房地產(chǎn)行業(yè)1H2023綜述：行業(yè)指標(biāo)持續(xù)回落企業(yè)現(xiàn)金流有所修復(fù)

目 錄TOC\o"1-2"\h\z\u行業(yè)集中度回落，企業(yè)債務(wù)情況有所轉(zhuǎn)差 51H2023行業(yè)集中度再次回落 5部分上市公司三道紅線達(dá)標(biāo)情況有所轉(zhuǎn)差 6截至目前行業(yè)運(yùn)行情況 7A股地產(chǎn)房企1H2023運(yùn)營(yíng)情況分析 9當(dāng)期結(jié)算、毛利率和費(fèi)用情況 9當(dāng)期資產(chǎn)減值損失、少數(shù)股東損益情況 9當(dāng)期銷售和現(xiàn)金流 10存貨和預(yù)收款（含合同負(fù)債）情況 10重點(diǎn)上市公司1H2023業(yè)績(jī)分析 重點(diǎn)住宅類房企平均營(yíng)業(yè)收入同比增速有所回升 重點(diǎn)住宅類房企平均凈利潤(rùn)率有所回升 13重點(diǎn)住宅類房企平均預(yù)收款（含合同負(fù)債）同比增速持續(xù)回落 15重點(diǎn)住宅類房企平均每股有息負(fù)債同比增幅持續(xù)回落 17重點(diǎn)住宅類房企資產(chǎn)減值損益合計(jì)值回落 19房地產(chǎn)板塊的市場(chǎng)表現(xiàn)、估值水平 21板塊2021年1月至2023年8月運(yùn)行情況總結(jié) 21板塊合理估值水平 22投資建議 23風(fēng)險(xiǎn)提示 23圖目錄圖1 TOP50地產(chǎn)商銷售額增速變動(dòng)情況（%） 5圖2 TOP50地產(chǎn)商銷售額門檻變動(dòng)情況（億元） 6圖3 全國(guó)房地產(chǎn)開(kāi)發(fā)投資同比增速情況 7圖4 全國(guó)房地產(chǎn)開(kāi)發(fā)投資當(dāng)月情況 7圖5 全國(guó)房地產(chǎn)新開(kāi)工、施工和竣工面積增速情況 7圖6 全國(guó)土地購(gòu)臵費(fèi)同比情況 7圖7 全國(guó)土地購(gòu)臵費(fèi)當(dāng)月情況 7圖8 全國(guó)商品房銷售面積同比情況 8圖9 全國(guó)商品房銷售額同比情況 8圖10 全國(guó)房地產(chǎn)新開(kāi)工、銷售和土地購(gòu)臵增速情況 8圖全國(guó)土地購(gòu)臵金額占銷售金額比值 8圖12 全國(guó)各類型城市房?jī)r(jià)情況（%） 8圖13 A股地產(chǎn)房企營(yíng)業(yè)總收入及同比增速 9圖14 A股地產(chǎn)房企營(yíng)業(yè)總成本和毛利率 9圖15 A股地產(chǎn)房企期間費(fèi)用情況 9圖16 A股地產(chǎn)房企ROE和ROA 9圖17 A股地產(chǎn)房企資產(chǎn)減值損益情況 10圖18 A股地產(chǎn)房企少數(shù)股東損益情況 10圖19 A股地產(chǎn)房企商品銷售回籠資金情況 10圖20 A股地產(chǎn)房企經(jīng)營(yíng)性現(xiàn)金流凈額變動(dòng)情況 10圖21 A股地產(chǎn)房企流動(dòng)比率情況 10圖22 A股地產(chǎn)房企凈負(fù)債率情況 10圖23 A股地產(chǎn)房企存貨絕對(duì)值及增速情況 圖24 A股地產(chǎn)房企預(yù)收款（含合同負(fù)債）絕對(duì)值及增速情況 圖25 房地產(chǎn)指數(shù)和滬深300指數(shù)收益情況 21圖26 單月房地產(chǎn)指數(shù)收益以及超額收益情況 22圖27 2021年1月至2023年8月各板塊收益情況 22圖28 板塊和市場(chǎng)PE情況 23表目錄表1 行業(yè)集中度情況 5表2 部分A股上市公司三道紅線達(dá)標(biāo)情況 6表3 部分港股上市公司三道紅線達(dá)標(biāo)情況 6表4 A股重點(diǎn)住宅類房企營(yíng)業(yè)收入情況 12表5 A股重點(diǎn)其他類房企營(yíng)業(yè)收入情況 13表6 A股重點(diǎn)住宅類房企歸母凈利潤(rùn)和利潤(rùn)率情況 14表7 A股重點(diǎn)其他類房企歸母凈利潤(rùn)和利潤(rùn)率情況 15表8 A股重點(diǎn)住宅類房企預(yù)收款（含合同負(fù)債）情況 16表9 A股重點(diǎn)其他類房企預(yù)收款（含合同負(fù)債）情況 17表10 A股重點(diǎn)住宅類房企有息負(fù)債情況 18表A股重點(diǎn)其他類房企有息負(fù)債情況 19表12 A股重點(diǎn)住宅類房企資產(chǎn)減值損益情況 20表13 A股重點(diǎn)其他類房企資產(chǎn)減值損益情況 21行業(yè)集中度回落，企業(yè)債務(wù)情況有所轉(zhuǎn)差1H2023行業(yè)集中度再次回落位房企銷33.62%；TOP20位房企銷售面積占據(jù)行業(yè)的市場(chǎng)份額為20.55%。我們認(rèn)為，隨著政策逐漸回暖，行業(yè)藍(lán)籌的市占率將再次進(jìn)入回升的軌道。表1行業(yè)集中度情況top10房企top20房企top10房企top20top10房企top20房企top10房企top20房企201517.05%23.06%11.41%14.75%201618.72%25.23%12.54%16.21%201724.16%32.46%15.45%20.67%201826.89%37.45%19.08%25.74%201928.38%40.51%21.34%29.18%202027.96%41.03%22.81%30.86%202125.01%37.53%20.01%27.83%202222.80%32.80%14.60%20.38%1Q202323.96%34.44%15.32%21.23%1H202323.76%33.62%14.95%20.55%資料來(lái)源：、克爾瑞數(shù)據(jù)、1H2023，排名靠前的龍頭公司銷售額增速回落。其中，1H2023，TOP1-10、TOP11-20TOP21-30TOP31-504.95%6.91%-2.49%、-9.78%。