房企净利率暴跌123%！万科亏487亿，华润赚337亿

<h3 data-pm-slice="0 0 []"><strong><span leaf="">一、中国房地产行业2024年业绩概览</span></strong></h3><h4><strong><span leaf="">1. 营业收入</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">总体下行：前30家上市房企营收总计约2.77万亿元，同比下降13.83%，仅10家企业实现正增长。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":r0:"></span></p></section><ul class="list-paddingleft-1"><li><strong><span leaf="">分化明显：金融街涨幅最高（+51.74%），主要受益于业务结构调整；万科、保利等头部企业降幅显著（-26.32%、-10.14%）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":r2:"></span></p></section><ul class="list-paddingleft-1"><li><strong><span leaf="">市场挑战：购房意愿低迷、销售价格与量承压是下滑主因。</span></strong></li></ul><h4><strong><span leaf="">2. 利润率持续承压</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">毛利率：平均14.42%，同比下降1.86%。除美的置业（+24.21%）外，23家企业毛利率下滑。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":r4:"></span></p><section nodeleaf=""><img data-imgfileid="100045385" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtGvVzRUgJWToQwozibpghJqiauQn67sGRhvsTsHMx07uqAh4WtdBRLg2g/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><ul class="list-paddingleft-1"><li><strong><span leaf="">净利率：平均-10.81%，同比下降12.45%。26家房企净利率下降，远洋净利率最低（-79.89%）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":r6:"></span></p><section nodeleaf=""><img data-imgfileid="100045386" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtW5XwPxU6xvQ3ibWMBXXqEU07dCVQH4ib9j26Px1Xb6uysOwCJKYoTE6g/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><ul class="list-paddingleft-1"><li><strong><span leaf="">净利润：平均亏损11.65亿元，较2023年由盈转亏（降幅123%）。仅华润（336.78亿元）和金茂（+145.28%）表现较好，万科亏损487亿元。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":r8:"></span></p></section><h4><strong><span leaf="">3. 归母净利润</span></strong></h4><ul class="list-paddingleft-1"><li><section><span leaf="">平均亏损19.03亿元（2023年盈利34.43亿元），超100%下滑。华润居首（255.77亿元，-8.14%）；万科、融创中国、金地亏损显著扩大。</span><p><span x-noteelement="excluded" aria-describedby=":ra:"></span></p></section></li></ul><h4><strong><span leaf="">4. 资产与周转</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">存货：总额6.09万亿元，同比下降13.58%。仅瑞安增长16.03%，美的置业（-99.11%）、荣安（-64.71%）降幅最大。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rc:"></span></p><section nodeleaf=""><img data-imgfileid="100045384" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtQxG8t4Dctia4FxYMxjRo4DPt8K2LP2oGoOYiaKb02hNGClBH4aL261uA/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><ul class="list-paddingleft-1"><li><strong><span leaf="">存货周转率：平均40.17%，金隅（110.48%）、荣安周转最快；融创中国最低（12.83%）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":re:"></span></p><section nodeleaf=""><img data-imgfileid="100045382" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtWlR1MicMcicia61c4wLaCl2w8V847uBYiakM90kqld0vSSNFF69HuwAdnQ/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><ul class="list-paddingleft-1"><li><strong><span leaf="">流动资产周转率：平均28.28%，13家改善，荣安增幅最高（+36.90%）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rg:"></span></p><section nodeleaf=""><img data-imgfileid="100045383" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtibAMWhJPheBcOocJDugBSLjSfGc7TeSu768D47jAftibFbTibHvgv2L7w/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><ul class="list-paddingleft-1"><li><strong><span leaf="">流动比率：平均152.86%，信达降幅最大（-39.17%）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":ri:"></span></p></section><h4><strong><span leaf="">5. 偿债能力</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">现金短债比：平均1.52（同比下降0.11），滨江最优（5.53），远洋最低（0.01）。反映财务稳健房企融资优势凸显。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rk:"></span></p><section nodeleaf=""><img data-imgfileid="100045388" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRtDrznia0dr7MA3UicZKia9fHdklDDb8hJXYgQ0RKQDrVa74SvYVkcV5LJA/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><h4><strong><span leaf="">6. 盈利能力</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">净资产收益率（ROE）：平均-20.75%，同比下降16.44%。仅金茂（2.29%）、新城盈利，远洋ROE跌至-189.19%。行业系统性风险显著。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rm:"></span></p><section nodeleaf=""><img data-imgfileid="100045387" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlGjnSib6JXXoeO8wTia7icXRt3MzBLuYwNn5CGgp2QmEXJKEeTEDyaqdr9P9oYhPibv6lRJv9Oy2mNeQ/640?wx_fmt=png&amp;from=appmsg" data-type="png" /></section></section><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h3><strong><span leaf="">二、“十五五”规划下房地产行业展望</span></strong></h3><h4><strong><span leaf="">1. 政策方向</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">核心目标：推动“品质、结构、服务”转型，告别“高杠杆、高周转”模式。</span></strong></li><li><strong><span leaf="">城市更新导向：2025年中央城市工作会议提出“五个转变”，强调从“拆改留”转向“留改拆”，聚焦精细化运营。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":ro:"></span></p></section><ul class="list-paddingleft-1"><li><strong><span leaf="">重点任务：优化城市体系、建设创新/宜居/低碳/韧性/智慧城市等七大方向。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rq:"></span></p></section><h4><strong><span leaf="">2. 房企转型路径</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">品质升级：差异化产品定位（如“好房子”标准）。</span></strong></li><li><strong><span leaf="">结构优化：布局存量改造（如商业改建保障房、城市更新）。</span></strong></li><li><strong><span leaf="">模式转型：从开发销售转向“开发-运营-资管”闭环（如轻资产代建、REITs运作）。</span></strong></li></ul><section><p><span x-noteelement="excluded" aria-describedby=":rs:"></span></p></section><h4><strong><span leaf="">3. 技术创新驱动</span></strong></h4><ul class="list-paddingleft-1"><li><strong><span leaf="">建筑工业化与BIM：提升建造效率与精准管理。</span></strong></li><li><strong><span leaf="">AI与大数据：优化营销获客、社区运营（如万物云“全域智能平台”案例，提效60%+）。</span></strong></li><li><strong><span leaf="">新质生产力：零碳园区、智慧城市为未来赛道。</span></strong></li></ul><h4><strong><span leaf="">4. 政企协同新案例</span></strong></h4><ul class="list-paddingleft-1"><li><section><span leaf="">上海虹口嘉兴路更新项目：投资75亿元，采用“政府+市场化合作”模式，平衡历史保护、民生改善与商业活力。</span><p><span x-noteelement="excluded" aria-describedby=":ru:"></span></p></section></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h3><strong><span leaf="">三、行业挑战与应对</span></strong></h3><ul class="list-paddingleft-1"><li><strong><span leaf="">核心矛盾：高负债、高库存、低销售压力下，盈利空间持续收窄。</span></strong></li><li><strong><span leaf="">突围方向：头部企业通过土储优化、REITs盘活资产、数字化降本增效；政府需完善政策支持（如商改租、REITs扩容）。</span></strong></li></ul><h3><strong><span leaf=""><br /></span></strong></h3><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><strong><span leaf="">结论</span></strong><span leaf="">：2024年房地产行业深度调整，业绩普遍承压；“十五五”期间，政策引导行业向品质化、低碳化、智能化转型，城市更新与科技赋能将成为破局关键。</span></p><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>