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洋槐大果榆
2023-09-04
抱歉，原内容已删除
洋槐大果榆
2023-09-04
抱歉，原内容已删除
洋槐大果榆
2023-09-04
这篇文章不错，转发给大家看看
保利发展(600048)2023年中报点评：销售规模增长，业绩稳定提升
洋槐大果榆
2023-09-04
抱歉，原内容已删除
洋槐大果榆
2023-09-04
这篇文章不错，转发给大家看看
抱歉，原内容已删除
洋槐大果榆
2023-09-04
$保利发展(600048)$
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10:17","market":"sh","language":"zh","title":"保利发展(600048)2023年中报点评：销售规模增长，业绩稳定提升","url":"https://stock-news.laohu8.com/highlight/detail?id=2364258432","media":"银河证券","summary":"事件：公司发布2023年中报，公司2023年上半年实现营业收入1369.78亿元，同比增长23.71%；归母净利润122.22亿元，同比增长12.65%；基本每股收益1.02元/股，同比增长12.65%。市场市占率提升0.4pct至3.8%，25个城市销售排名第一，46个城市销售排名第三。债务结构上，截至2023年上半年末，公司一年内到期的有息负债占比18.6%，债务结构健康。","content":"<html><body><article><p>事件：公司发布2023年中报，公司2023年上半年实现<span>营业收入</span>1369.78亿元，同比增长23.71%；归母<span>净利润</span>122.22亿元，同比增长12.65%；<span>基本每股收益</span>1.02元/股，同比增长12.65%。</p><p>销售规模增长：公司2023年上半年实现销售金额2368.21亿元，同比增长12.7%，销售面积1383.09万方，同比增长5.8%，对应销售均价17122元/平米，同比增长6.48%。市场市占率提升0.4pct至3.8%，25个城市销售排名第一，46个城市销售排名第三。公司深耕核心区域，核心38城贡献销售额占比达到87%。分区域看，2023年上半年公司在长三角、大湾区的销售金额分别位777亿元、570亿元，分别占公司销售金额的32.81%、24.07%，公司城市群效果凸显。</p><p>收入业绩稳定提升：公司2023年上半年实现营收1369.78亿元，同比增长23.71%；归母净利润122.22亿元，同比增长12.65%。归母净利润同比增速较营收增速低，主要由于：1)2023年上半年公司整体毛利率为21.29%，较去年同期下降4.26pct，主要受结转规模和结转结构影响；2)投资净收益实现8.22亿元，同比下降58.47%。费用管控上，公司2023年上半年的销售费用率、管理费用率分别为2.21%、1.64%，分别较去年提高0.06pct、下降0.33pct，费用率整体略有下降。</p><p>投资质量提升：2023年上半年，公司新增41个项目，总地价709亿元，容积面积385万方，对应楼面价18416元/平米，按照总地价计算拿地力度为30%，投资稳健。2023年上半年，公司在核心城市拓展总地价占比达到99%，投资聚焦核心，持续优化资源结构。上半年公司新增项目税前成本利润率平均超过15%，投资确定性强。</p><p>综合服务和<span>资产</span>经营能力提升：物业服务规模持续扩大，2023年上半年实现营收71.41亿元，同比提升10.7%，截至2023年上半年末，<a href=\"https://laohu8.com/S/06049\">保利物业</a>合同管理面积8.42亿平，同比增长15.2%，在管面积6.5亿平，同比增长24.3%；其中第三方在管面积4.12亿平，占总在管面积的63.3%，外拓能力强。资产经营类业务实现收入约22亿元，同比增长22%，其中酒店板块营收同比增长53%，平均入住率恢复至2019年水平，平均房价较2019年上升16%；展馆业务营收同比上升45%，出租面积提升超过2.5倍。</p><p>债务结构健康：杠杆水平上，截至2023年上半年末，扣除预收账款后的资产负债率为65.31%，净负债率为63.06%，分别较年初下降3.17pct、0.50pct；在手现金上，截至2023年上半年末，公司货币资金约1486亿元，公司现金短债比1.38，保持良好的流动性。债务结构上，截至2023年上半年末，公司一年内到期的有息负债占比18.6%，债务结构健康。融资成本上，综合融资成本3.73%，较年初下降0.19pct，融资成本持续降低。</p><p>投资建议：公司销售规模增长，量价提升，投资质量提升，聚焦核心城市，持续优化资源结构。作为央企龙头，公司保持稳健经营，债务结构健康，融资成本持续降低。我们预计公司2023-2025年归母净利润为207.87亿元、227.99亿元、253.32亿元，EPS为1.74元/股、1.90元/股、2.12元/股，对应PE为8.05X、7.34X、6.61X，维持“推荐”评级。</p><p>风险提示：宏观经济不及预期、房价大幅波动、政策实施不及预期、公司销售结算不及预期、综合服务和资产经营业务不及预期等。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20230901102937821df484&s=b><strong>银河证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件：公司发布2023年中报，公司2023年上半年实现营业收入1369.78亿元，同比增长23.71%；归母净利润122.22亿元，同比增长12.65%；基本每股收益1.02元/股，同比增长12.65%。