圖1TOP50地產(chǎn)商銷售額增速變動(dòng)情況（%）TOP1-10TOP11-20TOP1-10TOP11-20TOP21-30TOP31-50604020201220132014201520162017201820192020202120221Q20231H20230201220132014201520162017201820192020202120221Q20231H2023-20-40-60資料來(lái)源：克爾瑞數(shù)據(jù)、1H2023，TOP10、TOP20、TOP30、TOP50房企銷售額門檻分別為926億元、407億元、314億元、169億元。圖2TOP50地產(chǎn)商銷售額門檻變動(dòng)情況（億元）TOP10TOP20TOP10TOP20TOP30TOP50300025002000150010005002011201220132014201520162017201820192020202120221Q20231H202302011201220132014201520162017201820192020202120221Q20231H2023資料來(lái)源：克爾瑞數(shù)據(jù)、部分上市公司三道紅線達(dá)標(biāo)情況有所轉(zhuǎn)差2023A股上市公司三道紅線（剔除預(yù)收款（債70%100%1倍達(dá)標(biāo)情況有所轉(zhuǎn)差。表2部分A股上市公司三道紅線達(dá)標(biāo)情況證券代碼公司名稱2023年半年度剔除預(yù)收款的資產(chǎn)負(fù)債率2023年半年度凈負(fù)債率2023年半年度現(xiàn)金短債比2023年半年度踩線條數(shù)2023年一季度剔除預(yù)收款的資產(chǎn)負(fù)債率2023年負(fù)債率2023年2023年一季度踩線條數(shù)600383.SH金地集團(tuán)49.26%54.92%1.11050.95%59.50%1.240000069.SZ華僑城A60.50%102.14%2.12159.76%99.03%1.820000002.SZ萬(wàn)科A50.50%55.57%2.49049.17%51.82%2.230001979.SZ招商蛇口48.97%39.82%1.79050.05%40.81%2.200000961.SZ中南建設(shè)54.97%147.21%0.50252.01%129.48%0.562600606.SH綠地控股59.08%97.14%0.48159.76%93.53%0.491601155.SH新城控股43.54%43.12%1.26043.58%44.51%1.250002244.SZ濱江集團(tuán)28.97%21.71%2.52032.24%37.83%2.260600325.SH華發(fā)股份51.86%71.70%2.05052.46%73.64%2.040600048.SH保利地產(chǎn)46.07%63.00%2.42047.40%69.65%2.190注：剔除預(yù)收款（含合同負(fù)債）的資產(chǎn)負(fù)債率=(總負(fù)債-預(yù)收款-合同負(fù)債)/(總資產(chǎn)-預(yù)收款-合同負(fù)債)；凈負(fù)債率=（總有息負(fù)債-貨幣資金)/凈資產(chǎn)；現(xiàn)金短債比=現(xiàn)金及現(xiàn)金等價(jià)物/短期有息債務(wù)。資料來(lái)源：、截止2023年上半年底，部分龍頭港股上市公司三道紅線達(dá)標(biāo)情況也有所轉(zhuǎn)差。表3部分港股上市公司三道紅線達(dá)標(biāo)情況證券代碼公司名稱2023年半年度剔除預(yù)收款的資產(chǎn)負(fù)債率2023年半年度凈負(fù)債率2023年半年度現(xiàn)金短債比2023年半年度踩線條數(shù)2022預(yù)收款的資產(chǎn)負(fù)債率2022年凈負(fù)債率2022年現(xiàn)金短債比2022年踩線條數(shù)2007.HK碧桂園74.94%61.64%0.93271.24%46.20%1.3710817.HK中國(guó)金茂73.69%83.50%1.85173.29%77.48%1.3111908.HK建發(fā)國(guó)際集團(tuán)61.30%31.15%11.86063.21%52.85%8.0400960.HK龍湖集團(tuán)61.95%57.70%1.92064.76%58.29%3.4900688.HK中國(guó)海外發(fā)展58.32%29.67%4.75059.15%40.71%3.5900123.HK越秀地產(chǎn)66.77%73.13%2.59068.81%82.06%1.1603900.HK綠城中國(guó)71.84%73.61%2.10171.23%74.30%1.8511908.HK建發(fā)國(guó)際集團(tuán)61.30%31.15%11.86063.21%52.85%8.0401109.HK華潤(rùn)臵地59.79%26.82%2.20059.01%36.64%1.5603990.HK美的臵業(yè)69.13%50.58%1.49069.65%52.96%1.590注：剔除預(yù)收款（含合同負(fù)債）的資產(chǎn)負(fù)債率=(總負(fù)債-預(yù)收款-合同負(fù)債)/(總資產(chǎn)-預(yù)收款-合同負(fù)債)；凈負(fù)債率=（總有息負(fù)債-貨幣資金)/凈資產(chǎn)；現(xiàn)金短債比=現(xiàn)金及現(xiàn)金等價(jià)物/短期有息債務(wù)。資料來(lái)源：、截至目前行業(yè)運(yùn)行情況行業(yè)各項(xiàng)指標(biāo)還在底部運(yùn)行。1H2023，地產(chǎn)開(kāi)發(fā)投資增速繼續(xù)回落。1H2023，全國(guó)房地產(chǎn)累計(jì)開(kāi)發(fā)投資為5.85萬(wàn)億元，同比為-7.90%。圖3全國(guó)房地產(chǎn)開(kāi)發(fā)投資同比增速情況房地產(chǎn)開(kāi)發(fā)投資累計(jì)完成額(房地產(chǎn)開(kāi)發(fā)投資累計(jì)完成額(億元，左軸)房地產(chǎn)開(kāi)發(fā)投資累計(jì)完成額同比(%，右軸)8000060000400002000002022-062022-082022-102022-122023-032023-05

