bbin糖果派对怎么下载

[华创证券]房企销售完美收官,行业集中度继续提升

袁豪2020-01-06 08:23:01

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  • 城市:全国
  • 发布时间:2020-01-06
  • 报告类型:企业监测分析
  • 发布机构:华创证券

 事项

  12YUE31RI,KEERRUIFABU19NIAN12YUEFANGDICHANGONGSIXIAOSHOUPAIXING,LVDIDANYUEXIAOSHOUPAIMINGDIYI,SHIXIANXIAOSHOUJINE865YIYUAN,WANKE、RONGCHUANGFENBIESHIXIANDANYUEXIAOSHOUE577YIYUAN、551YIYUAN,PAIMINGDIERSAN,QIANSANMENJIANCONGQUNIANTONGQI567YIJIANGZHI551YI。12YUEDANYUEXIAOSHOUGUOBAIYIFANGQIWEI39JIA,JIAOQUNIANTONGQIDUOZENG4JIA。

  点评

  12YUEZHULIUFANGQIXIAOSHOUETONGBI+13%,YOUSUOFANGHUAN、YUANYUGAOJISHUJISHAOSHUFANGQITUOLEI

  12YUEZHULIU50JIAFANGQIDANYUEXIAOSHOUJINE10,285YIYUAN,HUANBI+12%,TONGBI+13%、JIAOQIANZHI-24pct;XIAOSHOUMIANJIWEI7,108WANFANG,HUANBI+4%,TONGBI+5%、JIAOQIANZHI-33pct,DAFUYOUYUTONGQI45CHENGCHENGJIAOMIANJITONGBI-9%DEBIAOXIAN。2019NIANZHULIU50JIAFANGQILEIJIXIAOSHOUJINE91,623YIYUAN,TONGBI+17%、JIAOQIANZHI-0.3pct;LEIJIXIAOSHOUMIANJIWEI67,028WANFANG,TONGBI+16%、JIAOQIANZHI-1.5pct,BIAOXIANHAOYUTONGQI45CHENG2019NIANXIAOSHOUMIANJITONGBI+7%。12YUEZHULIU50JIAFANGQIXIAOSHOUTONGBIMINGXIANFANGHUAN,ZHUYAOYUANYU:1)QUNIAN12YUEXIAOSHOUWEIGAOJISHUYUE;2)TOUBUFANGQIZHONGBIGUIYUAN、HUAXIAXINGFUXIAOSHOUETONGBIDAFUXIAJIANGDUIZHENGTISHUJUXINGCHENGTUOLEI,TICHUSHANGSHULIANGJIAFANGQIHOU,SHENGYU48JIAFANGQIDANYUEXIAOSHOUETONGBI+23%,GAOJISHUXIAXIAOSHOUBIAOXIANRENGQIANG。KAOLVDAOYICHENGYICEMIJITUICHUHEZHONGSHENHUJIJIZHIFANGSONG、CHENGSHIDULIZHOUQIJIXUSHANGYAN、ANJIELILVHUOJIANDINGHUILUO,YUJI2020NIANXIAOSHOUBAOCHIWENDING,JIZHONGDUJIXUTISHENG。

  DANYUEXIAOSHOU:LVDI、WANKE、RONGCHUANGPAIMINGQIANSAN,TOP20FANGQIXIAOSHOUBIAOXIANJIXUQIANGYAN

  CONGDANYUEXIAOSHOULAIKAN,LVDIXIAOSHOUPAIMINGDIYI,WANKE、RONGCHUANGFENBIEWEILIEERSAN。QIZHONG,LVDI865YIYUAN(YOY+53%)、WANKE577YIYUAN(YOY-8%)、RONGCHUANG551YIYUAN(YOY+23%)、BAOLI505YIYUAN(YOY+38%)、JINDI355YIYUAN(YOY+24%)、XUHUI312YIYUAN(YOY+48%)、YANGGUANGCHENG291YIYUAN(YOY-3%)、JINKE290YIYUAN(YOY+34%)、XINCHENG282YIYUAN(YOY+25%)、HENGDA275YIYUAN(YOY+71%)、ZHONGNAN271YIYUAN(YOY+31%)、ZHAOSHE235YIYUAN(YOY+8%)、BIGUIYUAN200YIYUAN(YOY-69%)、FULI190YIYUAN(YOY+3%)、HUAFA155YIYUAN(YOY+219%)、JINMAO127YIYUAN(YOY-11%)DENG。12YUEPAIMINGQIAN20FANGQICHUBIGUIYUANHEHUAXIAXINGFUWAI,XIAOSHOUBIAOXIANJUNJIXUQIANGSHI,RUHENGDA、LVDI、SHIMAO、XUHUIDENGJUNYOUTONGBICHAO40%YISHANGZENGZHANG,BIAOXIANJINGLI。

