Sales For Three Consecutive Years Were Merged To Create A Focus On The Development Of Pauli.

As a benchmark in the past, Pauli development, the top three in the long term, has gone beyond the Hengda and Biguiyuan in the past three years, and has only been fifth in the past three years.

Since 2012, Baoli real estate has never entered the top three of sales rankings, and stayed at fifth place. In 2017, Pauli raised the slogan of "returning to the top three", but the gap between Pauli and the top four was widened from 2019 sales.

In the next period of time, Pauli development "return to the top three" is still not a great deal of success, sales and land are lagging behind the rapid expansion of the financial industry, it is difficult to seize fourth names.

However, Pauli has no longer mentioned "back to the top three" in the past two years. For Pauli, the change from Baoli real estate to Baoli development is also the beginning from the emphasis on development, scale to operation and efficiency. In 2019, Pauli realized the overspeed growth of net profit, and showed substantial performance in terms of quality and profits.

As a representative of the central enterprises, Pauli development, a balance test at both ends of scale and profit can be a reference for future housing enterprises.

Steady Industry Fifth

Since 2017, the sales volume of China has surpassed Poly Real Estate for fourth years in a row for three years, and in the past three years, sales growth of Poly Real estate has been slowing year by year.

According to the financial report, in 2017, Pauli development achieved a contract amount of 309 billion 227 million yuan, an increase of 47.19% over the previous year, and the signing amount of 404 billion 817 million yuan in 2018, an increase of 30.91% over the same period last year. And by 2019, the amount of signing the contract reached 461 billion 848 million yuan, up only 14.09% from the same period last year.

Compared with Baoli real estate, China has made great progress in sales. In 2017, the sales volume of the contract reached 362 billion 10 million, an increase of 140% over the same period last year, and it surpassed Pauli in one fell swoop. In 2018, the contract sales reached 464 billion 950 million yuan, an increase of 27% over the same period last year, and the gap between the two sides was 60 billion. In 2019, the cumulative sales amount was 556 billion 210 million yuan, an increase of 21% over the previous year, which was nearly 100 billion more than that of Pauli.

In 2017, Pauli put forward the goal of "returning to the top three", and sprint 300 billion or three years in 2017 to break through the 500 billion "345" strategy, that is, the annual growth rate will be 100 billion yuan in the next three years.

Over the next two years, poly realized more than 30% sales growth. In the first 2019 months of the year, with the momentum of rapid development, it surpassed THC and Hengda, and became the third largest housing company in sales. In the first half of 2019, Pauli ranked the top four, still on financial innovation.

But in the third quarter, the score was not maintained. Since August, it has been reduced to fourth, and the pace of development has begun to slow down.

On the contrary, with the advantages of acquiring M & A and the value of available goods, the gap between them will be further expanded.

Data show that in the past three years, it has spent about 100000000000 on mergers and acquisitions, which has driven over three billion sales over the past three years.

But Pauli's initiative is insufficient in land reserve. In 2017, the total volume area of the new year was 45 million 200 thousand square meters, corresponding to the amount of 276 billion 500 million yuan, accounting for nearly 90% of the total sales. The land reserve increased from 63 million 440 thousand square meters in 2016 to 90 million 890 thousand square meters, reaching the peak of investment intensity in recent years.

But by 2019, Pauli's investment intensity declined rapidly, only 155 billion 400 million of that year, accounting for 33.6% of sales.

Guotai Junan Securities believes that this is the company's financial stability priority, the initiative to land inventory options.

However, although lagged behind the financial innovation, the growth rate of poly in 2019 is also commendable compared to Vanke, Hengda and Biguiyuan. The first three have not exceeded 10%.

Entering the era of heavy operation

Baoli real estate has been known for its radicalism and boldness in history. Song Guangju, chairman of the board, has the reputation of "Iron Lady". Under the leadership of her, Poly Real estate is not only ranked the four leading companies in Wanbao, but also the "boss" of the central enterprises.

But Pauli, as a central enterprise, under the new policy, does not have the freedom of private enterprises to enlarge levers to accept mergers and acquisitions. Even if the takeover, the movement and progress will not be very fast, such as the acquisition of assets such as poly airlines, poly and other assets, it will take a long time.

However, since its renaming, Pauli is also carrying out a strategy of diversified operation from development to transformation. Despite the slow growth of sales in the past two years, net profit has increased significantly.

According to the 2019 performance bulletin issued by the company, the total business income of the company was 235 billion 540 million yuan, an increase of 21.1% over the same period last year, and the total operating profit and profit was 50 billion 310 million, an increase of 41.4% over the same period last year. The net profit attributable to the shareholders of the listed company increased by 40.6% to 26 billion 570 million yuan, a new high in recent years.

Southwest Securities pointed out that Baoli performance exceeded expectations, the main reason is a significant increase in the fourth quarter of the company's carrying scale. As of the end of the three quarterly report, the company's advance accounts receivable of 382 billion 900 million yuan, the next two years, the company's considerable sale has not yet tied up resources can still support the growth of performance. Considering earnings growth is higher than revenue growth, the company's profitability is expected to remain at a good level throughout the year.

Besides the real estate industry, poly's operation has also made considerable progress.

In September 2018, in order to undertake strategic upgrading, Poly Real estate was renamed Pauli development holdings. It is committed to building a "platform for the development of real estate ecology". It provides comprehensive services based on industry ecosystem based on real estate investment, development, operation and capital operation.

Among them, poly property was listed in Hong Kong in December 19, 2019. As of the first half of 2019, the management area of the poly property contract was 455 million square meters, with a total area of 260 million square meters, ranking third in the 13 property companies listed on the Hong Kong stock market.

While Pauli property is the first specialized subsidiary to complete capitalization in the ecosystem of holding platform, its listing has special strategic implications.

Song Guangju said that Pauli's development has long been a leading industry. Its core advantage lies in accurately identifying the changing trend of the industry and winning the comprehensive service capability with multiple formats. The listing of property will not only boost its own growth and development, but also accelerate the development of the real estate ecosystem of Baoli.

Besides property services, in 2019, Pauli development was involved in the large-scale complex project built on the concept of Wen or Kang.

In October 2019, as the parent company Poly Group participated in the transformation of Yunnan city investment and integration, Pauli development as a group real estate platform benefited from this, and successfully reached the agreement with the Yunnan city investment agreement. The latter is located in Kunming, Xishuangbanna and Guangdong Dongguan in Yunnan, with a total of four assets, covering nearly 2000 mu.

A broker who has watched Pauli for a long time in Shenzhen thinks that Pauli is not only a Real Estate Company of scale growth, but also a platform for future operation. This is another core competitiveness of housing companies in the silver age.

Poly development believes that the real estate industry, whether it is the scale theory of the past few years or the diversification since 2018, is essentially trying to find a way to transform. The transformation of Baoli's development is to seek the change of profit growth point actively, and the reshaping of business mode and core competitiveness.