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圖4全國(guó)房地產(chǎn)開(kāi)發(fā)投資當(dāng)月情況 ) (%))02021/122022/042022/072022/102023/022023/05

6040200-20-40資料來(lái)源：、 資料來(lái)源：、-24.3%-6.60%、19.0%。圖5全國(guó)房地產(chǎn)新開(kāi)工、施工和竣工面積增速情況 房屋竣工面積累計(jì)同比（%）房屋施工面積累計(jì)同比（%）2022-062022-082022-102022-122023-032023-05 100-10-20-30-40-50資料來(lái)源：、1H2023，全國(guó)房地產(chǎn)開(kāi)發(fā)房企完成土地購(gòu)臵費(fèi)累計(jì)增速觸底回升，為-2.60%。圖6全國(guó)土地購(gòu)臵費(fèi)同比情況(())02022-062022-082022-102022-122023-032023-05資料來(lái)源：、

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圖7全國(guó)土地購(gòu)臵費(fèi)當(dāng)月情況土地購(gòu)臵費(fèi)當(dāng)月額(億，左軸) 土地購(gòu)臵費(fèi)當(dāng)月額(億，左軸) 5000400030002000100002022-062022-082022-102022-122023-032023-05資料來(lái)源：、

200150100500-50-1001H2023，全國(guó)商品房銷售面積為5.95萬(wàn)億平，同比增速為-5.3%。1H2023，全國(guó)商品房累計(jì)銷售額為6.31萬(wàn)億元，同比為1.10%。圖8全國(guó)商品房銷售面積同比情況 （）商品房銷售面積累計(jì)同比(%，右軸)02022-062022-082022-102022-122023-032023-05

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圖9全國(guó)商品房銷售額同比情況) )8000060000400002000002022-062022-082022-102022-122023-032023-05

151050-5-10-15-20-25-30-35資料來(lái)源：、 資料來(lái)源：、1H2023，開(kāi)發(fā)商房屋新開(kāi)工面積累計(jì)增速、商品房銷售面積累計(jì)增速再次回落。圖10全國(guó)房地產(chǎn)新開(kāi)工、銷售和土地購(gòu)臵增速情況房屋新開(kāi)工面積累計(jì)同比（%房屋新開(kāi)工面積累計(jì)同比（%）購(gòu)臵土地面積累計(jì)同比（%）商品房銷售面積累計(jì)同比（%）Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-230-10-20-30-40-50-60-70資料來(lái)源：、行業(yè)杠桿率（全行業(yè)土地購(gòu)臵金額占銷售金額比）快速下降后又迅速拉起。該數(shù)據(jù)201615.96%201926.09%相對(duì)高點(diǎn)后快速下降，至202111.87%1H202333.35%1H2023，全國(guó)1.3%、0.5%、-1.4%。圖11全國(guó)土地購(gòu)臵金額占銷售金額比值 5%0%

圖12全國(guó)各類型城市房?jī)r(jià)情況（%） 二線城市房?jī)r(jià)同比2520151052017-012017-052017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-05-5資料來(lái)源：、

-10資料來(lái)源：、A股地產(chǎn)房企1H2023運(yùn)營(yíng)情況分析當(dāng)期結(jié)算、毛利率和費(fèi)用情況11031.11Q2023的營(yíng)業(yè)總收入增速1.64%有所回落。銷售毛利率方面，1H2023，行業(yè)銷售毛利率為4.47%1Q20232.70%有所回升。圖13A股地產(chǎn)房企營(yíng)業(yè)總收入及同比增速 （）同比增長(zhǎng)率（%，右軸）300002500020000150001000050000201520162017201820192020202120221H2023

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圖14A股地產(chǎn)房企營(yíng)業(yè)總成本和毛利率營(yíng)業(yè)總成本（億元，左軸）銷售毛利率（%營(yíng)業(yè)總成本（億元，左軸）銷售毛利率（%，右軸）30000 3025000 25202000015150001010000 55000 00 -5201520162017201820192020202120221H2023資料來(lái)源：、 資料來(lái)源：、1H2023，A股房企的期間費(fèi)用率上升。1H2023，A股地產(chǎn)上市公司期間費(fèi)用占比9.20%1Q20234.34%呈現(xiàn)上升趨勢(shì)。1H2023，A股地產(chǎn)上ROE1.67%，ROA0.84%。圖15A股地產(chǎn)房企期間費(fèi)用情況 銷售費(fèi)用占比 財(cái)務(wù)費(fèi)用占比 管理費(fèi)用占比4.03.53.0

圖16A股地產(chǎn)房企ROE和ROA ROE（%）ROA（%，右軸）201520162017201820192020202120221H202315 410 32.5 5 2

201520162017201820192020202120221H2023

0-5-10

10(1)資料來(lái)源：、 資料來(lái)源：、當(dāng)期資產(chǎn)減值損失、少數(shù)股東損益情況1H2023，A股地產(chǎn)上市公司資產(chǎn)減值損益為-52.0億元（負(fù)值代表?yè)p失），占扣除資產(chǎn)減值損益前的營(yíng)業(yè)利潤(rùn)的比例為負(fù)值代表?yè)p失1Q20230.58%154.2-19.6%，1Q2023的-8.87%有所回落。圖17A股地產(chǎn)房企資產(chǎn)減值損益情況資產(chǎn)減值損益（億元，左軸）資產(chǎn)減值損益（億元，左軸） ）201520162017201820192020202120221H20230

