房地产/房地产开发 万科 A（000002.SZ） 2025 年 01 月 07 日 投资评级：增持（维持） | 日期 | 2025/1/6 | | --- | --- | | 当前股价(元) | 6.98 | | 一年最高最低(元) | 10.69/6.18 | | 总市值(亿元) | 832.76 | | 流通市值(亿元) | 678.24 | | 总股本(亿股) | 119.31 | | 流通股本(亿股) | 97.17 | | 近 3 个月换手率(%) | 146.06 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 48% 2024-01 2024-05 2024-09 万科A 沪深300 相关研究报告 《销售规模稳居前列，优质土地储备 充足—公司信息更新报告》-2024.11.11 《行业排名稳居前三，融资端获支持 力 度 充 分 — 公 司 信 息 更 新 报 告 》 -2024.10.14 《行业排名保持领先，融资支持力度 充分—公司信息更新报告》-2024.9.10 销售规模同比下降，量入为出保持投资 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（ ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 隐证券 房地产/房地产开发 公 司 研 究 万科 A（000002.SZ） 2024 年 11 月 11 日 销售规模稳居前列，优质土地储备充足 ——公司信息更新报告 投资评级：增持（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/11/8 | | 当前股价 ( 元 ) | 9.51 | | 一年最高最低 ( 元 ) | 12.30/6.18 | | 总市值 ( 亿元 ) | 1,134.61 | | 流通市值 ( 亿元 ) | 924.08 | | 总股本 ( 亿股 ) | 119.31 | | 流通股本 ( 亿股 ) | 97.17 | | 近 3 个月换手率 (%) | 158.83 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-11 2024-03 2024-07 2024-11 万科A 沪深300 数据来源：聚源 相关研究报告 《行业排名稳居前三，融资端获支持 力 度 充 分 — 公 司 信 息 更 新 报 告 》 - ...

行业深度调整期，公司尽力保证安全性 核心观点 事件：公司近期发布 2024 年三季报，前三季度实现营业收入 2198.9 亿元，同比下降 24.3%；归母净利润为-179.4 亿元，同比下降 231.7%。 ⚫ 开发业务结算及毛利率下降叠加计提减值影响业绩。前三季度营收 2198.9 亿元， 同比-24.3%，归母净利-179.4 亿元，同比-231.7%，主要系开发业务结算规模同比24%，其贡献收入下降 29%，其结算毛利率（扣土增税前）同比下降 10.2pct 至 8.3%、投资净收益大幅下滑 97%，叠加计提减值损失 74.7 亿元 (较 23 年增加 36 亿元)。行业处于深度调整期，房企普遍为获取现金流压降销售毛利率、在房价下 行趋势下对存货进行计提减值，我们预计公司短期结算毛利率或较难有明显改善。 ⚫ 截至目前，年内公开债全部兑付；持有的经营性资产具有融资空间，短期内公开债 信用风险较低。公司 1-9 月累计销售额 1812 亿，且其同比降幅小于行业及头部房 企，仍保持韧性，同时回款率超 100%。此外，公司开展存量资源盘活，2023 年至 今累计盘活项目 36 个；推进大宗资产交易，1-9 月签 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万科 A（000002）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------| | 股票数据 | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] | | 《积极推动债务化解，强化业务高质发展》 2024.09.02 | | 《融资净增结构改善，高管增持维护信心》 2024.07.12 | | 《聚焦主业发展，负债结构稳健》 市场表现 | [Table_QuoteInfo] -48.04% -36.04% -24.04% -12.04% -0.04% 万科A 海通综指 2023/11 2024/2 2024/5 2024/8 | --- | --- | -- ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨万科 A（000002.SZ） [Table_Title] 业绩承压，积极盘活库存处置资产 ——万科 A 三季度点评 报告要点 [Table_Summary] 行业困境中公司积极盘活库存，处置资产，计划 2024 年加强大宗与股权交易工作，实现回款 300 亿以上(1-9 月已签约 233 亿)，紧抓现金流、增厚安全垫；积极利用经营性物业贷等融资工 具，全面融入城市房地产融资协调机制，推动融资模式转型。