In December 2022, the contract sales of the company’s real estate business fell by – 9% year-on-year, or was affected by the sales unit price.
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[CSCEC (601668.
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From a regional perspective, the new orders signed by the company at home and abroad in December 22 fell by – 9%/- 15% year on year, or because both at home and abroad are close to important holidays.
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Among them, the monthly orders of real estate/infrastructure/real estate were – 15%/+0%/- 9% year-on-year.
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Since 21H2, the company has stepped up its efforts to acquire land against the trend.
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In December 22, the company newly purchased 1.03 million square meters of land reserve area, – 69% year-on-year, or affected by the pace of land supply.
Comments: The growth rate of newly started and completed projects rebounded, and the growth rate of orders fluctuated or was affected by seasonal factors.
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In December 22, the newly-constructed/completed housing area of the company was+18%/+3% year-on-year and+40/+14 pcts month-on-month respectively.
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By business, the newly-signed contract value of housing construction business was 238.7 billion yuan, – 15% year-on-year; The newly-signed contract amount of infrastructure business was 182.1 billion yuan,+0% year-on-year.
In December 22, the company’s newly signed orders were – 9% year-on-year, compared with – 23 pcts in November.
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From January to December 2022, the company’s contracted sales area was – 20% year-on-year, of which – 9% year-on-year in December alone and+15 pcts month-on-month in November.
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According to the list of the top 100 real estate enterprises with new land storage value from January to December, 22, China Construction Real Estate ranks first in the industry (CNOOC Real Estate+CSCEC Dongfu+CSCEC Second Bureau+CSCEC Smart Land).
The slowdown in the growth rate of construction business orders may cause some disturbance to the signing of orders in December due to the fact that the Spring Festival in 23 years is earlier than 22 years.
In December of 22 years, the newly signed contract amount of the company’s construction business was 422.8 billion yuan, – 9% year-on-year, compared with November – 23 pcts.
Follow-up companies are expected to expand against the trend at the bottom of the industry boom by virtue of their healthy financial situation, the credit channels of top central enterprises, and the financing costs lower than the peers.
SH)] The growth rate of new construction and completion has rebounded, and the value of land acquired by CSCEC ranks first in the industry in 22 years – the summary event of the business data review report in December 2022: CSCEC achieved a total of 3.9 trillion yuan of newly signed contracts from January to December 2022,+11% year-on-year; Among them, the newly-signed orders for housing construction/infrastructure construction/real estate amounted to 2.5/1.0/0.4 trillion yuan,+10%/+20%/- 5% year-on-year.
Risk tips: the risk of declining demand for housing construction, the risk of declining growth of infrastructure investment, and the risk of high land price for real estate business.
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The growth rate of sales area rebounded, and the accumulated value of new goods ranked the first in the industry.
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In the context of clearing the capacity of the real estate industry (the passive withdrawal of high-leverage enterprises), the competitive pattern may continue to be optimized, with the impact of the centralized land supply policy superimposed, and the land resources may be further concentrated in high-quality real estate enterprises with excellent financial strength.
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As of December 22, the company has 87.44 million square meters of land reserves, which corresponds to a period of about 4 years of static depletion of sales area in 21 years, and is abundant in land reserves.