20100-10-20-30-40-50-60-70-80-90

圖18A股地產(chǎn)房企少數(shù)股東損益情況）0201520162017201820192020202120221H2023

806040200-20-40-60資料來(lái)源：、 資料來(lái)源：、當(dāng)期銷售和現(xiàn)金流1H2023，A11219.950.75%1Q2023的-8.87%大幅回升。1H2023，A股地產(chǎn)房企經(jīng)營(yíng)活動(dòng)現(xiàn)1327.6億元，籌資活動(dòng)現(xiàn)金流凈額為-1367.6億元。圖19A股地產(chǎn)房企商品銷售回籠資金情況銷售商品、提供勞務(wù)收到的現(xiàn)金(銷售商品、提供勞務(wù)收到的現(xiàn)金(億元，左軸）銷售商品、提供勞務(wù)收到的現(xiàn)金同比（%，右軸）35000300002500020000150001000050000201520162017201820192020202120221H2023

806040200-20-40-60-80-100

圖20A股地產(chǎn)房企經(jīng)營(yíng)性現(xiàn)金流凈額變動(dòng)情況（（））201520162017201820192020202120221H20230資料來(lái)源：、 資料來(lái)源：、1.371Q20231.35倍有所回升。1H2023，A154.0%1Q2023157.9%有所下降。圖21A股地產(chǎn)房企流動(dòng)比率情況流動(dòng)比率（倍，左軸）同比變動(dòng)點(diǎn)數(shù)（百分點(diǎn)，右軸）流動(dòng)比率（倍，左軸）同比變動(dòng)點(diǎn)數(shù)（百分點(diǎn)，右軸）1.61.41.21.00.80.60.40.20.0201520162017201820192020202120221H2023

6420-2-4-6-8-10-12-14

圖22A股地產(chǎn)房企凈負(fù)債率情況凈負(fù)債率（%，左軸）凈負(fù)債率（%，左軸）凈負(fù)債率變化（百分點(diǎn)，右軸）80600201520162017201820192020202120221H2023

252050-5-10-15資料來(lái)源：、 資料來(lái)源：、存貨和預(yù)收款（含合同負(fù)債）情況6.321Q2023末的-7.97%有所回落。1H2023，A股地產(chǎn)房企累計(jì)預(yù)收款（含合同負(fù)債）2.94萬(wàn)億元，同比-17.76%，增速相對(duì)1Q2023末的-14.9%繼續(xù)回落。圖23A股地產(chǎn)房企存貨絕對(duì)值及增速情況 圖24A股地產(chǎn)房企預(yù)收款（含合同負(fù)債）絕對(duì)值及增速情況0

存貨存貨(億元，左軸） 同比）201520162017201820192020202120221H2023

35302520151050-5-10-15

0

預(yù)收賬款和合同負(fù)債（億元，左軸預(yù)收賬款和合同負(fù)債（億元，左軸) 同比）201520162017201820192020202120221H2023