中长期而言，公司在品牌和效率 层面仍具备一定竞争优势，开发业务头部地位仍相对稳固，存量业务价值可观。行业整体承压 背景下，公司核心要务在于维持资金链平衡，在渡过流动性压力、成功穿越周期的前提下，公 司存续价值仍相对突出。 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 相关研究 [Table_Title 业绩承压，积极盘活库存处置资产 2] ——万科 A 三季度点评 [Table_Summary2] 事件描述 公司前三季度实 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 万科A(000002.SZ) 债务压力减轻，多元业务稳增 推荐 ( 维持) 事项： 股价:9.28元 | --- | --- | |--------------------------------|--------------------------------| | 行业 | 房地产 | | 公司网址 | www.vanke.com | | 大股东 / 持股 | 深圳市地铁集团有限公司 /27.18% | | 实际控制人 | | | 总股本 ( 百万股 ) | 11,931 | | 流通 A 股 ( 百万股 ) | 9,717 | | 流通 B/H 股 ( 百万股 ) | 2,207 | | 总市值 ( 亿元 ) | 1,052 | | 流通 A 股市值 ( 亿元 ) | 902 | | ( ) | 19.62 | | 每股净资产 元 资产负债率 (%) | 72.4 | | 行情走势图 | | 相关研究报告 【平安证券】万科A（000002.SZ）*半年报点评*各 业务稳步推进，多举措兑付债务*推荐20240903 | --- | --- | ...

公司报告 | 季报点评 亏损加剧，全力保障债务兑付——万科 A 24 年三季报点评 事件：公司发布 2024 年三季报，前三季度公司实现营收 2198.95 亿元，同比下降 24.25%； 归母净亏损 179.43 亿元，同比转亏；基本每股收益-1.51 元。 Q3 亏损幅度扩大，毛利率较年中回升。2024 年前三季度，公司实现营收 2198.95 亿元，同 比下降 24.25%；归母净亏损 179.43 亿元，同比转亏。第三季度，公司实现营业收入 771.2 亿 元，同比下降 13.76%，其中，房地产开发业务结算面积为 504.7 万平方米，贡献营业收入 615.5 亿元；归母净亏损 80.9 亿元，单三季度营收增速表现好于 24 年中期，亏损幅度继续加大， 主要原因是开发业务结算规模和毛利率下滑、计提减值、部分非主业财务投资出现亏损以及 部分资产交易和股权处置的交易价格低于账面值等。公司毛利率 9.5%，较 24H1 提升 1.38pct， 较 23 年同期下降 8.08pct；前三季度，公司计提资产减值损失 20.11 亿元（存货 19.3 亿、长 期股权投资 0.8 亿元），与 24 年中期保持一致 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 万科 A（000002.SZ） 开发基本盘承压，多举措守财务安全线 （1）前三季度净亏损 179 亿元，同比由盈转亏。公司 2024 年前三季度 累计实现营收 2198.9 亿元，yoy-24.25%（其中开发业务结算面积 1384.2 万平，yoy-24%；贡献营收 1732.3 亿元，yoy-29%）；净亏损 179.43 亿 元，上年同期净利润 136.21 亿元，由盈转亏。Q3 单季度实现营收 771.2 亿元，yoy-13.76%（其中开发业务结算面积 504.7 万平，yoy-14%；贡献 营收 615.5 亿元，yoy-16%）；净亏损 80.91 亿元，亏损额环比略微收窄。 亏损主要因开发业务结算规模和毛利率下滑、计提减值（信用减值损失约 34 亿元）、部分非主业财务投资出现亏损以及部分资产交易和股权处置的 交易价格低于账面值等。 （2）开发基本盘承压，但 9 月底以来现积极信号。1-9 月，公司累计实 现销售面积 1330.8 万平（yoy-26.8%），销售额 1812.0 亿元（yoy-35.4%）； ...

