2023年普遍亏损，这些民企为何还能“赚钱”？
<p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">行业出清过程中，企业利润规模和盈利水平继续承压。</span></p><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">至2023年，CRIC监测的重点房企净利润已连亏两年。77家样本房企中，超六成房企净利润亏损，在48家归母净利润亏损的房企中，民企的比例占了七成之多。</span></p><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">尽管如此，仍有一些民营企业凭借敏锐的市场洞察力、聚焦的深耕实力和过硬的产品力，在行业洗牌阶段实现盈利。77家房企中，有9家民企逆势盈利。</span></p><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">在房地产行业普遍亏损的2023年，这些民营房企靠什么赚钱？这背后有着复杂的战略调整和市场洞察。</span></p><p><br/></p><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); text-wrap: wrap; font-family: PingFangSC-light; letter-spacing: 1.6px; background-color: rgb(255, 255, 255); text-align: center; line-height: 0; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0; visibility: visible;"></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); text-wrap: wrap; font-family: PingFangSC-light; letter-spacing: 1.6px; background-color: rgb(255, 255, 255); justify-content: flex-start; display: flex; flex-flow: row; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 18px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 677px; vertical-align: top; align-self: flex-start; flex: 0 0 auto; height: auto;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: justify; font-size: 15px; color: rgb(62, 62, 62);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">行业利润规模收缩，已成为近几年房企普遍面临的共性问题。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">随着上市房企2023年业绩出炉，我们重点统计了77家上市房企业绩情况。数据显示，77家上市房企整体营收规模达到4.3万亿元，净利润亏损1498亿元，归母净利润亏损1766亿元。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">从房企表现来看，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">有14家房企规模净利润同比增长</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">众安集团</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">和荣盛发展归母净利润涨幅靠前，同比分别增长156%和102%。</span></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">聚焦民企表现，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">46家民营房企整体营收规模实现1.7万亿，净利润整体亏损2151.28亿元，归母净利润亏损2146.34亿元</span></strong>。其中，荣盛发展、瑞安房地产归母净利润涨幅在20%以上。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">从企业利润率指标来看，77家上市房企整体毛利率、净利率水平延续下行趋势。2023年平均毛利率为15.3%，平均净利率为-21.66%。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">行业整体利润空间收窄、多数典型上市房企利润率水平显著下降，主要有两方面原因。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">首先，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">营收下降，“以价换量”已成为房企保证项目去化的常规手段，这就导致房企营收规模增长动力不足。与之相对应的是，成本不断增加，尤其是规模房企在行业上行阶段获取的高价地持续结算，进一步拉升成本水平；</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">其次，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">从资产缩水的角度看，近年来房企持续对存货以及投资物业等计提大量</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">减值准备</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">，也在一定程度上侵蚀行业利润水平。</span></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p></section></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); text-wrap: wrap; font-family: PingFangSC-light; letter-spacing: 1.6px; background-color: rgb(255, 255, 255); text-align: center; line-height: 0; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); text-wrap: wrap; font-family: PingFangSC-light; letter-spacing: 1.6px; background-color: rgb(255, 255, 255); justify-content: flex-start; display: flex; flex-flow: row; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 18px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 677px; vertical-align: top; align-self: flex-start; flex: 0 0 auto; height: auto;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: justify; font-size: 15px; color: rgb(62, 62, 62);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">在普遍亏损的2023年，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">77家典型房企中仍有29家房企实现盈利。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">其中，华润置地、中国海外发展、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">龙湖集团</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">和万科4家房企归母净利润超百亿元。</span></span></p></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; opacity: 0.35; transform: translate3d(0px, 0px, 1px) rotateX(180deg);"><section data-lazy-bgimg="https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png&from=appmsg" data-fail="0" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 641px; height: 20px; vertical-align: top; overflow: hidden; background-position: 50% 50%; background-repeat: no-repeat; background-attachment: scroll; background-image: url(https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png); background-size: 100% 100% !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 0;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0; width: 641px; height: auto;"></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; opacity: 0.35;"><section data-lazy-bgimg="https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png&from=appmsg" data-fail="0" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 641px; height: 20px; vertical-align: top; overflow: hidden; background-position: 50% 50%; background-repeat: no-repeat; background-attachment: scroll; background-image: url(https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png); background-size: 100% 100% !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: justify; font-size: 15px; color: rgb(62, 62, 62);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">统计的77家房企中，民企有46家，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">其中9家实现盈利，在民营企业中占比接近两成。</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">具体企业来看，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">龙湖集团</span></strong>归母净利润实现128.5亿元、净利润实现171.33亿元，排在民企首位，并且断崖式领先。排在第二位的是<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">合生创展集团</span></strong>，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">滨江集团</span></strong>排在第三位，两家企业归母净利润都在20亿元以上。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">实现盈利的9家房企中，多数房企面临归母净利润和净利润下滑的情况，仅瑞安房地产、荣盛发展和港龙中国地产归母净利润和净利润增速正增长。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">多家民企</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">计提减值</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">提前释放压力</span></span></strong>。