中信建投:當前房地產行業尚處調整之中 穿越週期能力尤為重要
中信建投研報指出,2024年上半年,房企業績持續下滑,利潤率繼續下滑,從盈利能力看央企表現最佳,邊際表現地方國企最優。房企有息負債規模整體穩定,民企持續降槓桿,同時其現金短債比指標當前依然較差,償債能力有待提升。經營方面,房企銷售承壓,上半年百強房企銷售同比下降41.8%,規模房企全部錄得負增長。拿地方面,房企以收定支減少拿地開支,且持續向高能級城市聚集。房企經營服務業務收入呈上升趨勢,收入結構持續優化。當前行業尚處調整之中,穿越週期能力尤為重要,強者恒強趨勢也更為明顯,看好行業中尚存之強者。
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