2024年10月30日 来源：公司年报、国金证券研究所 万科 A (000002.SZ) 中性(维持评级) 公司点评 证券研究报告 多举措筹资，努力保兑付 事件 2024 年 10 月 30 日，公司披露 2024 年三季报：2024 年 1-9 月实现营 收 2198.9 亿元，同比-24.25%;归母净亏损 179. 4 亿元，同比由盈转 亏。第三季度实现营收 771.2 亿元,同比-13.76%;归母净亏损 80.9 亿元，同比由盈转亏。 点评 规模利润均下滑、计提减值和费产处置。1-9月公司营收下降，归母 净利大幅亏损, 主因:1房地产开发业务结算规模和毛利率大幅下降, 房开贡献营收 1732.3亿元,同比-29.1%;房开业务税前毛利率 8. 3%, 同比下降 10.2pct;②计提资产减值损失 20.1 亿（去年同期 0），信 用减值损失 54.6亿（去年同期 3.6 亿）；③权益法确认的投资收益 及处置投资收益减少,投资收益 0.7 亿(去年同期 25.2 亿);④资 产处置形成亏损25.4亿(去年同期0.7亿)。 一年内仍有偿债压力。 截至 9月底,公司已偿还 197 亿元公开债务, 年内已无 ...

Financial Performance - Revenue for the reporting period (Q3 2024) was RMB 77.116 billion, a decrease of 13.76% year-over-year[5] - Net profit attributable to shareholders was a loss of RMB 8.091 billion, a decrease of 315.70% year-over-year[5] - Reported a net loss of 8.09 billion yuan in Q3, with a cumulative net loss of 17.94 billion yuan for the first nine months, and a pre-tax gross margin of 8.3% for the real estate development business[22] - Total operating revenue decreased to 219.89 billion yuan from 290.31 billion yuan, a decline of 24.3%[39] - Net profit turned negative at -16.40 billion yuan compared to a profit of 21.03 billion yuan in the previous period[39] - Basic earnings per share dropped to -1.5132 from 1.1585, reflecting the company's financial challenges[40] - Total comprehensive income was negative at -15.56 billion yuan, compared to a positive 23.38 billion yuan in the previous period[40] Cash Flow and Financing - Operating cash flow for the first nine months of 2024 was a negative RMB 4.848 billion, a decrease of 2,159.99% year-over-year[5] - Short-term borrowings increased by 715.92% to RMB 867.78 million due to changes in financing structure[10] - Non-current liabilities due within one year increased by 71.76% to RMB 11.152 billion, reflecting changes in financing structure[10] - Operating cash flow was negative at -4.85 billion yuan, a significant drop from 235.32 million yuan in the previous period[42] - Investment cash flow improved to 5.63 billion yuan from -2.21 billion yuan, indicating better investment returns[42] - Financing cash flow was negative at -20.41 billion yuan, slightly better than the previous -31.33 billion yuan[43] - Cash and cash equivalents decreased by 19.61 billion yuan, ending the period at 77.33 billion yuan[43] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1.357 trillion, a decrease of 9.81% compared to the end of the previous year[5] - Financial expenses increased by 41.92% to RMB 392.49 million due to reduced capitalizable interest expenses and interest income[11] - Credit impairment losses increased by 1,406.59% to RMB 546.35 million, reflecting increased provisions for credit losses[11] - Asset disposal losses increased by 3,792.81% to RMB 253.80 million, driven by losses from asset disposals[11] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 627,280, including 627,209 A-share holders and 71 H-share holders[12] - Shenzhen Metro Group holds 27.18% of the shares, totaling 3,242,810,791 shares[12] - HKSCC NOMINEES LIMITED holds 18.49% of the shares, totaling 2,206,317,349 shares[12] - Hong Kong Securities Clearing Company holds 1.67% of the shares, totaling 198,726,252 shares[12] - Central Huijin Asset Management holds 1.55% of the shares, totaling 185,478,200 shares[12] - China Securities Finance Corporation holds 1.11% of the shares, totaling 132,669,394 shares[13] - China Merchants Wealth Management holds 1.23% of the shares, totaling 146,255,820 shares[12] - Total number of shares as of September 30, 2024, is 11,930,709,471, including 9,724,196,533 A-shares and 2,206,512,938 H-shares[16] Real Estate Market and Development - In Q3, the sales amount of the top 