50403020100-10-20-30資料來(lái)源：、 資料來(lái)源：、重點(diǎn)上市公司1H2023業(yè)績(jī)分析重點(diǎn)住宅類房企平均營(yíng)業(yè)收入同比增速有所回升261H202326家重點(diǎn)1H20230.59%1Q2023營(yíng)業(yè)收入增速均值0.20%有所回升。表4A股重點(diǎn)住宅類房企營(yíng)業(yè)收入情況營(yíng)業(yè)收入（億元） 同比增長(zhǎng)率202020212020202120221H20232020202120221H20231Q2023萬(wàn)科A4191.124527.985038.382008.9313.92%8.04%11.27%-2.91%9.27%保利發(fā)展2430.952849.332810.171369.783.04%17.21%-1.37%23.71%19.14%招商蛇口1296.211606.431830.03514.4232.71%23.93%13.92%-10.63%-20.17%金地集團(tuán)836.57989.351200.35367.7532.61%18.26%21.33%31.19%7.69%首開(kāi)股份442.26678.02479.21194.01-7.18%53.31%-29.32%173.12%54.91%新湖中寶137.92168.91128.9928.38-6.88%22.47%-23.64%-43.96%-85.02%華發(fā)股份510.06512.41591.90314.7853.87%0.46%15.51%25.89%47.85%海航投資12.550.360.640.16487.76%-97.17%80.78%-44.81%-46.20%天房發(fā)展27.5346.6533.6031.75-71.22%69.47%-27.97%47.91%841.61%天津松江10.828.149.062.53-8.54%-24.80%11.24%17.71%66.51%福星股份75.01125.44151.4234.06-21.59%67.22%20.72%-58.14%-16.64%濱江集團(tuán)285.97379.76415.02270.2914.60%32.80%9.28%152.84%63.13%*ST華業(yè)4557.535442.864355.201741.976.53%19.43%-19.98%-14.84%-17.87%廣宇集團(tuán)52.3473.6460.2046.4636.47%40.70%-18.24%10.31%-26.16%新城控股1454.751682.321154.57417.6869.46%15.64%-31.37%-2.42%-12.99%冠城大通88.9294.57111.4041.2814.18%6.36%17.79%-41.47%-24.46%金科股份877.041123.10548.62260.7529.41%28.05%-51.15%-16.75%-21.47%魯商發(fā)展136.15123.63129.5124.7332.33%-9.20%4.76%-48.85%-14.17%中南建設(shè)786.01792.11590.36228.109.43%0.78%-25.47%-5.49%43.62%嘉凱城10.0013.7414.514.14-39.47%37.37%5.64%1.29%-17.91%華夏幸福1012.09431.81319.42106.16-3.80%-57.33%-26.03%-26.09%40.49%南國(guó)臵業(yè)40.2532.7398.194.44-36.80%-18.68%199.98%-72.20%-58.60%棲霞建設(shè)32.9531.8869.1431.4143.93%-3.24%116.87%32.45%172.15%蘇寧環(huán)球42.8729.9022.3910.339.25%-30.25%-25.12%-8.76%-9.03%泰禾集團(tuán)36.1549.1188.0315.27-84.70%35.87%79.24%-52.31%294.23%中華房企115.5295.9726.0127.16-13.02%-16.92%-72.89%108.74%-43.52%合計(jì)/平均19499.5321910.1420276.328096.7112.25%12.36%-7.46%0.59%0.20%注：表中營(yíng)業(yè)收入是指不包括合并金融類子公司的利息收入、已賺保費(fèi)、手續(xù)費(fèi)及傭金收入等以外的主營(yíng)收入。資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）141H2023的營(yíng)業(yè)收入和同比增長(zhǎng)情41H2023營(yíng)業(yè)收入增速均值為-37.79%1Q2023營(yíng)收增速均值-40.43%71H2023營(yíng)業(yè)收入增速均值為-5.37%，1Q2023營(yíng)收增速均值-3.87%31H2023營(yíng)業(yè)收入20.41%1Q202326.19%有所回落。表5A股重點(diǎn)其他類房企營(yíng)業(yè)收入情況商業(yè)類2020商業(yè)類2020202120221H20232020202120221H20231Q2023陽(yáng)光股份5.705.683.811.54134.85%-0.46%-32.84%10.94%-33.28%中國(guó)國(guó)貿(mào)30.9835.8634.4219.38-12.25%15.76%-4.01%16.80%6.12%世茂股份217.05193.9257.4722.351.19%-10.66%-70.37%-37.56%-57.90%金融街181.21241.55205.0656.15-30.79%33.30%-15.11%-47.05%-39.68%合計(jì)/平均434.95477.00300.7699.42-15.39%9.67%-36.95%-37.79%-40.43%園區(qū)類外高橋101.5187.4490.5838.5413.53%-13.86%3.60%-22.27%-63.45%浦東金橋35.9346.1750.5348.457.18%28.50%9.45%61.00%67.76%陸家嘴144.75138.72117.6239.58-2.02%-4.16%-15.21%-22.43%-26.66%張江高科7.7920.9719.075.41-47.23%169.13%-9.08%-59.67%-78.87%蘇州高新100.41118.95107.2451.459.88%18.47%-9.84%-2.21%218.90%南京高科29.0449.1944.8227.72-0.18%69.40%-8.87%86.60%177.33%上海臨港39.3062.7259.9920.80-0.51%59.61%-4.34%-37.95%-46.79%合計(jì)/平均458.72524.15489.87231.952.99%14.26%-6.54%-5.37%-3.87%物管類招商積余86.35105.91130.2469.7842.07%22.65%22.97%23.58%30.28%新大正13.1820.8825.9814.7525.01%58.40%24.41%18.00%18.71%南都物業(yè)14.1315.9318.479.3113.58%12.70%15.93%3.79%12.16%合計(jì)/平均113.67142.72174.6993.8435.69%25.56%22.40%20.41%26.19%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）。重點(diǎn)住宅類房企平均凈利潤(rùn)率有所回升26家重點(diǎn)住宅類房企1H2023凈利率均值為3.36%，相對(duì)其1Q2023凈利率均值2.44%有所回升。表6A股重點(diǎn)住宅類房企歸母凈利潤(rùn)和利潤(rùn)率情況歸屬于母公司的凈利潤(rùn)（億元） 凈利率202020212020202120221H20232020202120221H20231Q2023萬(wàn)科A415.16225.24226.1898.709.91%4.97%4.49%4.91%2.11%保利發(fā)展289.48273.88183.47122.2211.91%9.61%6.53%8.92%6.81%招商蛇口122.53103.7242.6421.539.45%6.46%2.33%4.18%1.81%金地集團(tuán)103.9894.1061.0715.3212.43%9.51%5.09%4.17%3.54%首開(kāi)股份31.402.64-4.61-19.067.10%0.39%-0.96%-9.82%-25.99%新湖中寶31.6522.3718.5816.1322.94%13.24%14.40%56.83%224.06%華發(fā)股份29.0231.9525.7819.265.69%6.23%4.36%6.12%4.51%海航投資2.830.45-7.640.1722.52%127.07%-1189.26%108.65%-118.39%天房發(fā)展-25.17-18.44-2.96-1.47-91.44%-39.52%-8.81%-4.62%-8.19%天津松江-39.197.784.010.25-362.03%95.63%44.31%9.85%-5.37%福星股份3.061.711.050.754.08%1.36%0.69%2.20%3.02%濱江集團(tuán)23.2830.2737.4116.378.14%7.97%9.01%6.05%5.55%*ST華業(yè)149.9861.7910.1026.103.29%1.14%0.23%1.50%2.53%廣宇集團(tuán)2.953.261.130.915.63%4.43%1.88%1.95%4.96%新城控股152.56125.9813.9422.7910.49%7.49%1.21%5.46%4.05%冠城大通3.12-9.760.70-0.653.51%-10.32%0.63%-1.58%-0.57%金科股份70.3036.01-213.92-19.408.02%3.21%-38.99%-7.44%-2.97%魯商發(fā)展6.393.620.451.904.69%2.93%0.35%7.70%10.17%中南建設(shè)70.78-33.82-91.71-7.989.00%-4.27%-15.53%-3.50%-5.98%嘉凱城-12.61-12.69-9.84-4.26-126.12%-92.38%-67.81%-102.93%-67.16%華夏幸福36.65-390.3015.83-12.673.62%-90.39%4.96%-11.94%12.56%南國(guó)臵業(yè)0.20-11.15-8.67-6.780.51%-34.07%-8.83%-152.73%-84.19%棲霞建設(shè)3.263.701.890.279.91%11.60%2.73%0.87%0.53%蘇寧環(huán)球10.386.183.583.0324.21%20.66%15.99%29.30%29.25%泰禾集團(tuán)-49.99-40.13-53.74-20.70-138.31%-81.71%-61.05%-135.52%-62.66%中華房企13.788.050.23-1.0711.93%8.39%0.89%-3.95%-69.51%合計(jì)/平均1445.77526.41254.96271.657.41%2.40%1.26%3.36%2.44%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）而4家商業(yè)類房企H3凈利率均值為-%Q3凈利率均值%回落；7家園區(qū)類房企1H2023凈利率均值為22.03%，相對(duì)其1Q2023凈利率均值23.29%1H20231Q2023凈利6.06%有所回升。表7A股重點(diǎn)其他類房企歸母凈利潤(rùn)和利潤(rùn)率情況歸屬于母公司的凈利潤(rùn)（億元） 凈利率商業(yè)類

