主营介绍

  • 产品类型:

    房地产开发、建筑工程施工、酒店、商业服务

  • 产品名称:

    房地产开发 建筑工程施工 酒店 商业服务

  • 经营范围:

    房地产开发、销售(凭资质证书承接业务);土木建筑工程施工,物业管理,实业投资。(依法须经批准的项目,经相关部门批准后方可开展经营活动)

运营业务数据

最新公告日期:2018-11-02 
业务名称 2018-10-31 2018-09-30 2018-08-31 2018-07-31 2018-06-30
销售面积(平方米) 95.70万 73.40万 82.80万 101.20万 135.10万
销售金额(元) 118.10亿 104.90亿 128.30亿 140.90亿 163.20亿
建筑产业新增合同额(元) - 25.17亿 15.79亿 17.58亿 108.30亿

主营构成分析

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营业收入 X

单位(%) 单位(万元)
注:通常在中报、年报时披露 
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 利润比例 毛利率
按行业 房屋销售收入 104.62亿 68.31% 79.14亿 66.44% 74.85% 24.35%
建筑施工收入 38.28亿 24.99% 33.37亿 28.01% 14.43% 12.83%
物业酒店及其他 10.26亿 6.70% 6.60亿 5.54% 10.72% 35.60%
按产品 房屋销售收入 104.62亿 68.31% 79.14亿 66.44% 74.85% 24.35%
建筑施工收入 38.28亿 24.99% 33.37亿 28.01% 14.43% 12.83%
物业酒店及其他 10.26亿 6.70% 6.60亿 5.54% 10.72% 35.60%
按地区 江苏省内 97.91亿 63.93% 76.71亿 64.39% 62.30% 21.66%
江苏省外 55.25亿 36.07% 42.41亿 35.61% 37.70% 23.23%

董事会经营评述

  一、概述  (一)经营环境分析  (1)房地产行业  2018年上半年在坚持"房子是用来住的、不是用来炒的"定位前提下,各地按照"加快建立多主体供给、多渠道保障、租购并举的住房制度,让全体人民住有所居"的要求,遵循"因城施策、分类调控"的原则,继续对房地产市场实施调控。  上半年全国商品房销售面积7.7亿平方米,同比增长3.3%,增幅较2017年全年回落4.4个百分点;销售金额6.7万亿元,同比增长13.2%,增幅较2017年全年回落0.5个百分点。但商品住宅销售金额5.7万亿元,同比增长14.8%,增幅比去年全年上升了2.5个百分点。上半年全国商品住宅平均销售价格8467元/平方米,比去... 查看全部▼