100 real estate developers decreased by 28.6% year-on-year, and the cumulative decrease from January to September was 36.6%[18] - National real estate development investment in Q3 decreased by 8.9% year-on-year, and the cumulative decrease from January to September was 10.1%[18] - Delivered 113,000 housing units on time and with quality from January to September, with 133 projects obtaining property certificates upon delivery[19] - Achieved sales revenue of 181.2 billion yuan with a collection rate exceeding 100%, and completed the repayment of 19.7 billion yuan in public debt by the end of September[20] - Added new financing and refinancing of 77.4 billion yuan with a comprehensive cost of 3.58%, and secured 26.2 billion yuan in operating property loans[21] - Contracted sales area and amount in Q3 decreased by 24.9% and 29.7% year-on-year, respectively, with a total contracted sales amount of 181.2 billion yuan for the first nine months[23] - Completed the delivery of 246 projects and 410 batches, totaling 113,000 housing units, with an average pre-tax sales gross margin exceeding 18% for key projects[24] - Added 4 new development projects with a total construction area of 371,000 square meters, and achieved a 100% initial opening realization rate for 3 projects in Shenyang and Xuzhou[25] Property Management and Rental Business - Expanded the annualized saturated revenue of existing projects by 12% for Vanke Property, and increased the number of CPR-certified employees to over 48,000[26] - Increased the revenue of the rental housing business by 3.7% year-on-year to 2.63 billion yuan, with a total of 247,000 long-term rental apartments under management and an occupancy rate of 94.9%[27] - Improved the GOP margin of rental housing projects to 89.4%, with a 6.2% reduction in single-room operating costs and a 40-day increase in average lease duration[28] - Commercial development and operations revenue reached 6.67 billion yuan (including non-consolidated revenue), a year-on-year increase of 1.5%, with Yinke-managed projects contributing 3.95 billion yuan[29] - Overall occupancy rate for commercial properties was 93.6%, with Yinke-managed projects achieving a 94.2% occupancy rate[29] - Commercial customer traffic increased by 9.6% year-on-year, with sales growing by 4.1% and membership reaching 40.92 million, up 23.8%[29] - Shenzhen Bantian Vanke Plaza achieved a 99% signing rate and 96% opening rate, with over 120 regional first stores[30] - Wuhan Zhaojiatiao Impression achieved a 100% leasing rate and 98% opening rate, with over 50% regional first stores[30] - CICC Yinke Consumption Infrastructure REIT achieved a 99.0% occupancy rate and 98.6% rent collection rate for its Hangzhou Xixi Impression City project[31] Logistics and Warehousing - Logistics and warehousing revenue (including non-consolidated projects) reached 2.96 billion yuan, with cold chain revenue growing 6.3% to 1.35 billion yuan[32] - Logistics and warehousing business had 151 operational projects with a total leasable area of 10.337 million square meters, with high-standard warehouses achieving an 88% occupancy rate[32] - Wanzhou Logistics launched 386 "Wandianpei" routes covering over 150 cities and handled 4.7 million orders for "One-Click Delivery" in Q3[33] Research and Development - Research and development expenses decreased to 369.33 million yuan from 444.23 million yuan, a reduction of 16.9%[39] Sales and Revenue - Sales revenue from goods and services fell to 149.43 billion yuan from 219.91 billion yuan, a decline of 32.0%[42] - Investment income decreased by 97.08% to RMB 7.35 million, primarily due to reduced equity method investment income and disposal gains[11]