2020 2021 2022 1H2023 2020 2021 2022 1H2023 1Q2023陽(yáng)光股份 1.07 0.64 -3.84 -0.22 18.83% -100.78% -14.36% -21.22%中國(guó)國(guó)貿(mào) 8.25 10.24 6.54 26.65% 28.55% 32.42% 33.72% 33.34%世茂股份 15.50 9.61 -45.31 -1.90 7.14% 4.96% -78.84% -8.48% 13.40%金融街 24.98 16.43 8.46 -7.29 13.79% 6.80% 4.13% -12.97% 合計(jì)平均 49.81 36.92 -29.53 -2.87 7.74% -9.82% -2.88% 園區(qū)類外高橋 7.22 9.37 12.41 5.21 10.72% 13.70% 13.51% 2.22%浦東金橋 16.23 15.84 15.12 30.83% 35.15% 31.34% 31.21% 32.08%陸家嘴 40.12 10.85 7.49 27.72% 31.08% 9.22% 18.94% 22.64%張江高科 18.22 7.41 8.22 3.92 233.84% 35.32% 43.12% 72.54% 79.86%蘇州高新 3.02 4.05 3.10 2.31 3.01% 3.41% 2.89% 4.49% 3.47%南京高科 20.16 23.52 24.02 69.43% 47.82% 53.60% 41.78% 53.13%上海臨港 14.14 15.35 10.09 5.46 35.99% 24.48% 16.82% 26.27% 25.63%合計(jì)平均 84.52 51.10 24.84% 22.71% 17.25% 22.03% 23.29%物管類招商積余 4.35 5.13 5.94 4.19 5.04% 4.84% 4.56% 6.01% 5.58%新大正 1.31 1.66 1.86 0.86 9.95% 7.95% 7.15% 5.85% 6.54%南都物業(yè) 1.38 1.63 1.45 0.92 9.75% 10.22% 7.87% 9.93% 8.67%合計(jì)平均 7.04 8.42 9.25 5.98 6.20% 5.90% 5.29% 6.37% 6.06%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）。重點(diǎn)住宅類房企平均預(yù)收款（含合同負(fù)債）同比增速持續(xù)回落26家重點(diǎn)住宅類房企1H2023末每股預(yù)收款（含合同負(fù)債）1Q2023（含合同負(fù)債同比增速均值-15.41%繼續(xù)回落。2023年以來(lái)銷售整體表現(xiàn)不佳所致。表8A股重點(diǎn)住宅類房企預(yù)收款（含合同負(fù)債）情況住宅類2020202120221H20232020住宅類2020202120221H20232020202120221H20231Q2023萬(wàn)科A54.3754.9040.1436.136.35%0.97%-26.89%-28.66%-27.57%保利發(fā)展30.6234.8334.4936.9811.16%13.72%-0.95%1.72%0.83%招商蛇口16.5418.7918.7523.5933.95%13.54%-0.20%11.00%9.57%金地集團(tuán)20.9724.9917.0821.5712.75%19.14%-31.65%-17.37%-22.72%首開(kāi)股份26.1121.6618.3517.01-1.75%-17.05%-15.25%-31.42%-16.83%新湖中寶2.403.303.573.4411.18%37.39%8.38%-5.29%-1.00%華發(fā)股份24.8429.9038.1747.01-10.15%20.40%27.66%44.19%32.86%海航投資0.020.010.010.01-18.22%-47.10%-36.43%17.76%-28.88%天房發(fā)展3.753.161.400.56139.98%-15.72%-55.54%-70.31%-85.27%天津松江0.710.080.010.015.97%-88.13%-87.57%-91.29%-88.15%福星股份15.9014.688.228.2033.07%-7.65%-44.03%-28.61%-41.37%濱江集團(tuán)23.4130.0941.9151.5431.04%28.52%39.27%33.69%49.28%*ST華業(yè)34.6436.3826.6623.0710.60%5.01%-26.71%-35.27%-27.07%廣宇集團(tuán)6.038.288.716.4319.85%37.32%5.08%-24.00%0.10%新城控股89.9085.9673.3769.922.34%-4.39%-14.64%-22.16%-18.39%冠城大通0.931.471.321.01-61.62%56.79%-10.24%-25.32%6.44%金科股份25.2223.3519.3915.0217.39%-7.39%-16.97%-30.07%-18.41%魯商發(fā)展18.4021.4917.580.9912.29%16.80%-18.20%-95.28%-95.49%中南建設(shè)31.4835.1430.4327.56-4.12%11.62%-13.42%-20.77%-18.03%嘉凱城0.180.180.070.08-0.19%-4.39%-61.12%-51.76%-70.24%華夏幸福24.9922.9618.9714.38-39.89%-8.11%-17.40%-32.51%-34.96%南國(guó)臵業(yè)3.835.100.611.5758.78%33.13%-88.06%-66.42%-79.32%棲霞建設(shè)3.906.685.024.63-0.15%71.20%-24.85%-33.87%-34.77%蘇寧環(huán)球0.290.160.150.25-74.22%-43.92%-8.07%47.19%5.31%泰禾集團(tuán)21.9920.4218.0718.0310.16%-7.11%-11.53%-9.79%-13.50%中華房企0.920.591.792.47-37.03%-35.35%201.82%203.93%134.89%合計(jì)平 18.5519.4117.0916.593.50%4.60%-11.95%-16.07%-15.41%均資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值；每股預(yù)收款包括每股合同負(fù)債）而4家重點(diǎn)商業(yè)類房企1H2023末每股預(yù)收款（含合同負(fù)債）同比增速均值為1Q2023（含合同負(fù)債10.35%有所回升；71H2023（含合同負(fù)債同比增速均值為-40.90%，1Q2023末每股預(yù)收款（含合同負(fù)債）同比增速均值-36.38%3家1H2023（含合同負(fù)債）9.08%，相對(duì)其1Q2023末每股預(yù)收款（含合同負(fù)債）7.98%有所回升。