保利发展20250307

Summary of Poly Developments Conference Call Company Overview - Company: Poly Developments - Date: March 7, 2025 Key Points Industry and Company Performance - In January and February, Poly Developments achieved a cumulative subscription amount of 36.5 billion yuan, a year-on-year increase of 40%, with a sales equity ratio maintained at 78%-79%, marking a six-year high, indicating strong sales momentum and equity control ability [2][4] - The company actively expanded, adding 9 new projects in January and February with a total value of 16.1 billion yuan, three times that of the same period last year, particularly investing 8.8 billion yuan in the Chaoyang District of Beijing, reflecting confidence in premium land in core cities [2][5] - As of the end of February, the cost of new financing liabilities decreased to 2.88%, and the overall financing cost dropped to 3.06%, indicating a healthy financial position and strong financing capability [2][7][8] Sales and Market Dynamics - In February, the overall sales rate was 40%, with first-tier cities reaching 45%, and specific cities like Sanya and Shijiazhuang performing exceptionally well at 63% and 68% respectively, highlighting the variance in sales performance across different cities [2][4] - The company maintained a strategy of destocking without significant price reductions to control losses on existing projects while enhancing its marketing capabilities to reduce reliance on channel costs [3][14] Project Expansion and Strategy - Poly Developments has maintained an aggressive land acquisition strategy since the third quarter of last year, with six projects expanded in February alone, totaling 122 billion yuan, a significant year-on-year increase [5][6] - The company’s expansion strategy focuses on core cities, particularly first-tier and strong second-tier cities, with a commitment to maintaining a certain scale of expansion regardless of market conditions [9][17] Financial Health and Profitability - The net profit margin for 2024 was 9%, and while a slight decline is expected in 2025 due to rising land prices, the company remains optimistic about stabilizing or slightly improving profit margins compared to 2024 [17] - The company’s total organic liabilities remain stable at over 350 billion yuan, with a stable mortgage and cash recovery situation, indicating effective financial management [7][8] Market Outlook and Customer Trends - The recent real estate market shows signs of stabilization in the second-hand housing market, with a preference for improvement-type products among buyers, particularly in first-tier cities [11][18] - New customer ratios have increased, and transaction cycles have shortened from approximately 30 days to around 20 days, although this change is not yet definitive [17][18] Asset Management and Inventory Control - The company is actively managing its inventory by promoting rental housing and optimizing asset quality to reduce impairment pressure, while also enhancing resource conversion efficiency [12][14] - The current inventory turnover rate is 40%, slightly lower than the previous month, with no significant new projects launched recently, focusing mainly on ongoing sales [10][19] Future Projections - The company anticipates a continued trend of higher new product ratios in sales, with expectations for a stable market response to new launches [16] - The issuance of convertible bonds is in progress, with regulatory approval pending, indicating ongoing efforts to strengthen financial resources [21] Additional Insights - The company emphasizes maintaining control over property management rights during joint land acquisitions to ensure project quality and operational efficiency [19][20] - The impact of special bond policies on available resources is still under evaluation, with limited projects currently benefiting from such measures [15]