房地产行业24Q3财报总结：收入下降业绩亏损，房企缩表仍在持续

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The real estate sector is experiencing a significant decline in revenue and increasing impairment pressure, with a reported operating income of 1.0 trillion yuan for the first three quarters of 2024, a year-on-year decrease of 22% [2][21] - The sector has recorded a net loss attributable to shareholders of 21.7 billion yuan in the first three quarters of 2024, compared to a profit of 5.3 billion yuan in the same period of 2023, marking the first loss for the sector [2][22] - The overall cash flow from operations for the sector has turned negative, with a net outflow of 124.5 billion yuan in the first three quarters of 2024, indicating ongoing financial pressure [2][24] Summary by Sections Overall Performance Analysis - The revenue scale has decreased, with a profit margin under pressure and an accelerated impairment schedule. The operating income for the first three quarters of 2024 was 1.0 trillion yuan, down 21.9% year-on-year, with Q3 alone showing a 25.7% decline [21][22] - The sector's net loss attributable to shareholders reached 21.7 billion yuan in the first three quarters of 2024, with Q3 losses amounting to 8.4 billion yuan [22][24] Asset and Liability Analysis - The sector is experiencing a general contraction, with total assets, total liabilities, and net assets decreasing by 10.5%, 12.3%, and 5.4% year-on-year, respectively [2][21] - The cash-to-short-term debt ratio for the sector was 0.77x at the end of Q3 2024, indicating significant short-term operational pressure [2][21] Cash Flow Analysis - The overall cash flow from operations has turned negative, with a net outflow of 124.5 billion yuan in the first three quarters of 2024, marking a significant increase in cash outflow compared to the same period in 2023 [2][24] - The financing environment has shown limited improvement, with ongoing cash flow challenges despite some policy measures introduced earlier in the year [2][24] Operational Situation Analysis - The land acquisition efforts have significantly decreased, with a 72% year-on-year drop in land acquisition amounts for the first three quarters of 2024 [3][21] - The construction starts and completions have also declined, with a 43% decrease in starts and a 31% decrease in completions year-on-year for the same period [3][21]