主营介绍

  • 产品类型:

    房地产

  • 产品名称:

    房地产

  • 经营范围:

    房地产业(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:2018-02-09 
业务名称 2018-01-31 2017-12-31 2017-11-30 2017-10-31 2017-09-30
签约面积(平方米) 217.86万 2242.37万 1991.85万 1701.67万 1501.26万
签约金额(元) 316.49亿 3092.27亿 2742.74亿 2378.68亿 2081.59亿

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 房地产销售 510.84亿 93.91% 359.40亿 95.37% 90.61% 29.64%
其他 33.13亿 6.09% 17.44亿 4.63% 9.39% 47.37%
按地区 中国广东 199.36亿 36.65% 127.26亿 33.77% 43.14% 36.17%
中国上海 78.26亿 14.39% 46.95亿 12.46% 18.74% 40.02%
中国四川 60.62亿 11.14% 46.04亿 12.22% 8.73% 24.06%
中国合肥 32.11亿 5.90% 26.18亿 6.95% 3.55% 18.48%
中国辽宁 27.96亿 5.14% 23.12亿 6.13% 2.90% 17.33%
中国江西 22.42亿 4.12% 19.01亿 5.04% 2.04% 15.20%
中国湖南 20.26亿 3.72% 15.36亿 4.08% 2.93% 24.19%
中国湖北 19.92亿 3.66% 13.25亿 3.52% 3.99% 33.48%
中国青岛 12.85亿 2.36% 9.97亿 2.64% 1.72% 22.43%
中国江苏 12.57亿 2.31% 9.67亿 2.57% 1.74% 23.07%
中国山西 10.11亿 1.86% 6.45亿 1.71% 2.19% 36.18%
中国长春 9.64亿 1.77% 7.20亿 1.91% 1.46% 25.31%
中国天津 8.50亿 1.56% 5.97亿 1.58% 1.51% 29.76%
中国海南 7.79亿 1.43% 5.00亿 1.33% 1.67% 35.83%
中国陕西 5.46亿 1.00% 4.54亿 1.20% 0.55% 16.84%
中国重庆 4.77亿 0.88% 3.35亿 0.89% 0.85% 29.79%
中国北京 3.57亿 0.66% 2.68亿 0.71% 0.53% 24.99%
中国河北 3.07亿 0.57% 1.03亿 0.27% 1.22% 66.55%
澳大利亚 1.59亿 0.29% 1.02亿 0.27% 0.34% 35.91%
中国河南 1.36亿 0.25% 8857.39万 0.24% 0.29% 35.10%
中国甘肃 8234.07万 0.15% 9936.01万 0.26% -0.10% -20.67%
中国新疆 4777.70万 0.09% 3432.88万 0.09% 0.08% 28.15%
英国 2145.39万 0.04% 1682.96万 0.04% 0.03% 21.55%
中国包头 1976.30万 0.04% 1525.37万 0.04% 0.03% 22.82%
中国浙江 461.22万 0.0085% 2661.81万 0.07% -0.13% -477.13%
中国福建 15.22万 0.0003% 12.92万 0.0003% 0.0001% 15.11%

董事会经营评述

  一、经营情况的讨论与分析
  (一)市场回顾与展望
  2017年上半年,房地产行业销售规模延续了2016年以来的增长态势。1-6月份,全国商品房销售金额5.92万亿元,销售面积7.47亿平方米,同比分别增长21.5%和16.1%。但在调控政策的持续深入下,行业销售金额和面积增速持续下降,同比增速分别较去年同期下滑21个百分点和12个百分点。其中,强调控城市的效果更为明显。一线城市上半年销售面积同比减少25.5%,二线城市同比增速较去年同期下降28.7个百分点。
  行业销售的增长带动商品住宅待售面积持续下降,库存总量降至3.52亿平方米,保持自2016年2月以来持续下滑的趋势。受此影响,... 查看全部▼

