7A文房地产行业万科恒大碧桂园对标分析报告Word文件下载.docx

7A文房地产行业万科恒大碧桂园对标分析报告Word文件下载.docx

《7A文房地产行业万科恒大碧桂园对标分析报告Word文件下载.docx》由会员分享，可在线阅读，更多相关《7A文房地产行业万科恒大碧桂园对标分析报告Word文件下载.docx（41页珍藏版）》请在冰豆网上搜索。

1、万科：

城市综合配套服务商............................................................................1

2、恒大集团：

多元+规模+品牌............................................................................1

3、碧桂园：

新型城镇化进程的身体力行者........................................................2

二、销售篇................................................................................................3

1、销售成长性比较................................................................................................4

（1）销售规模.....................................................................................................................4

（2）销售均价.....................................................................................................................4

2、销售区域结构比较..........................................................................................5

（1）万科：

区域优化和深耕...........................................................................................6

（2）恒大：

20XX年起向一二线城市转移.....................................................................7

（3）碧桂园：

市场层面挖掘一二线城市潜力...............................................................8

3、销售产能比较..................................................................................................9

（1）城市产能比较：

深耕与纵深...................................................................................9

（2）单盘产能比较：

开发规模的差异...........................................................................10

（3）可售资源比较：

货值与推盘能力...........................................................................10

三、布局篇..............................................................................................12

1、扩张节奏比较..................................................................................................12

（1）拿地规模...................................................................................................................12

（2）拿地成本...................................................................................................................14

（3）扩张节奏感...............................................................................................................15

2、单盘规模比较..................................................................................................16

3、扩张模式的特点..............................................................................................17

聚焦核心城市，加码“轨道+物业”模式.....................................................17

转型核心城市，加码旧改市场...................................................................21

城市化进程的力行者...............................................................................23

4、海外布局情况..................................................................................................24

四、业绩篇..............................................................................................27

1、结算业绩比较..................................................................................................27

（1）结算规模...................................................................................................................27

（2）结算均价...................................................................................................................28

2、盈利质量比较..................................................................................................29

（1）综合毛利率...............................................................................................................29

（2）命题一：

一二线VS三四线...................................................................................31

（3）命题二：

大盘开发VS中小盘开发.......................................................................32

（4）命题三：

建安成本背后议价能力的博弈...............................................................33

3、净利润比较......................................................................................................34

（1）永续债隐藏的利润...................................................................................................35

4、业绩确定性比较..............................................................................................37

五、效率篇..............................................................................................381、管控费用率比较..............................................................................................38

（1）成本控制...................................................................................................................38

（2）投入产出...................................................................................................................39

2、激励机制的差异..............................................................................................41

3、周转效率比较..................................................................................................42

六、杠杆篇..............................................................................................44

1、负债率比较............................