20240317_东方证券_房地产行业央国企改革专题研究:行业深度调整央国企有望穿越周期_18页.pdf
|2021 BBB+BBB+5 C 4 2023 4553.2 93.9%297.4 6.1%A-36 2023 2021 22 23-24(001979)(600048)(01109)(00123)(600325)/2024 03 17 S0860521070001 021-63325888*3267 S0860518050001 BQJ932 2024-03-10 2 2024-03-03 5 LPR 2024-02-25 2 1.4 1.1.4 1.2.5 1.2.1 5 1.2.2 6 1.3.7 2.9.16.16 1ZDWyRnQtQqRpRtQtOrOrQ6M8QaQsQmMmOmQkPoOsOlOrRuN6MnNzQuOtQxOvPrMqQ 3 1%.4 2%.4 3 TOP50-.4 4 TOP50-.4 5 2023.5 6.5 7.5 8 2023.6 9 2023.6 10 2021%.7 11 2021-23 22.7 12 36.8 13 21.8 14.8 15.8 16 2017-2023H1.9 17 2017-2023H1 ROE.10 18 2017-2023H1 ROA.10 19 2017-2023H1.10 20 2017-2023H1.10 1 22 A.6 2 2020.10 3 2020.11 4 1 1.1 23 21 23 24 1-2 1 15 50.7%1%2%23 3 TOP50-4 TOP50-80%-60%-40%-20%0%20%40%050001000015000200001 2 3 4 5 6 7 8 9 10 11 12 2024 2023 20222021 2020 23-23-24-24-80%-60%-40%-20%0%20%40%0200040006000800010000120001 2 3 4 5 6 7 8 9 10 11 12 2024 2023 20222021 2020 23-23-24-24-0%20%40%60%80%100%2020/2 2020/8 2021/2 2021/8 2022/2 2022/8 2023/2 2023/8 2024/2 s1K5uDiVRCAvu85ne0QJhciCYydMK33bsDsO0TSEcfa0vYaiELLOuTOh+0wR7/En 5 1.2 1.2.1 2021 BBB+BBB+5 C 4 5 2023 2023 4553.2 93.9%297.4 6.1%2023 970.8-496.1-6 7-100%-50%0%50%100%150%200%2021/2 2021/8 2022/2 2022/8 2023/2 2023/8 2024/2 051015202530AAA AA+AA-AA AA A+A-A BBB+BB C 6 wind wind 8 2023 9 2023 wind wind 1.2.2 A 2022 11 28 A 1 22 A 2023/10/31 7.5 2023/9/26 5.7 38 2023/6/29 7.0 3 2023/6/21-昇 20.00%0%20%40%60%80%100%01002003004005006007008002020/1 2021/1 2022/1 2023/1 2024/1 2.5%3.0%3.5%4.0%4.5%5.0%(300)(200)(100)0100200300400 80%85%90%95%100%2023/012023/022023/032023/042023/052023/062023/072023/082023/092023/102023/112023/122024/012024/02 7 2023/6/9-2023/6/3 45.0 2023/5/18 16.0 2023/3/23/7.0 2023/3/21 10.0 2023/3/14 80.0 6 2023/3/4 48.9 2023/2/24 35.0 5 2023/1/19 18.0 2023/1/12 12.5 2023/1/7 17.0 2023/1/6 28.0 2022/12/31 125.0 14 2022/12/30/33.4 2022/12/22 30.0 3 2022/12/9 25.5 5 2022/12/6 13.4 2022/12/6 60.0 4*ST 2022/12/6 10.2 2022/12/17 89.3 24%2.89%85.0 2022/12/16 67.4 100%30%60%100%66.0 Wind 1.3 2021 2023 Wind 2023 1-12 5.8 13.2%2023 10-12-25.4%/-1.5%/1.82%12 22 23 10 2021%11 2021-23 22 8 wind-36 2023-12 36 13 21 2023 23 22 21 2021 22 23 21 14 15-60%-40%-20%0%20%40%60%80%05000100001500020000250002021/2 2021/10 2022/6 2023/2 2023/10 0%2%4%6%8%10%12%14%16%020004000600080001000012000()()0%10%20%30%40%50%60%70%80%90%100%0%10%20%30%40%50%60%70%80%90%100%9 2 2024 1 10 24 26 1 29 61 2017-2023 2020-21 16 2017-2023H1 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 2023 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 2023-30%-20%-10%0%10%20%30%40%50%2017 2018 2019 2020 2021 2022 2023H1 10 Wind 17 2017-2023H1 ROE 18 2017-2023H1 ROA Wind Wind 19 2017-2023H1 20 2017-2023H1 Wind Wind 2 2020 2022/12/31 14 12.5 2022/12/17 85-40%-30%-20%-10%0%10%20%30%-5%0%5%10%15%00.050.10.150.20.250.30.350.4 00.10.20.30.40.50.60.7 11 2022/12/17 24%,2.89%89.3-2.2 HKD 2022/12/6 G82 60 2023/2/24 5 35 2023/6/3 45 2022/12/16 