  一、经营情况的讨论与分析
  (一)市场回顾与展望
  2017年上半年,房地产行业销售规模延续了2016年以来的增长态势。1-6月份,全国商品房销售金额5.92万亿元,销售面积7.47亿平方米,同比分别增长21.5%和16.1%。但在调控政策的持续深入下,行业销售金额和面积增速持续下降,同比增速分别较去年同期下滑21个百分点和12个百分点。其中,强调控城市的效果更为明显。一线城市上半年销售面积同比减少25.5%,二线城市同比增速较去年同期下降28.7个百分点。
  行业销售的增长带动商品住宅待售面积持续下降,库存总量降至3.52亿平方米,保持自2016年2月以来持续下滑的趋势。受此影响,房地产开发企业补库存的意愿强烈,新开工面积和投资持续增长。1-6月份,全国房屋新开工面积8.57亿平方米,同比增长10.6%,累计增速自3月以来持续回升;全国房地产开发投资5.06万亿元,同比增长8.5%。
  在行业调控持续深入、金融去杠杆、防风险的背景下,行业资金面持续收紧。一方面,房地产企业融资渠道受限,再融资、公司债等融资方式对地产行业定向收缩。另一方面,房地产行业资金来源增速也开始放缓。1-6月份,房地产开发资金来源总量7.6万亿元,同比增长11.2%,同比增速较去年同期下降4个百分点。其中,个人按揭贷款增速已连续13个月下降,6月份较最高峰下降51.8个百分点。
  其中,个人按揭贷款增速已连续尽管上半年房地产行业销售、开工、投资持续增长,但从二季度以来,限购、限贷政策不断加码,限售、限商等调控方式不断升级,行业各类指标的增速呈现放缓趋势。
  展望下半年,我们认为,在坚持房子的居住属性的基本政策定调下,政府的“因城施策、分类调控”的思路和决心不会动摇,并且会进一步贯彻执行,继续巩固调控效果。而且,针对房地产行业定向紧缩的监管政策也将继续,资金面仍将保持偏紧趋势,行业下半年将承受一定下行压力。另一方面,租售并举、共有产权等政策的提出,是对“房子是用来住的”方针的落实,将有利于建立房地产行业的长效机制,保持行业平稳健康发展。
  (二)报告期主要经营情况
  1、把握市场窗口期,销售规模再创新高
  2017年上半年,公司销售规模再创历史新高。报告期内,公司实现签约销售金额1466亿元,同比增长33%,达到上年全年签约金额的70%;实现签约面积1054万平方米,同比增长28%。其中,公司6月份单月签约金额381亿元,创下单月销售新高。
  公司坚持普通住宅产品策略,报告期内,成交产品中的住宅类产品销售金额占比达到88%,其中144平方米以下的普通住宅类产品占比达96%。
  从区域分布来看,公司继续深耕城市群策略,珠三角、长三角、京津冀三大城市群保持核心地位,上半年累计实现签约金额932亿元,占比达64%,同时,受武汉、成都、重庆等城市热销影响,中西部区域销售金额占比较上年同期提升9个百分点至28%。
  2、优化投资策略,积极推进城市群战略
  报告期内,公司完成与中航工业房地产业务的整合工作,土地资源较去年同期有较大增长。报告期内公司通过并购整合、招拍挂、合作等方式新获取项目59个,新增容积率面积1693万平方米,总土地成本625亿元,分别同比增长122%和39%。从资源匹配程度来看,上半年拓展面积与销售面积比值为161%,拓展金额与销售金额的比值为43%。
  拓展策略方面,公司重心仍以一二线为主,上半年一二线城市拓展面积1277万平方米,占比达75%。同时,公司积极推进城市群深耕战略,以核心城市为中心,辐射周边潜力城市。上半年,公司新进入城市7个,其中,长三角区域新布局徐州、芜湖、盐城;京津冀区域新布局衡水;珠三角落子梅州。截至报告期末,全国城市布局增加至75个城市。
  截至报告期末,公司共有在建拟建项目386个,规划总建筑面积16991万平方米,待开发面积7045万平方米,其中一二线城市占比约为68%。报告期内,公司新开工面积1275万平方米,竣工面积684万平方米,分别同比增长38%和9%。
  3、抢资金,强化资金保障
  报告期内,公司销售回笼金额为1207亿元,受行业按揭贷款收紧的影响,回笼率较去年同期下降4个百分点至82%。
  为应对资金紧张及利率上行风险,公司提前抢占信贷资金,锁定低成本贷款。报告期内,公司新增有息负债768亿元,净增有息负债588亿元(含因并购中航导致合并范围增加所带来的新增有息负债181亿元,净增有息负债138亿)。截至期末,公司有息负债余额1710亿元。公司新增有息负债综合成本5.05%(除中航项目外新增有息负债综合成本4.66%),存量有息负债综合成本4.75%。
  期末,公司账面现金余额643亿元,占总资产11%。
  4、财务稳健安全,利润率水平回升
  报告期内,公司实现营业总收入544.71亿元,同比下降1.23%;公司实现归母净利润56.51亿元,同比增长13.92%。上半年,公司利润率水平有所回升,毛利率和净利率分别为30.80%和13.15%,
  公司一年内到期的短期债务仅为176亿元,仅占有息负债的10%,且显著低于账面现金,债务结构合理,财务风险可控。

