovery in the second half of the year will increase compared with the first half of the year.
(main accounting data)
top ten sales in china
16 new projects delivered in the first half of the year, 38 new projects expected to be delivered in the whole year
from january to june 2024, the company achieved sales of 58.23 billion yuan, ranking 8th in the industry sales ranking, up 3 places from 2023.
during the reporting period, the company successfully delivered 16 new projects, achieving operating income of 24.201 billion yuan, a year-on-year decrease of 10.46%; and net profit attributable to the parent company of 1.166 billion yuan, a year-on-year decrease of 28.74%, mainly due to the decrease in delivery volume compared with the same period last year and the decline in gross profit of the delivered projects themselves. according to the progress of project construction, the company's real estate delivery this year is mainly concentrated in the fourth quarter.
the 16 new housing projects delivered are tiantai jiangshan ci yue, ningbo cui yu huating, ningbo yupin, yiwu futianli, jinshang hepinfu, bintao yingyue, hongshi shangpin area b, wangtao yueming, binrongfu large flat, pinghu shangpin, nanjing jiuhuafu phase i, huzhou mingcuili, guangzhou xinghang tod, qiandao lake lakeside impression north district, nanjing feicui shangcheng phase i, and tonglu jiapin.the remaining 22 projects are scheduled to be delivered in the second half of this year, with an estimated total construction area of 4.4254 million square meters to be delivered throughout the year.
as of the end of the reporting period, the company's total assets were 282.92 billion yuan, down 2.45% from the end of the previous year, and the net assets attributable to shareholders of the listed company were 26.366 billion yuan, up 4.20% from the end of the previous year. the asset-liability ratio after deducting advance payments was 55.09%. as of the end of the reporting period, the company's unsettled advance payments for housing were 139.44 billion yuan.
(project scheduled to be completed and delivered in 2024)
focus on hangzhou and deepen development in zhejiang
10 new land reserves were added in the first half of the year
during the reporting period, the company added 10 new land reserve projects, including 8 projects through open market auctions and 2 mergers and acquisitions, all of which are located in hangzhou.
during the reporting period, the total planned building area of new projects was 875,000 square meters, and the equity land payment was 11.22 billion yuan.as of the end of the reporting period, hangzhou accounted for 66% of the company's land reserves, cities outside hangzhou in zhejiang province including jinhua, huzhou, ningbo and other second- and third-tier cities with solid economic foundations accounted for 25%, and outside zhejiang province accounted for 9%.
(new land reserves in the first half of 2024)
implementing the “1+5” development strategy
sales target of 100 billion yuan to continue expanding construction agency business
in 2024, the company will continue to promote the implementation of the "1+5" development strategy. "1" refers to the main real estate business. we will insist on making the main real estate business more refined, better and stronger, and maintain a moderate scale ratio with leading companies under the premise of ensuring safe operation and quality; "5" refers to the orderly promotion of the five major business segments of services, leasing, hotels, elderly care and industrial investment at the same time.
business plan:
①sales target:sales volume exceeded rmb 100 billion, accounting for 1% of the total industry size and ranking within the top 15 in the country.
②land reserve：the investment amount is controlled within 40% of the equity sales proceeds. in terms of regional layout, we focus on hangzhou, deepen our presence in zhejiang, and focus on shanghai outside zhejiang province.
③ financing:the scale of direct financing for one year will be controlled within 4 billion yuan, and the financing cost will be further reduced. as of the end of june 2024, the scale of the company's equity interest-bearing liabilities was 34.44 billion yuan, and the average financing cost had dropped to 3.7%, down 0.5 percentage points from the end of the previous year, a record low.
④ construction agency business：continue to expand the construction agency business and strive to add 5 to 10 new construction agency projects. in the first half of 2024, a new ningbo yuyao construction agency project has been added. at the same time, the company actively participates in the bidding of various government construction agency projects in the province.
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