Core Viewpoint - In 2024, Poly Real Estate achieved a total contract sales amount of 54.2 billion yuan, with a contract sales area of 2.121 million square meters, marking a year-on-year increase of 1.1% and a decrease of 5.8% respectively, indicating a counter-trend growth amidst a general decline in sales among most real estate companies [3][7] Sales Performance - The company recorded a sales recovery amount of 54.8 billion yuan, with a sales recovery rate of 101%, which is an increase of 1 percentage point year-on-year [8] - The average contract sales price reached 25,546 yuan per square meter, up 7.3% from 2023, driven by a 15.1% sales contribution from the Hong Kong region, which is a 7 percentage point increase compared to 2023 [8] - The number of ongoing sales projects increased to 147 from 135 in 2023, while the number of projects under construction and awaiting construction decreased to 55 from 70, indicating a growing inventory pressure [8][6] Inventory and Land Acquisition - The company faced increased inventory pressure, with the value of completed and available properties rising by 40% year-on-year to 45.22 billion yuan, and the proportion of inventory value increasing from 24% to 36% [3][8] - In 2024, Poly Real Estate added 6 new projects in Jinan, Ningbo, Shenzhen, and Shanghai, with a total land acquisition area of 964,000 square meters and a total land cost of approximately 19.9 billion yuan, maintaining a land acquisition-to-sales ratio of 0.37, below the strategic target of 40% [9][11] Financial Performance - The company's operating revenue for 2024 was 40.21 billion yuan, a decrease of 1.8% year-on-year, while gross profit fell by 21.1% to 6.6 billion yuan, leading to a gross margin decline of 4 percentage points to 16.4% [4][16] - The core net profit attributable to shareholders plummeted by 80.6% to 342 million yuan, with a core net profit margin dropping by 3.5 percentage points to 0.8% [4][16] Financing and Debt Management - Poly Real Estate completed the issuance of 5 corporate bonds totaling 5 billion yuan in 2024, with interest rates below 3%, resulting in a reduction of the average financing cost by 0.5 percentage points to 3.38% [5][18] - The company's cash holdings increased by 8.8% to 34.67 billion yuan, while interest-bearing liabilities due within one year decreased by 6% to 19.54 billion yuan, improving the cash-to-short-term debt ratio to 1.77 [5][19] - The total interest-bearing debt decreased by 4.7% to 70.45 billion yuan, leading to a net debt ratio reduction of 16.2 percentage points to 76.9% [19]
年报点评｜保利置业：销售逆势增长，财务状况明显改善