  二、报告期内公司所从事的主要业务、经营模式及行业情况说明:
  公司是一家专注于房地产开发及销售的大型企业集团,拥有国家一级房地产开发资质。经过20余年的专业发展,公司形成了以房地产开发经营为主、以房地产金融和社区消费服务为翼的“一主两翼”的业务布局。
  在房地产开发业务方面,公司聚焦刚性需求和改善需求,始终坚持以中小户型的普通住宅开发为主的开发策略;坚持以北、上、广等国家中心城市为核心的城市群区域布局策略,在重点深耕珠三角、长三角、京津冀的城市群的同时,结合国内经济战略走向,逐步延伸至中部、西部、海峡西岸等国家重点发展区域。此外,经过多年的开发经验积累,公司形成了以公开市场招拍挂方式为主,旧城改造、合作开发、并购整合等方式灵活补充的多元化拓展能力,为公司的可持续发展奠定坚实基础。
  在坚持房地产主业的同时,公司还积极培育房地产金融和社区消费服务业务。房地产金融方面,公司形成信保基金、保利资本、养老基金并驾齐驱的发展模式,通过地产与基金相结合,实现对更多外部资源的撬动,助力公司主业规模扩张及业绩增长。社区消费服务方面,公司充分挖掘业户资源的消费能力和消费需求,致力于成为涵盖物业管理、增值服务、社区商业、养老适幼服务在内的综合服务商。

  三、报告期内核心竞争力分析
  1、卓越的战略管理能力
  公司的战略管理能力体现为战略前瞻性与灵活性。公司从成立之初便坚定了房地产开发为主业的发展模式,房地产主业在业务占比中始终保持在95%左右。前瞻性的、稳定的发展战略使得公司紧跟中国经济发展的快车道,也充分把握了城镇化快速扩张带来的行业发展机遇。另一方面,面对房地产行业不同阶段特征和复杂多变的政策格局,公司灵活把握战略方向,迅速调整经营策略,始终确保公司稳定健康地运行。
  2、土地资源禀赋优异
  公司始终坚持全国化战略布局,以一、二线城市为核心,向城市群、城市带纵深发展。目前,公司形成了以珠三角、长三角、京津冀城市群为核心、以中部、成渝、海峡西岸等区域共同发展的城市群布局,在全国75个城市拥有超过7000万平方米的待开发土地资源,基本满足公司未来2-3年的开发需要。在深耕国内市场同时,公司也积极开拓海外市场,成功布局澳大利亚、美国、英国等国家,累计管理项目9个,进一步夯实公司地产开发主业。
  3、央企低成本融资优势
  公司凭借出色的业绩表现和良好的企业信誉,与各大金融机构建立了长期、稳定的合作关系。
  在传统银行融资上,公司发挥央企优势,不断巩固银企合作关系。截至目前,公司银行贷款授信额度3297亿元,剩余未使用额度1925亿元,与此同时,公司新获取银行贷款平均融资成本仅4.66%,显著低于行业可比公司。同时,公司不断探索多种资本市场融资工具,通过股权融资、公司债、中期票据、美元债等方式,在不同阶段为公司的发展提供低成本、长周期的资金保障,持续优化资本和债务结构。
  4、高效的管控力和执行力
  公司的持续快速发展。
  同时,公司将军旅文化与现代企业管理相融合,形成了独具特色的优秀企业文化,具备强大的凝聚力和高效的执行力。2016年,公司承担了中国保利集团公司与中国航空工业集团公司的地产板块整合的主要工作,在短时间内实现了资产交割和人员平稳过渡,充分体现公司的专业素养和高效执行力。未来,公司仍将继续在央企整合中发挥专业优势。 收起▲