销售规模增长：公司2023年上半年实现销售金额2368.21亿元，同比增长12.7%，销售面积1383.09万方，同比增长5.8%，对应销售均价17122元/平米，同比增长6.48%。市场市占率...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20230901102937821df484&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"600048":"保利发展","BK0183":"MSCI概念","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK0187":"一线龙头","BK0082":"国资改革","BK0012":"证金概念","LU1997245177.USD":"安联神洲A股基金","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","BK0028":"国家队","BK0196":"行业龙头","BK0189":"打板","BK0273":"房地产","LU1720050803.USD":"安联全方位中国股票基金","BK0010":"央企","BK0015":"沪股通50","BK0188":"融资融券"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20230901102937821df484&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2364258432","content_text":"事件：公司发布2023年中报，公司2023年上半年实现营业收入1369.78亿元，同比增长23.71%；归母净利润122.22亿元，同比增长12.65%；基本每股收益1.02元/股，同比增长12.65%。销售规模增长：公司2023年上半年实现销售金额2368.21亿元，同比增长12.7%，销售面积1383.09万方，同比增长5.8%，对应销售均价17122元/平米，同比增长6.48%。市场市占率提升0.4pct至3.8%，25个城市销售排名第一，46个城市销售排名第三。公司深耕核心区域，核心38城贡献销售额占比达到87%。分区域看，2023年上半年公司在长三角、大湾区的销售金额分别位777亿元、570亿元，分别占公司销售金额的32.81%、24.07%，公司城市群效果凸显。收入业绩稳定提升：公司2023年上半年实现营收1369.78亿元，同比增长23.71%；归母净利润122.22亿元，同比增长12.65%。归母净利润同比增速较营收增速低，主要由于：1)2023年上半年公司整体毛利率为21.29%，较去年同期下降4.26pct，主要受结转规模和结转结构影响；2)投资净收益实现8.22亿元，同比下降58.47%。费用管控上，公司2023年上半年的销售费用率、管理费用率分别为2.21%、1.64%，分别较去年提高0.06pct、下降0.33pct，费用率整体略有下降。投资质量提升：2023年上半年，公司新增41个项目，总地价709亿元，容积面积385万方，对应楼面价18416元/平米，按照总地价计算拿地力度为30%，投资稳健。2023年上半年，公司在核心城市拓展总地价占比达到99%，投资聚焦核心，持续优化资源结构。上半年公司新增项目税前成本利润率平均超过15%，投资确定性强。综合服务和资产经营能力提升：物业服务规模持续扩大，2023年上半年实现营收71.41亿元，同比提升10.7%，截至2023年上半年末，保利物业合同管理面积8.42亿平，同比增长15.2%，在管面积6.5亿平，同比增长24.3%；其中第三方在管面积4.12亿平，占总在管面积的63.3%，外拓能力强。资产经营类业务实现收入约22亿元，同比增长22%，其中酒店板块营收同比增长53%，平均入住率恢复至2019年水平，平均房价较2019年上升16%；展馆业务营收同比上升45%，出租面积提升超过2.5倍。债务结构健康：杠杆水平上，截至2023年上半年末，扣除预收账款后的资产负债率为65.31%，净负债率为63.06%，分别较年初下降3.17pct、0.50pct；在手现金上，截至2023年上半年末，公司货币资金约1486亿元，公司现金短债比1.38，保持良好的流动性。债务结构上，截至2023年上半年末，公司一年内到期的有息负债占比18.6%，债务结构健康。融资成本上，综合融资成本3.73%，较年初下降0.19pct，融资成本持续降低。投资建议：公司销售规模增长，量价提升，投资质量提升，聚焦核心城市，持续优化资源结构。作为央企龙头，公司保持稳健经营，债务结构健康，融资成本持续降低。我们预计公司2023-2025年归母净利润为207.87亿元、227.99亿元、253.32亿元，EPS为1.74元/股、1.90元/股、2.12元/股，对应PE为8.05X、7.34X、6.61X，维持“推荐”评级。风险提示：宏观经济不及预期、房价大幅波动、政策实施不及预期、公司销售结算不及预期、综合服务和资产经营业务不及预期等。","news_type":1},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":216140578742440,"gmtCreate":1693798422743,"gmtModify":1693800218069,"author":{"id":"3482788089711572","authorId":"3482788089711572","name":"洋槐大果榆","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3482788089711572","authorIdStr":"3482788089711572"},"themes":[],"htmlText":" 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