专题 | 2024年房企盈利能力报告——行业毛利率下降至10%，72%房企净利润亏损

Core Viewpoint - In 2024, the Chinese real estate market continues to face challenges, with a significant decline in both revenue and profit for the industry, despite ongoing policy support aimed at inventory reduction. The overall market remains in a bottoming phase, leading to increased inventory impairment losses and a widespread state of net profit losses among real estate companies [3][20]. Group 1: Revenue and Profit Decline - The total operating revenue for typical listed real estate companies in 2024 is 34,579 billion, a decrease of 17% compared to the previous year, while gross profit has fallen by 33% [5][6]. - The gross margin for the industry has dropped to 10%, down by 2 percentage points year-on-year, with a net profit margin of -9%, indicating a loss [8][22]. - Net profit losses have escalated significantly, with typical listed companies reporting a net loss of 3,151 billion in 2024, compared to 766 billion in 2023, marking a fourfold increase [6][8]. Group 2: Industry-Wide Profitability Issues - 72% of real estate companies are experiencing net profit losses, reflecting a widespread profitability crisis across the industry [12][22]. - The return on equity (ROE) for the industry has further declined, remaining at historically low levels, indicating ongoing financial strain [12][22]. - The pressure on sales has intensified, leading many companies to adopt discounting strategies to boost sales volume, which has exacerbated the trend of revenue growth without profit [8][12]. Group 3: Inventory Impairment and Investment Property Challenges - In 2024, inventory impairment losses have surged to 1,677 billion, with over 90% of companies recognizing such losses, highlighting the severity of the situation [18][22]. - The fair value changes of investment properties have resulted in a total loss of 12.7 billion, with 71% of companies reporting losses in this area, primarily due to declining demand for commercial properties [14][15]. - Nearly 60% of companies with joint ventures are also reporting losses, indicating ongoing risks associated with off-balance-sheet projects [18][22]. Group 4: Future Outlook - The industry anticipates a potential stabilization in 2025, with expectations of market recovery supported by policy adjustments aimed at restoring confidence [19][21]. - Companies are increasingly focusing on strategic transformations, such as enhancing property management and exploring new growth avenues to adapt to the changing market landscape [21][22].