表9A股重點(diǎn)其他類房企預(yù)收款（含合同負(fù)債）情況商業(yè)類2020202120221H20232020商業(yè)類2020202120221H20232020202120221H20231Q2023陽(yáng)光股份0.090.070.050.16-24.63%-24.68%-34.27%49.50%32.68%中國(guó)國(guó)貿(mào)0.120.130.130.11-0.42%3.55%-0.31%0.64%8.37%世茂股份1.332.573.033.154.77%92.68%18.09%15.42%18.87%金融街4.634.743.304.47-6.11%2.33%-30.40%59.63%4.19%合計(jì)/平均1.541.881.631.97-4.21%21.43%-13.33%37.33%10.35%園區(qū)類外高橋0.962.981.350.59117.96%209.97%-54.65%-41.33%198.11%浦東金橋4.184.723.680.48169.09%12.90%-21.87%-89.43%-88.02%陸家嘴1.051.151.611.7440.60%9.17%39.94%81.31%71.46%張江高科0.570.670.650.651000.70%17.07%-3.58%1546.43%1365.21%蘇州高新9.708.476.114.3744.59%-12.69%-27.88%-36.03%-44.21%南京高科5.334.112.041.3734.46%-22.96%-50.26%-67.72%-60.98%上海臨港0.880.801.371.4160.81%-9.62%72.11%350.81%182.69%合計(jì)/平均3.243.272.401.5261.79%0.94%-26.54%-40.90%-36.38%物管類招商積余0.590.660.740.7512.45%10.50%13.49%10.82%10.62%新大正0.240.200.150.12-25.64%-16.37%-24.40%-29.51%-48.14%南都物業(yè)1.430.991.271.69-5.58%-30.50%28.43%12.55%16.80%合計(jì)/平均0.750.620.720.85-4.33%-18.23%17.33%9.08%7.98%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）。重點(diǎn)住宅類房企平均每股有息負(fù)債同比增幅持續(xù)回落26家重點(diǎn)住宅類房企1H2023末每股有息負(fù)債同比增速均值為-5.22%，相對(duì)其1Q2023末每股有息負(fù)債同比增速均值-3.64%持續(xù)回落。表10 A股重點(diǎn)住宅類房企有息負(fù)債情況住宅類202020212022住宅類2020202120221H20232020202120221H20231Q2023萬(wàn)科A24.6025.3129.2229.00-1.33%2.88%15.49%9.43%10.13%保利發(fā)展24.8028.5932.2829.759.59%15.29%12.89%-3.66%2.42%招商蛇口20.3022.9726.7828.0812.22%13.16%16.59%6.60%18.96%金地集團(tuán)24.4227.9526.0324.6518.96%14.44%-6.86%-14.54%-5.88%首開(kāi)股份51.9016.5046.1648.316.21%-68.22%179.84%2.01%-5.79%新湖中寶5.974.613.813.75-29.19%-22.66%-17.40%-6.36%-5.41%華發(fā)股份68.1060.5263.1265.9448.52%-11.13%4.29%6.55%7.72%海航投資0.160.280.270.27-81.98%71.36%-3.66%-1.87%-3.62%天房發(fā)展10.078.257.317.01-16.06%-18.13%-11.34%-16.44%-10.70%天津松江6.340.590.420.77-7.20%-90.72%-27.91%28.57%25.23%福星股份13.9711.997.796.25-9.98%-14.19%-35.02%-40.96%-39.13%濱江集團(tuán)13.4914.7417.2413.7130.27%9.33%16.95%-23.71%9.87%*ST華業(yè)25.8718.7515.1514.876.80%-27.54%-19.18%-14.02%-15.50%廣宇集團(tuán)3.484.774.784.816.07%37.00%0.26%16.30%-4.96%新城控股39.5240.5731.8629.7431.27%2.65%-21.47%-18.93%-16.08%冠城大通4.864.153.813.66-1.07%-14.72%-8.07%-13.13%-2.24%金科股份18.3915.3613.3713.05-0.47%-16.48%-12.94%1.44%-3.49%魯商發(fā)展11.369.207.613.536.57%-19.02%-17.32%-55.44%-45.85%中南建設(shè)20.9116.7612.5612.2611.30%-19.85%-25.03%-9.53%-18.18%嘉凱城1.921.971.921.86-46.65%2.73%-2.73%-3.62%0.37%華夏幸福49.8252.9251.2450.08-15.66%6.22%-3.16%-6.48%-7.31%南國(guó)臵業(yè)4.605.614.994.06-38.72%21.83%-11.06%-25.03%-16.75%棲霞建設(shè)10.368.548.6411.723.69%-17.56%1.18%26.23%12.01%蘇寧環(huán)球0.960.850.730.750.29%-12.17%-13.28%-11.83%-24.45%泰禾集團(tuán)38.0037.0135.0135.34-2.51%-2.60%-5.40%-4.45%-2.28%中華房企2.413.523.513.99-13.37%45.80%-0.23%13.44%13.78%合計(jì)/平均19.1017.0117.5217.206.05%-10.94%3.03%-5.22%-3.64%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）4家重點(diǎn)商業(yè)類房企1H2023末每股有息負(fù)債同比增速均值為-5.97%，相對(duì)其1Q2023末每股有息負(fù)債同比增速均值-0.37%有所回落。71H202320.09%1Q2023末每股有息負(fù)債同比增速均10.77%大幅回升；3家重點(diǎn)物管類房企1H2023末每股有息負(fù)債同比增速均值為-17.99%，相對(duì)其1Q2023末每股有息負(fù)債同比增速均值-16.73%有所回落。表11 A股重點(diǎn)其他類房企有息負(fù)債情況每股有息負(fù)債（元股） 同比增長(zhǎng)率商業(yè)類

