中国建筑(601668)：建筑新签订单好转 地产销售结算快速增长

_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>2019 年前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增速15.8%，归母净利润_blank class=infotextkey>get=_blank class=infotextkey>增速9.8%，符_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>我们的预期，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>高于归母净利润_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>主要归因于_blank class=infotextkey>get=_blank class=infotextkey>降杠杆_blank class=infotextkey>get=_blank class=infotextkey>推进引致_blank class=infotextkey>get=_blank class=infotextkey>少数股_blank class=infotextkey>get=_blank class=infotextkey>东损益_blank class=infotextkey>get=_blank class=infotextkey>大幅增加。_blank class=infotextkey>get=_blank class=infotextkey>2019 年前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>实现营业总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入97_blank class=infotextkey>36 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长15.8%，_blank class=infotextkey>get=_blank class=infotextkey>实现归母净利润_blank class=infotextkey>300 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长9.8%。其_blank class=infotextkey>get=_blank class=infotextkey>中19Q_blank class=infotextkey>3 _blank class=infotextkey>单季_blank class=infotextkey>get=_blank class=infotextkey>实现营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>288_blank class=infotextkey>get=_blank class=infotextkey>2 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长14.6%，_blank class=infotextkey>get=_blank class=infotextkey>实现净利润96.7 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长18.5%。

    _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务结算_blank class=infotextkey>get=_blank class=infotextkey>释放_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大量_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入利润。分_blank class=infotextkey>get=_blank class=infotextkey>业务来看，_blank class=infotextkey>get=_blank class=infotextkey>房建_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>实现营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>6018 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长15._blank class=infotextkey>3%，_blank class=infotextkey>get=_blank class=infotextkey>占比较_blank class=infotextkey>get=_blank class=infotextkey>去年同期_blank class=infotextkey>get=_blank class=infotextkey>降低0._blank class=infotextkey>39 个_blank class=infotextkey>百分点至61.8%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下滑0.4 个_blank class=infotextkey>百分点至5.5%；基建_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>实现营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>08 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长14._blank class=infotextkey>3%，_blank class=infotextkey>get=_blank class=infotextkey>占比_blank class=infotextkey>get=_blank class=infotextkey>降低0._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点至_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.7%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率同比_blank class=infotextkey>get=_blank class=infotextkey>降低0.5 个_blank class=infotextkey>百分点至7.9%；_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>实现营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入1450 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.8%，_blank class=infotextkey>get=_blank class=infotextkey>占比_blank class=infotextkey>get=_blank class=infotextkey>提升0.79 个_blank class=infotextkey>百分点至14.9%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率同比_blank class=infotextkey>get=_blank class=infotextkey>降0.5 个_blank class=infotextkey>百分点至_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.0%，仍然维持_blank class=infotextkey>30%以_blank class=infotextkey>get=_blank class=infotextkey>上较_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>水平，毛利润贡献_blank class=infotextkey>比例_blank class=infotextkey>get=_blank class=infotextkey>提升1.4 个_blank class=infotextkey>百分点至45.8%；勘察_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>实现营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入64 亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长14.6%，毛_blank class=infotextkey>get=_blank class=infotextkey>利率同比增加0.7 个_blank class=infotextkey>百分点至17._blank class=infotextkey>3%。

