Xincheng Holdings ＂Residential+Commercial＂ double -wheel drive financial steady financial and interest -based liabilities continue to decline
Source: Sina Securities
On the evening of March 28, Xincheng Holdings released an annual report of 2023.Last year, revenue achieved 119.174 billion yuan, an increase of 3.22%year -on -year; net profit attributable to mothers was 737 million yuan, and net profit of deducting non -returned mothers was 307 million yuan.
In the industry environment in 2023, New City Holdings can make profitability.According to iFind statistics, 51 A -shares have 17 companies with the main performance forecast of real estate development, with only 33%.
In the real estate industry, Xincheng Holdings has maintained a stable business style and practiced the “residential+commercial” two -wheel drive strategy.In terms of real estate development business, the company’s sales are still at the forefront of the industry under the protection of high -quality soil storage layout.Commercial, last year’s commercial sector revenue exceeded 10 billion yuan, and its profits contributed more and more.With stable operations and good fundamentals, the financing channels remain unobstructed, and financing costs continue to decline.
The total amount of liability liabilities continues to decline in financing channels for smooth financing.
For the current real estate development enterprise, sales and payment are the top priority to ensure safety.
From the perspective of sales, Xincheng Holdings still maintains its head status.In 2023, the company realized the sales area of 9.6878 million square meters, and completed the contract sales amount of 75.983 billion yuan. At the “2023 Chinese Real Estate Enterprise Sales Performance Ranking” released by the China Index Research Institute, Xincheng Holdings ranked 10th last year’s sales area and amount respectively ranked 10th respectively.And 18th.In addition, the unbeating area has reached 21.701 million square meters, which provides a guarantee for future performance.
While stabilizing sales, the company realized a full -caliber funding of 8121 billion yuan last year, with a full -caliber funding rate of 107%.
Xincheng Holdings has always adhered to the long triangle area and focused on other core urban agglomerations.Among them, the first- and second -tier cities account for about 41%of the company’s total soil storage, and the third and fourth -tier cities in the Yangtze River Delta region account for about 20%of the company’s total soil storage.High -quality soil storage is an important guarantee for the company’s stable operation.
At present, the company has abundant cash. As of the end of 2023, the book cash is 18.971 billion yuan, the net operating cash flow is 10.2 billion yuan, and the operating cash flow has been positive for 6 consecutive years.
From the financial point of view, Last year, Xincheng Holdings continued to reduce leverage. The company’s final financing balance was 57.1 billion yuan, a year -on -year voltage of 14.2 billion yuan, and the total interest liability amount decreased by 20%.
Xincheng Holdings has always been known for its stability in the industry. As a demonstration housing enterprise, the company has obtained the support and recognition of governments, regulators and financial markets at all levels with its “two -wheel drive” strategic advantages and good fundamentals.unobstructed.
In 2023, the issuance of 1.1 billion yuan in domestic corporate bonds was completed with the “Central Landlisted” model, and the comprehensive ticket interest rate was 5.65%; it completed 1.316 billion yuan of green (carbon neutralized) commercial real estate mortgage loans to support the issuance of securities;The issuance of the midterm of 100 million yuan; unsecured fixed interest rate bonds with a total of US $ 100 million in overseas issuances is used to repay the company’s foreign dollar bonds with a principal of US $ 100 million during the reporting period.It is worth mentioning that this US dollar bond is the first US dollar bond for Singapore Real Estate since March 2023, and it is also a general US dollar bond for pure company credit.
In addition, the company’s total credit granted by major banks has reached 109 billion yuan, of which the company and subsidiaries have used a credit of 28.1 billion yuan, and the financing quota has sufficient.
The continuous landing of financing represents financial institutions’ recognition of the stable operating conditions of Xincheng Holdings.As of the end of 2023, the overall average financing cost of Xincheng Holdings was 6.20%, a decrease of 0.32 percentage points compared to 2022.
The commercial sector successfully broke the 10 billion help company crossing cycle
Xincheng Holdings has always adhered to the “residential+commercial” two -wheel drive operation model.Property rental and management business has the characteristics of stable operation, strong profitability, and good cash flow, which helps to cross the cycle of real estate enterprises.
Xincheng Holdings Management has long realized that the development business is a cockpit stone that is deeply cultivated by the company’s region, and business management provides cash flow with a cyclical cycle and stable income.
Through the continuous layout, Xincheng Holdings has accumulated strong brand merchant resources and mature development and operation teams in the field of business management.The scale advantage and operational strength constitute the moat of Xincheng Holdings in the business field.
In 2023, there were 22 Wuyue Plaza opened as scheduled, and the number of openings ranks among the top in the industry.As of the end of the period, Xincheng Holdings has deployed 198 Wuyue Plaza in 135 cities across the country. The number of Wuyue Plaza has reached 161, with an open area of 14.991 million square meters, and the rental rate is 96.48%.Last year, the operating income of property rental and management reached 10.631 billion yuan, an increase of 15.26%over the previous year.
New City Holdings’s property rental and management business gross profit margin is as high as nearly 70%. With the rise in the scale of related business revenue in recent years, its contribution to profits has also increased.
While contributing the source of profits, the commercial sector can also play a role in optimizing the company’s asset structure and enhancing anti -risk capabilities.Commercial properties often have value -added space, and the improvement of property value helps to optimize the company’s asset quality.Mature business can also be used as the basic assets of REITs to broaden financing channels.
In October 2023, Xincheng Holdings held a commercial annual conference and successfully attracted more than 6,000 people to participate.At the meeting, the management officially released the “deep operation” strategy, and proposed that by the establishment of a user -centric operating model, the real needs of users, identifying users and establishing an effective connection, efficiently drive the organization and service provision of goods.Finally improve the performance of the square operation.