比如滨江集团大幅计提43亿的减值损失（去年同期计提约8.58亿），其中应收款项计提坏账约5.27亿、存货计提减值近38亿。另外，美的集团2023年计提了41亿，为历年中最大一笔。再如新城控股在资产减值、信用减值等因素影响下，净利润下滑超六成。</p></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; opacity: 0.35; transform: translate3d(0px, 0px, 1px) rotateX(180deg);"><section data-lazy-bgimg="https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png&from=appmsg" data-fail="0" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 641px; height: 20px; vertical-align: top; overflow: hidden; background-position: 50% 50%; background-repeat: no-repeat; background-attachment: scroll; background-image: url(https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png); background-size: 100% 100% !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 0;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0; width: 641px; height: auto;"></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; opacity: 0.35;"><section data-lazy-bgimg="https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png&from=appmsg" data-fail="0" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 641px; height: 20px; vertical-align: top; overflow: hidden; background-position: 50% 50%; background-repeat: no-repeat; background-attachment: scroll; background-image: url(https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png); background-size: 100% 100% !important;"><svg viewbox="0 0 1 1" style="float:left;line-height:0;width:0;vertical-align:top;"></svg></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: justify; font-size: 15px;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">这些民企之所以能够实现盈利，有以下几方面的共性：</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">首先，聚焦并深耕高能级城市。</span></strong>在市场调整阶段，高能级城市不仅能够带来确定的销售额，同时有利于降低成本、提高费效。比如<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">龙湖集团</span></strong>坚持深耕一二线城市，2023年一二线城市销售占比达86%，高能级城市新增土储建面占比98%。<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">滨江集团</span></strong>则深耕杭州，2023年杭州销售贡献近九成。<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">美的置业</span></strong>也在2023年坚持换仓策略保持审慎投资，新增项目毛利率在20%以上。<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">瑞安房地产</span></strong>则聚焦核心城市高端市场。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">第二，较强的成本控制能力。</span></strong>2023年，典型房企营业成本增速明显高于营业收入，在这样的情况下实现盈利，要求企业具备较强的成本管控能力。以<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">滨江集团</span></strong>为例，在确定的战略布局下，滨江的成本控制能力优于行业平均水平。根据CRIC统计数据来看，2017-2022年滨江集团的三费费率始终低于CRIC重点监测样本房企的平均水平，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">2023年滨江集团三费费率仅为3.08%</span></strong>，滨江集团对成本的细致把控，与其长期稳定的供应商体系和人均过亿的营销强军团队密不可分。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">第三，经营性业务提供现金流，提升利润率，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">第二增长曲线</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">进入“收获期”。</span></span></strong>以<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">龙湖集</span></strong>团为例，2023年运营和服务业务已实现经营性利润占比过半，超60%。2023年其运营业务的毛利率就高达75.9%，高出地产开发业务约64.9个百分点，较好地挽救企业因地产开发利润下行带来的集团整体毛利率下行的劣势。另外，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">新城控股</span></strong>双轮驱动战略优势持续展现，商业运营板块收入占比提升，物业出租及管理毛利率达到69.9%，成为企业修复集团毛利率的重要抓手，因此综合毛利率同比还有所改善，同比增加3.2个百分点至24.7%。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">另外，通过<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">产品力打造品牌优势，较强的财务管控能力，市场敏锐并形成快速反应</span></strong>等也成为民企实现盈利的重要原因。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p></section><section style="margin: 10px 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 0;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: justify; font-size: 15px;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">2024年以来，房企降价促销成为常态，这将进一步挤压房企利润空间，<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">行业整体利润率或将面临一定的下行压力。</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">4月中旬，万科也在互动平台上表示今年的结算毛利率预计还会有一定压力，这也是大多数企业面临的现状。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">这一现象，从上市房企一季报中也可以看出来。<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">我们统计的A股35家上市房企中，一季度实现盈利的有13家，亏损的有22家。</span></strong>也就是说，今年一季度有超过六成的A股上市房企处于亏损状态。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">值得注意的是，万科一季度净亏损3.62亿元，这是万科自上市以来首次出现业绩亏损。华夏幸福、金科股份一季度亏损超10亿元。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">在13家实现盈利的房企中，保利发展以22.24亿元领先。<strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(73, 125, 196);">一季度实现盈利的民营房企有5家</span></strong>，分别是滨江集团、荣安地产、新城控股、中洲控股、荣盛发展。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">面对多重负面因素叠加影响，企业还需积极调整，加强把关投资、管理、产品等环节，通过结构性调整拓展利润空间。</p></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; opacity: 0.35; transform: translate3d(0px, 0px, 1px) rotateX(180deg);"><section data-lazy-bgimg="https://www.fqlook.cn/plugin.php?id=wcn_editor:wx_img&url=https://mmbiz.qpic.cn/mmbiz_png/7MsVibibHibec1J7wuCrJhFks3YKkhWkVBK8hVibdTqDNLw62dzGTn29VIq846YObXlvicYCusZSX9icIibgpgRicsg5Fg/640?wx_fmt=png&from=appmsg" data-fail="0" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: inline-block; width: 641px; height: 20px; vertical-align: top; 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outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">市场仍在底部盘整，叠加低毛利项目销售资源进入交付结转期，预计行业盈利仍将继续承压。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;">在市场下行压力下，无论是民企还是央国企，都将面临企业经营利润空间受挤压、行业盈利下行趋势的压力，只有通过结构性调整拓展利润空间，修炼内功、提质增效，不断优化项目的投资布局，提高自身的产品力打造以及成本管控能力，才能在逆势下实现盈利预期。</p></section></section></section><p><br/></p><p style="margin-top: 0px; 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letter-spacing: 2px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">本文完</strong></span></p></section></section></section></section></section></section><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px; font-size: 16px;"><section data-id="87417" data-tools="135编辑器" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section style="margin: 0px 8px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; min-height: 1em; letter-spacing: 0.544px; text-align: center; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; 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