【正文】 2017年房地產(chǎn)行業(yè)萬科恒大碧桂園對標(biāo)分析報告 2017年7月 目 錄一、歷史沿革 ............................................................................................ 1萬科：城市綜合配套服務(wù)商 ............................................................................ 1 恒大集團(tuán)：多元+規(guī)模+品牌 ............................................................................ 1 碧桂園：新型城鎮(zhèn)化進(jìn)程的身體力行者 ........................................................ 2 二、銷售篇 ................................................................................................ 3 銷售成長性比較 ................................................................................................ 4 （1）銷售規(guī)模 ..................................................................................................................... 4 （2）銷售均價 ..................................................................................................................... 4 銷售區(qū)域結(jié)構(gòu)比較 .......................................................................................... 5 （1）萬科：區(qū)域優(yōu)化和深耕 ........................................................................................... 6 （2）恒大：2013 年起向一二線城市轉(zhuǎn)移 ..................................................................... 7 （3）碧桂園：市場層面挖掘一二線城市潛力 ............................................................... 8銷售產(chǎn)能比較 .................................................................................................. 9 （1）城市產(chǎn)能比較：深耕與縱深 ................................................................................... 9 （2）單盤產(chǎn)能比較：開發(fā)規(guī)模的差異 ........................................................................... 10（3）可售資源比較：貨值與推盤能力 ........................................................................... 10三、布局篇 .............................................................................................. 12 擴張節(jié)奏比較 .................................................................................................. 12 （1）拿地規(guī)模 ................................................................................................................... 12（2）拿地成本 ................................................................................................................... 14 （3）擴張節(jié)奏感 ............................................................................................................... 15單盤規(guī)模比較 .................................................................................................. 16 擴張模式的特點 .............................................................................................. 17 （1）萬科：聚焦核心城市，加碼“軌道+物業(yè)”模式 ..................................................... 17（2）恒大：轉(zhuǎn)型核心城市，加碼舊改市場 ................................................................... 21 （3）碧桂園：城市化進(jìn)程的力行者 ............................................................................... 23 海外布局情況 .................................................................................................. 24 四、業(yè)績篇 .............................................................................................. 27 結(jié)算業(yè)績比較 .................................................................................................. 27 （1）結(jié)算規(guī)模 ................................................................................................................... 27 （2）結(jié)算均價 ................................................................................................................... 28 盈利質(zhì)量比較 .................................................................................................. 29 （1）綜合毛利率 ............................................................................................................... 29 （2）命題一：一二線VS 三四線 ................................................................................... 31（3）命題二：大盤開發(fā)VS 中小盤開發(fā) ....................................................................... 32 （4）命題三：建安成本背后議價能力的博弈 ............................................................... 33 凈利潤比較 ...................................................................................................... 34 （1）永續(xù)債隱藏的利潤 ................................................................................................... 35業(yè)績確定性比較 .............................................................................................. 37 五、效率篇 .............................................................................................. 38 管控費用率比較 .............................................................................................. 38 （1）成本控制 ................................................................................................................... 38（2）投入產(chǎn)出 ................................................................................................................... 39 激勵機制的差異 .............................................................................................. 41周轉(zhuǎn)效率比較 .................................................................................................. 42 六、杠桿篇 .............................................................................................. 44負(fù)債率比較 ...................................................................................................... 44 融資結(jié)構(gòu)與融資成本差異 .............................................................................. 48 龍頭房企的其他負(fù)債 ...................................................................................... 51 （1）經(jīng)營性杠桿 ............................................................................................................... 51（2）永續(xù)債券 ................................................................................................................... 52 永續(xù)債利弊之辯 ............................................