bbin糖果派对怎么下载  LEIJIXIAOSHOU:BIGUIYUAN、WANKE、HENGDABAOCHIQIANSAN,ERXIANLANCHOUQUANNIANXIAOSHOUBIAOXIANJINGLI

bbin糖果派对怎么下载  CONGLEIJIXIAOSHOULAIKAN,2019NIANBIGUIYUANJIXUCHANLIANDIYI,WANKE、HENGDAWEILIEERSAN。QIZHONG,BIGUIYUAN7,715YIYUAN(YOY+6%)、WANKE6,312YIYUAN(YOY+4%)、HENGDA6,080YIYUAN(YOY+10%)、RONGCHUANG5,556YIYUAN(YOY+21%)、BAOLI4,702YIYUAN(YOY+16%)、LVDI3,880YIYUAN(YOY+2%)、XINCHENG2,748YIYUAN(YOY+24%)、ZHAOSHE2,206YIYUAN(YOY+29%)、YANGGUANGCHENG2,110YIYUAN(YOY+30%)、JINDI2,106YIYUAN(YOY+30%)、XUHUI2,090YIYUAN(YOY+38%)、ZHONGNAN1,980YIYUAN(YOY+35%)、JINKE1,803YIYUAN(YOY+40%)、JINMAO1,609YIYUAN(YOY+29%)、FULI1,493YIYUAN(YOY+6%)、LANGUANG1,080YIYUAN(YOY+26%)、HUAFA923YIYUAN(YOY+59%)DENG。2019NIANERTIDUILANCHOUJIXUBAOCHIGAOZENG,BIRUYIERXIANJICHENGSHIQUNBUJUFANGQISHIMAO、YANGGUANGCHENG、XUHUI、JINDI、ZHONGNAN、JINKE、HUAFADENGDOUYOUTONGBICHAO30%YISHANGZENGZHANG。

  投资建议:房企销售完美收官,行业集中度继续提升,重申“推荐”评级

bbin糖果派对怎么下载  2019NIANZHULIUFANGQIXIAOSHOUCHIXUCHAOYUQI,YUPAN2020NIANXIAOSHOURENGJIANGBAOCHIWENDING,LONGTOUJIZHONGDUJIXUTISHENG;YUPAN2020NIANZHENGCEXIAOSONGKEQI、ZHUDIGAISHAN,JINQIMLF、OMO、LPRJIANGXICHIXUCHUXIAN、YICHENGYICEMIJITUICHU、SHOUTIRONGZINIZHOUQIDIAOJIE、12YUEZHENGZHIJUHUIYIWEITIFANGDICHAN、JINGJIGONGZUOHUIYIZHONGTICUFANGDICHANPINGWENFAZHAN、ZHONGBANGUOBANFAWENJIAKUAIFANGSONGCHENGZHENLUOHUXIANZHI,ZENGQIANGGUZHISHANGXIUDANXING,ERBANKUAIGUZHIRENGCHUYUDIWEI:1)ZHULIUFANGQI19/20PINGJUNPEJIN7.2/5.7BEI,NAVZHEJIA20-60%;2)ZHULIUFANGQIGUXILVDA18A4.1%HE19E5.2% vs. 10YGUOZHAI3.3%;3)BANKUAIPECHUYU12NIANYILAI1%FENWEIvs. HUSHENLIANGSHI17%。WOMENZHONGSHENTUIJIANPINGJI,TUIJIAN:1)ZHUZHAIKAIFA:WANKEA、BAOLIDICHAN、RONGCHUANGZHONGGUO、JINDIJITUAN、XUHUIKONGGU、ZHONGNANJIANSHE、YANGGUANGCHENG、JINKEGUFEN、RONGSHENGFAZHAN、HUAXIAXINGFU、LANGUANGFAZHAN、SHOUKAIGUFEN;2)WUYEGUANLI:ZHAOSHANGJIYU、BAOLIWUYE、XINDAZHENG,JIANYIGUANZHU:BIGUIYUANFUWU、YONGSHENGSHENGHUOFUWU、LVCHENGFUWU、XINCHENGYUEFUWUDENG;3)SHANGYEDICHAN:DAYUECHENG、XINCHENGKONGGU,JIANYIGUANZHU:LONGHUJITUAN、HUARUNZHIDI、ZHONGGUOGUOMAODENG。

  风险提示:房地产调控政策超预期收紧以及行业融资政策超预期收紧

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