  一、概述
  (一)经营环境分析
  (1)房地产行业
  2018年上半年在坚持"房子是用来住的、不是用来炒的"定位前提下,各地按照"加快建立多主体供给、多渠道保障、租购并举的住房制度,让全体人民住有所居"的要求,遵循"因城施策、分类调控"的原则,继续对房地产市场实施调控。
  上半年全国商品房销售面积7.7亿平方米,同比增长3.3%,增幅较2017年全年回落4.4个百分点;销售金额6.7万亿元,同比增长13.2%,增幅较2017年全年回落0.5个百分点。但商品住宅销售金额5.7万亿元,同比增长14.8%,增幅比去年全年上升了2.5个百分点。上半年全国商品住宅平均销售价格8467元/平方米,比去年同期上升11.3%,部分城市价格还保持较快增长。
  针对有关情况,住房和城乡建设部约谈部分城市,强调房地产调控目标毫不动摇,各地也纷纷跟进出台进一步的细化调控措施。
  同时在中央打好"三大攻坚战",防范化解金融风险的要求下,宏观流动性有所收紧,同时监管机构对金融违规监管加强,市场融资成本有所上升。人民银行统计的2018年6月全国个人住房贷款加权平均利率为5.60%,比2017年12月上升0.34个百分点,房地产开发企业贷款融资成本上升幅度还要更明显。但目前个人住房贷款利率仍明显低于2014年9月6.96%的水平,企业的情况也是如此。
  上半年房地产行业投资5.5万亿元,低于行业销售规模,增速也低于销售金额增速,但仍保持9.7%的增长,速度比去年全年还略快1.2个百分点。不过行业土地成交价款增长20.3%,比商品住宅销售金额增速快5.5个百分点,土地市场的竞争依然比较激烈。
  报告期内中美贸易战开始,中央去杠杆的方式可能会有微调,但房地产调控的方向不变,相信在促进供求平衡,合理引导预期,坚决遏制房价上涨的政策指引下,未来房地产市场的表现会更平稳。
  (2)建筑行业
  2018年1-6月份建筑行业稳中向好,1~6月行业新签合同额11.7万亿元,同比增长16.4%。贸易战开始后,中央积极的财政政策将更加积极,在持续扩大内需的导向下,建筑行业可能会迎来更多发展机遇。
  (二)上半年公司经营情况回顾
  2018年1-6月份公司实现营业收入153.2亿元,同比增长21%,实现归属于上市公司股东的净利润9.3亿元,同比增长180%;每股基本盈利0.25元,同比增长180%。
  公司盈利能力明显改善。上半年公司的毛利率由去年同期的16.6%上升到22.2%,提高5.6个百分点。虽然2018年公司管理费用同比增加48%,但由于公司房地产业务销售金额同比增加44%,建筑业务新增合同金额同比增加59%,与实际经营规模相关的管理费用率还有所下降。由于上半年公司新进入一些城市,新获取较多项目,为未来项目销售进行了更多准备,导致公司销售费用同比增幅快过公司销售规模增加,但随着公司业务布局进一步完善,品牌影响力进一步提升,相信公司销售费用率可以更好控制。即使上半年公司销售费用率提升,公司净利润率仍由去年同期的3.0%增加到今年上半年的6.7%,提高3.7个百分点。
  由于经营回款情况良好,上半年末公司持有的货币资金相对2017年末增加34%,达到191.8亿元。预收账款也由去年年底的684.3亿元,上升到上半年末的921.6亿元。为了保持未来持续的增长,公司加大了投资,上半年新增房地产项目1138万平方米(占到2017年全年新增项目面积的76%),公司的有息负债由2017年末的529.8亿元,上升到2018年上半年末的571.5亿元,相对2017年中期增长31%,公司的总负债率由去年中期的88.0%,上升到今年中期的89.9%。但公司上半年经营性现金流入755.1元,明显高于全部有息负债规模。有息负债中短期借款和一年内到期的非流动负债146.5亿元,占比仅26%,规模小于公司持有的现金,公司偿债能力强,经营风险低。考虑公司总负债中的预收账款主要来自购房客户的现金,没有经营风险,剔除预收账款之后的负债率((负债总额-预收账款)/资产总额)反而由去年年末的51.4%下降到今年中期的41.2%,下降10.2个百分点。
  1、房地产业务情况
  报告期内公司房地产业务保持快速增长,1~6月份公司实现合同销售面积520.3万平方米,销售金额652.5亿元,同比分别上升20%和44%。平均销售价格12539元/平方米,略低于去年全年的平均销售价格。
  上半年房地产业务实现营业收入104.6亿元,同比增长38%。结算项目利润率明显改善,上半年房地产业务毛利率24.35%,比去年同期上升6.68个百分点。报告期末公司还有已经销售还未结算的预收账款921.6亿元,有关资源的利润水平不低于上半年结算项目,为公司未来业绩增长奠定了坚实的基础。
  2018年上半年公司新增项目80个,规划建筑面积合计1138万平方米,是公司上半年销售面积的2.2倍。公司新进入重庆、合肥、石家庄、温州、惠州、梅州、泉州等城市,业务布局更加完善。截止2018年中期,公司共有258个项目,在建开发面积合计3133万平方米,未开工面积合计2272万平方米,支持未来更快的发展。
  2、建筑业务情况
  上半年公司建筑业务优化职能分工,实施片区治理,改革市场营销责任制,推动了业务规模的快速增长。1~6月公司新增合同额287.3亿元,比上年同期增长59%。其中3亿元以上项目超过20个,在新增合同额中占比65%。此外,公司上半年还成功参与获取18个PPP项目,合同总金额超270亿元。
  报告期内,公司建筑业务实现营业收入38.3亿元,由于收入确认进度原因同比减少12.8%。毛利率12.83%,同比去年上升0.69个百分点。

  二、公司面临的风险和应对措施
  (1)政策风险
  "房子是用来住的、不是用来炒的",建立多主体供给、多渠道保障、租购并举的制度是个长期过程,在未来相当长的时间里,国家房地产调控的方向不会变。
  应对措施:公司将坚持自主需求的产品定位,坚持既定战略方向,同时密切关注政策动向,及时调整不同区域的投资力度和投资节奏,以适应市场环境的变化。
  (2)市场风险随着宏观流动性的变化,以及各地人口和经济发展状况的不同以及供需状况的变化,虽然未来房地产行业整体会保持平稳,但各地的市场的差异性在变大。
  应对措施:进一步严格投资纪律,坚决贯彻高周转、低成本、差异化战略,不断提高产品质量,提高抗风险的能力。
  (3)财务风险
  年初以来,金融监管力度增强,去杠杆趋势持续,企业融资成本提升。公司形式上负债率较高,进一步增加了融资的困难。
  应对措施:坚持战略方向,实现快速周转,保证良好回款。加强各种形式的合作,借助合作伙伴的力量,与合作伙伴共同成长。

  三、核心竞争力分析
  (1)战略优势
  公司房地产业务坚持大众主流住宅产品定位,进一步明确快速周转战略,不断完善聚焦长三角、珠三角和京津冀都市圈,以及内地人口密集核心城市布局,为未来快速增长奠定坚实基础。
  (2)品牌优势
  公司始终秉承"铸就百年基业"理念塑造品牌,房地产业务提出"美好就现在"愿景,建立健康住宅标准,全力打造高品质产品。2018年公司荣获不同机构颁发中国房地产开发企业20强第19位,中国建筑企业500强第8名,中国十大慈善企业、2018中国商业地产TOP10等荣誉,品牌认知度越来越高。
  (3)业务协同优势
  公司业务涵盖住宅开发,商业、酒店管理,工程总承包,建筑安装等,和公司控股股东一起构建了住宅开发、轨道交通、市政路桥、基础设施建设、商业、酒店运营等组成的完整产业格局,具备承接各种城市综合运营项目的能力,在项目获取上有其他单一类型企业难以具备的优势。 收起▲