    前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>小幅微_blank class=infotextkey>get=_blank class=infotextkey>降0.06 个_blank class=infotextkey>百分点，期间_blank class=infotextkey>get=_blank class=infotextkey>费用率（_blank class=infotextkey>get=_blank class=infotextkey>含研发_blank class=infotextkey>get=_blank class=infotextkey>费用）_blank class=infotextkey>get=_blank class=infotextkey>提升0.06 个_blank class=infotextkey>百分点，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务存货跌价_blank class=infotextkey>get=_blank class=infotextkey>准备转_blank class=infotextkey>get=_blank class=infotextkey>回转销_blank class=infotextkey>get=_blank class=infotextkey>带动_blank class=infotextkey>get=_blank class=infotextkey>资产减值减_blank class=infotextkey>get=_blank class=infotextkey>少，_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>影响_blank class=infotextkey>get=_blank class=infotextkey>下净_blank class=infotextkey>get=_blank class=infotextkey>利率微增0.0_blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点，但_blank class=infotextkey>get=_blank class=infotextkey>少数股_blank class=infotextkey>get=_blank class=infotextkey>东损益_blank class=infotextkey>get=_blank class=infotextkey>大幅增加使得归母净利润率_blank class=infotextkey>get=_blank class=infotextkey>降低0.17 个_blank class=infotextkey>百分点。_blank class=infotextkey>get=_blank class=infotextkey>2019 前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合毛_blank class=infotextkey>get=_blank class=infotextkey>利率为_blank class=infotextkey>get=_blank class=infotextkey>10.4%，同比_blank class=infotextkey>get=_blank class=infotextkey>下滑0.06 个_blank class=infotextkey>百分点，_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>系_blank class=infotextkey>get=_blank class=infotextkey>建筑和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务毛_blank class=infotextkey>get=_blank class=infotextkey>利率均_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降所致。加_blank class=infotextkey>get=_blank class=infotextkey>回研发_blank class=infotextkey>get=_blank class=infotextkey>费用，期间_blank class=infotextkey>get=_blank class=infotextkey>费用率同比_blank class=infotextkey>get=_blank class=infotextkey>提升0.06 个_blank class=infotextkey>百分点至_blank class=infotextkey>3.59%，其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>费用率为0._blank class=infotextkey>3%，同比_blank class=infotextkey>get=_blank class=infotextkey>小幅增加0.0_blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点，_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>系_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>销售加_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>广告_blank class=infotextkey>get=_blank class=infotextkey>投入_blank class=infotextkey>get=_blank class=infotextkey>费用同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>24%所致；_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>费用率_blank class=infotextkey>get=_blank class=infotextkey>降低0.04 个_blank class=infotextkey>百分点至1.9%，研发_blank class=infotextkey>get=_blank class=infotextkey>费用率为0.59%，同比增加0.44 个_blank class=infotextkey>百分点；往来折现减_blank class=infotextkey>get=_blank class=infotextkey>少、_blank class=infotextkey>get=_blank class=infotextkey>保理_blank class=infotextkey>get=_blank class=infotextkey>手续费计入_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>收益使得_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用率同比_blank class=infotextkey>get=_blank class=infotextkey>降低0._blank class=infotextkey>37 个_blank class=infotextkey>百分点至0.78%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>资产及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用减值损失占营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入比_blank class=infotextkey>get=_blank class=infotextkey>重同比减_blank class=infotextkey>get=_blank class=infotextkey>少0._blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点至0.07%，_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>影响_blank class=infotextkey>get=_blank class=infotextkey>下净_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>提升0.0_blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点至_blank class=infotextkey>3.59%，但前_blank class=infotextkey>get=_blank class=infotextkey>三季度产生_blank class=infotextkey>get=_blank class=infotextkey>少数股_blank class=infotextkey>get=_blank class=infotextkey>东损益141 _blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>3_blank class=infotextkey>3.7%，使得归母净利润率_blank class=infotextkey>get=_blank class=infotextkey>降低0.17 个_blank class=infotextkey>百分点。

    _blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>增长叠加_blank class=infotextkey>get=_blank class=infotextkey>降杠杆、_blank class=infotextkey>get=_blank class=infotextkey>支持民企_blank class=infotextkey>get=_blank class=infotextkey>清欠_blank class=infotextkey>get=_blank class=infotextkey>工作，_blank class=infotextkey>get=_blank class=infotextkey>经营性_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流出增加。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>2019 前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>活动_blank 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class=infotextkey>收票据及应_blank class=infotextkey>收账款较18 年末减_blank class=infotextkey>get=_blank class=infotextkey>少156 _blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>考虑到_blank class=infotextkey>get=_blank class=infotextkey>会计准则_blank class=infotextkey>get=_blank class=infotextkey>调整，（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>资产+存货）增加947 _blank class=infotextkey>get=_blank class=infotextkey>亿元（_blank class=infotextkey>get=_blank class=infotextkey>调整18 年末_blank class=infotextkey>get=_blank class=infotextkey>数据），（预_blank class=infotextkey>收款+_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>负债）减_blank class=infotextkey>get=_blank class=infotextkey>少_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>31 _blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>长期应_blank class=infotextkey>收款减_blank class=infotextkey>get=_blank class=infotextkey>少_blank class=infotextkey>1145 _blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>其他非_blank class=infotextkey>get=_blank class=infotextkey>流动_blank class=infotextkey>get=_blank class=infotextkey>资产增加1441 _blank class=infotextkey>get=_blank class=infotextkey>亿元；付现比1_blank class=infotextkey>get=_blank class=infotextkey>28%，同比_blank class=infotextkey>get=_blank class=infotextkey>大幅增加19.7 个_blank class=infotextkey>百分点，_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>系_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>推进减_blank class=infotextkey>get=_blank class=infotextkey>负债_blank class=infotextkey>get=_blank class=infotextkey>降杠杆和民营_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>清欠_blank class=infotextkey>get=_blank class=infotextkey>工作所致，其_blank class=infotextkey>get=_blank class=infotextkey>中应付票据及应付账款较18 年末减_blank class=infotextkey>get=_blank class=infotextkey>少_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>36_blank class=infotextkey>get=_blank class=infotextkey>亿元，预付款增加4._blank class=infotextkey>3_blank class=infotextkey>3 _blank class=infotextkey>get=_blank class=infotextkey>亿元。截至9 月末，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>负债率较18 年末_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降0.9 个_blank class=infotextkey>百分点至76.0%。