2020 2021 2022 1H2023 2020 2021 2022 1H2023 1Q2023陽(yáng)光股份 1.23 1.16 0.76 0.70 -5.21% -34.97% -35.71% -35.39%中國(guó)國(guó)貿(mào) 2.64 2.68 2.12 2.12 -0.07% 1.41% -20.93% -3.04% -20.95%世茂股份 6.15 10.06 8.89 8.71 3.26% 63.47% -1.38% -2.68%金融街 29.26 26.85 26.31 3.30% -8.23% -2.00% -6.50% 4.04%合計(jì)平均 9.82 10.19 9.52 9.16 1.48% 3.74% -6.55% -5.97% -0.37%園區(qū)類外高橋 16.46 16.65 16.97 18.35 9.48% 1.14% 1.91% 6.01% 2.47%浦東金橋 7.96 8.14 9.39 12.51 15.25% 2.25% 15.40% 57.62% 27.74%陸家嘴 13.26 15.82 17.73 22.30% 14.06% 19.29% 18.89% 9.72%張江高科 10.53 10.76 13.05 15.76 75.42% 2.18% 21.35% 31.27% 34.16%蘇州高新 15.72 21.03 25.73 28.47 34.17% 33.81% 22.31% 17.00% 18.33%南京高科 4.10 4.15 4.20 4.71 53.16% 1.33% 1.12% -3.72% 上海臨港 6.92 6.95 8.32 10.49 3.20% 0.50% 19.76% 22.52% -49.06%合計(jì)平均 10.47 13.35 15.43 25.22% 10.42% 15.49% 20.09% 10.77%物管類招商積余 2.92 2.74 2.33 2.09 -21.73% -6.08% -14.85% -25.65% -5.80%新大正 0.00 0.20 0.18 0.14 -10.66% 0.96% -19.22%南都物業(yè) 0.00 0.89 0.43 0.88 -51.37% 4.55% -51.45%合計(jì)平均 0.97 1.28 0.98 1.04 -21.73% 31.30% -17.99% -16.73%資料來(lái)源：、（備注：行業(yè)平均為算術(shù)平均值）。重點(diǎn)住宅類房企資產(chǎn)減值損益合計(jì)值回落存貨方面，26家重點(diǎn)住宅類房企1H2023資產(chǎn)減值損益合計(jì)為-21.05億元，相對(duì)其1Q2023資產(chǎn)減值損益合計(jì)2.40億元有所回落。表12 A股重點(diǎn)住宅類房企資產(chǎn)減值損益情況住宅類資產(chǎn)減值損益（億元）2020202120221H20231Q2023萬(wàn)科A-19.81-35.14-4.500.000.00保利發(fā)展8.490.95-11.56-0.050.00招商蛇口-25.70-33.91-50.450.000.00金地集團(tuán)-6.40-12.08-36.900.000.00首開(kāi)股份-3.77-14.89-0.500.000.00新湖中寶-1.64-2.35-6.09-0.010.00華發(fā)股份-0.90-0.01-7.600.000.00海航投資0.000.000.000.000.00天房發(fā)展-27.50-18.05-0.490.000.00天津松江-30.86-3.070.010.000.00福星股份-0.24-2.96-3.870.01-0.01濱江集團(tuán)0.000.00-7.02-6.250.00*ST華業(yè)-33.76-52.44-32.621.223.71廣宇集團(tuán)-0.10-0.22-0.620.01-0.01新城控股-15.97-48.37-59.57-1.130.00冠城大通-2.83-9.07-2.64-0.11-0.05金科股份-4.10-21.62-150.74-9.550.01魯商發(fā)展-0.04-1.96-2.68-0.010.00中南建設(shè)-4.98-29.87-25.91-1.87-1.23嘉凱城-0.72-1.21-4.05-0.100.00華夏幸福-73.38-131.88-24.50-2.55-0.02南國(guó)臵業(yè)-0.04-1.14-2.510.000.00棲霞建設(shè)0.001.69-0.860.000.00蘇寧環(huán)球-3.80-0.09-1.710.000.00泰禾集團(tuán)-17.35-11.29-5.020.000.00中華房企-0.94-1.69-0.09-0.680.00合計(jì)/平均-266.37-430.68-442.49-21.052.40資料來(lái)源：、（備注：行