100%30%60%100%67.4 2022/12/16 66 Wind 3 2020 2023/6/1 133662.15 32.375%40%2023/7/14 892779.28 24%2.89%2023/3/18 77758.6 100%2021/3/23 4000 4000 2020/11/28 29947.05 24.5%2020/9/14 52700 2020/4/30 15125.51 30%2020/4/21 25000 50%2020/4/21 50500 50.5%2020/4/21 25500 51%2020/4/21 15626.95 70%2020/4/21 102000 51%2020/1/3 14581672 2023/4/4 1240000 2020/12/30 26510 26%2020/3/26 471225 50%2022/5/10 170301 51%2022/4/7 3040 100%2023-12-28 5471.92 7 8 10 2023-05-19 38820.51 12 2023-04-08 40800 51%2022-06-18 34924.14 49%2022-04-15 1742 2%2022-03-25 29987.19 10%5%2020-09-22 143.67 2020-04-07 50000 2020-04-07 20000 2020-04-01 24999.76 2023/1/13 100 4 2023/1/13 110 2024-01-16 15000 5.76%2023-12-22 10000 9.95%2023-12-12 4330.02 100%2023-08-09 23202.16 76%2023-06-26 628644.85 29.95%2023-01-07 5000 5.16%2022-12-22 20.23 3 2022-10-28 50000 2022-01-26 11987.21 70.66%2021-11-23 54563.05 16.46%2021-04-27 34450 100%2020-04-21 2932.19 12 14 15 16 17 19 2020-01-02-1 7 9 14-39 2024/2/1-90%2023/11/30 200117.69 45%2023/6/21 49002.36 100%100%2023/3/21 104089.85 15%100%2023/1/4 358190.24 51%2023/1/4 43734.97 100%2022/4/9 9484.96 100%2022/4/9 1501.48 60%2022/4/9 23534.78 100%2022/4/9-34%13 2022/4/9-63%2022/3/29 54412.16 0.45%2021/6/11 200850.45 4 1 2021/5/26 11476.94 13 2021/4/10 500836.1 2021/3/23 26300 2021/3/6 30850 50%40%2020/12/26 44305.82 2020/9/5 707068.81 25%2020/6/13 112281.55 2020/4/17 351498 50.00%2020/4/17 256612.17 50%2020/4/17 158109.07 49.0003%2020/3/25 1000 2023/9/5 16097.92 A0.44%2022/8/30 173900 A 2022/3/31 49450.27 A 89.99%2021/12/16 138800 A 2020/3/26 471225 50%,50%2024/1/6 80000 67%2023/12/21 5607.96 100%2023/11/22 30009.45 30%2023/11/15-100%2023/9/26-100%,瑅 100%,2023/4/29 188262.2 100%2023/3/18 4823.07 10%2022/12/15 17914.76 8 2022/11/22-2021/3/20 3305.74 33%2020/12/31-2023/12/28 99000 2023/12/28 50151.79 56.67%2023/11/24-51%14 2023/3/30 117873.44 50%2023/3/15 206147.17 37.7464%2022/7/11 373565.12 100%100%2022/6/30 21159.27 32%2022/6/17 223332.72 60.2%2022/4/29 12496.09 100%2021/11/16 242768.83 90%2021/9/10-30%2021/7/16 148116 29.9%2023/7/8-28.58%2023/3/31 1100000 33.54%2022/3/10 78221.99 26.51%2023/7/26 72054.11 75%2023/4/5 28402.38 2%2022/12/27 52005.4 50%2022/11/1-3.77%2022/3/25 1219590.33 95%2020/3/26 471225 50%,50%2024/2/26 5337.04 34 3401-3406 2023/11/28 425584.7 100%2023/11/28 414239.23 100%2023/9/21 120000 100%2023/4/26 79961 49%2023/1/11 6981.95 9 5(9 11 101-103 201-202)2022/12/27 13516.96 49%2022/4/12 8369.98 COFCO(BVI)No 97 8.36%2022/4/12 27295.34 49%2022/4/12-50%2020/3/31-2020/3/31 2246.1()100%2020/3/31 107669.46 49.91%2021/9/30-33.5%15 2022/12/22 1000 100%2022/4/2 107985.82 100%2022/3/31 157500 100%2022/3/31 371000 100%2023/1/13 20000 16.47%2023/1/4 21100 19.91%2022/9/2 332100 61.6%2022/8/24 15717 50%2020/11/18 63349.57 100%2020/11/7 148489.02,100%Wind-16 24(001979)(600048)(01109)(00123)(600325)Tabl e_Disclai mer 17 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer