前8月百强房企销售降幅收窄，期待政策持续发力
Great Wall Securities·2024-09-02 13:03

Investment Rating - The report maintains an "Outperform" rating for the industry [2][3]. Core Insights - In the first eight months of 2024, the total sales of the top 100 real estate companies decreased by 38.5% year-on-year, with a narrowing decline of 1.6 percentage points compared to the previous seven months. The total sales amount reached 2.68 trillion yuan [2][25]. - The total land acquisition amount for the top 100 companies in the same period fell by 40.0% year-on-year, with a significant drop of 55.0% in August alone [2][25]. - The report highlights a recovery in transaction volumes across major cities, with a 27.06% increase in the transaction area of commercial housing in 30 major cities last week [2][25]. Summary by Sections Sales Performance - The sales amount of the top 100 real estate companies for January to August 2024 was 2.68 trillion yuan, down 38.5% year-on-year, with August sales declining by 22.1% year-on-year and 2.43% month-on-month [2][25]. - Leading companies by sales amount include Poly Developments (220.8 billion yuan), China Overseas Land & Investment (180.0 billion yuan), and Greentown China (165.63 billion yuan) [2][25]. Land Acquisition - The total land acquisition amount for the top 100 companies was 473.13 billion yuan, a 40.0% year-on-year decrease, with August seeing a 55.0% drop [2][25]. - The Yangtze River Delta region led the country in land acquisition, with the top 10 companies acquiring 101.1 billion yuan [2][25]. Market Trends - The report notes a recovery in the real estate market, with a 27.06% increase in the transaction area of commercial housing in major cities [2][25]. - The cement price index showed a week-on-week decline of 1.5% and a month-on-month decline of 3.9% [33][34]. Investment Recommendations - The report suggests focusing on growth-oriented consumer building material companies such as Sanke Tree, Weixing New Materials, and Dongpeng Holdings, as well as leading cement companies like Conch Cement and Huaxin Cement [3][7]. - It also highlights the potential for growth in the borosilicate glass market and recommends companies like Shandong Pharmaceutical Glass and Linuo Glass [7].