    _blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单充沛，_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>集_blank class=infotextkey>get=_blank class=infotextkey>中度_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>提升，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务土储优质操盘能力强，_blank class=infotextkey>get=_blank class=infotextkey>具备强_blank class=infotextkey>get=_blank class=infotextkey>扩张能力。19 年前_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>新签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同额1.77 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万亿，同比_blank class=infotextkey>get=_blank class=infotextkey>增长6._blank class=infotextkey>3%，其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>房建_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>新签1.44 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万亿（同比+17._blank class=infotextkey>get=_blank class=infotextkey>2%），基建_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>新签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>219 _blank class=infotextkey>get=_blank class=infotextkey>亿元（同比_blank class=infotextkey>get=_blank class=infotextkey>24.8%），_blank class=infotextkey>get=_blank class=infotextkey>降幅较_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>收窄1_blank class=infotextkey>get=_blank class=infotextkey>2.6 个_blank class=infotextkey>百分点，勘察_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>新签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同86 _blank class=infotextkey>get=_blank class=infotextkey>亿元（同比1.9%）。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房屋_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面积_blank class=infotextkey>get=_blank class=infotextkey>占比逐年_blank class=infotextkey>get=_blank class=infotextkey>提升，从_blank class=infotextkey>get=_blank class=infotextkey>09 年至19 年6 月末已_blank class=infotextkey>get=_blank class=infotextkey>提升7._blank class=infotextkey>get=_blank class=infotextkey>2 个_blank class=infotextkey>百分点至_blank class=infotextkey>11.7%，_blank class=infotextkey>get=_blank class=infotextkey>存量_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>下，_blank class=infotextkey>get=_blank class=infotextkey>龙_blank class=infotextkey>get=_blank class=infotextkey>头效应_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断_blank class=infotextkey>get=_blank class=infotextkey>凸显，当前_blank class=infotextkey>get=_blank class=infotextkey>施工景气度较_blank class=infotextkey>get=_blank class=infotextkey>高，_blank class=infotextkey>get=_blank class=infotextkey>万江，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司凭借绝对_blank class=infotextkey>get=_blank class=infotextkey>优势可_blank class=infotextkey>get=_blank class=infotextkey>有效抢占_blank class=infotextkey>get=_blank class=infotextkey>房建_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>部订_blank class=infotextkey>单，_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>get=_blank class=infotextkey>实现质、量齐升。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务19 月_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>销售额_blank class=infotextkey>get=_blank class=infotextkey>26_blank class=infotextkey>get=_blank class=infotextkey>99 _blank class=infotextkey>get=_blank class=infotextkey>亿元（同比+_blank class=infotextkey>30.4%），_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面积1568 _blank class=infotextkey>get=_blank class=infotextkey>万方（同比+16._blank class=infotextkey>get=_blank class=infotextkey>2%），其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>中海_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产（_blank class=infotextkey>get=_blank class=infotextkey>含_blank class=infotextkey>get=_blank class=infotextkey>中海宏洋）_blank class=infotextkey>get=_blank class=infotextkey>销售额同比_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>2%，_blank class=infotextkey>get=_blank class=infotextkey>开启_blank class=infotextkey>get=_blank class=infotextkey>扩张之路，且兼顾_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>水平，_blank class=infotextkey>get=_blank class=infotextkey>中海19 年6 月末净_blank class=infotextkey>get=_blank class=infotextkey>负债率约为_blank class=infotextkey>31%，_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>具备较强_blank class=infotextkey>get=_blank class=infotextkey>扩张能力。截至19 年9 月末，石碣，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>业务土储_blank class=infotextkey>get=_blank class=infotextkey>充足，约为9695 _blank class=infotextkey>get=_blank class=infotextkey>万方，是18 年_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面积的4.7 倍，且存货_blank class=infotextkey>get=_blank class=infotextkey>超六成_blank class=infotextkey>get=_blank class=infotextkey>集_blank class=infotextkey>get=_blank class=infotextkey>中在_blank class=infotextkey>get=_blank class=infotextkey>一线和省_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>城市，_blank class=infotextkey>get=_blank class=infotextkey>具备优良_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境。

    维持盈利_blank class=infotextkey>get=_blank class=infotextkey>预测，维持_blank class=infotextkey>get=_blank class=infotextkey>“买入_blank class=infotextkey>get=_blank class=infotextkey>”评级：_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司19_blank class=infotextkey>get=_blank class=infotextkey>21 年净利润分别为4_blank class=infotextkey>39.4 亿/500.9 亿/551.0 亿，_blank class=infotextkey>get=_blank class=infotextkey>增速分别为15%/14%/_blank class=infotextkey>get=_blank class=infotextkey>10%，对应PE 分别为5.4X/4.7X/4._blank class=infotextkey>3X，维持_blank class=infotextkey>get=_blank class=infotextkey>“买入_blank class=infotextkey>get=_blank class=infotextkey>”评级。