保利地产全国项目概览

保利地产公司项目概览项目名称类别公司权益规划总建筑面积单位成本可售面积估计最新房价预测包头百合花园住宅55%22000022001029425000包头保利花园住宅55%102903226005907853500包头香槟花园住宅55%49763635004379204000北京白合花园住宅100%173897112007525016500北京保利嘉园住宅100%40143349001376555930北京保利蔷薇苑住宅100%746676300821715000北京垄上别墅住宅80%335000590010423018000北京西山林语住宅100%8883701000068859814500北京香槟花园住宅100%5106996002116000长春保利净月项目*住宅100%25090620002207973000长春保利罗兰香谷住宅80%61932832003323645100长沙保利花园二期*商住56%25987634002286914000长沙麓谷林语*住宅80%1380545310012148803600成都保利公园198*住宅85%67100233955040485800丹东宾馆沟项目*住宅47%52586830004627644000佛山保利星座住宅100%11708953001030387100佛山顺德保利合园住宅100%27344040002406274800广州A4项目写字楼51%72420115006373017000广州保利V座写字楼51%204960560018036517000广州保利康桥住宅26%10753547177568020000广州保利香雪山住宅100%312366779922035310900广州保利心语花园住宅51%246138493016146521000广州保利增城荔城项目住宅51%1133323700997325300广州保利中心（108）写字楼100%197482385012155720000广州昌岗中路项目住宅51%33495125002947614500广州番禺石楼项目住宅100%16652652001465437000广州好望角住宅100%373686900328849350广州林海山庄住宅100%2228953550250808300广州林语山庄住宅60%29776050001018817200广州世贸中心写字楼51%537099825046863515000广州天河科贸园项目住宅100%7307170006430213500广州天利广场商住51%7856370186913514000广州西海岸住宅100%5738911450050502415000广州西子湾住宅100%2000105100298367500广州中环广场商住100%286700640022003218000广州紫薇花园住宅50%1434083843884747600杭州保利东湾商住100%84806362007268158000湖南保利花园一期住宅80%996033000164243600湖南洞庭东岸（文庙）商住80%1113234000234024700阆峰云墅住宅100%1435806100771568900南昌铭雅欧洲城住宅60%42406154003281639000南昌湾里项目*住宅75%67400050005931207000南海保利花园住宅100%59125047603680578600南海保利水城商业100%57578250204653168800青岛百合花园*住宅100%22900051002015206300上海保利林语溪*住宅100%193388930017018116000上海保利叶上海住宅100%704113930058556014000上海陈富路项目*住宅50%403913800035544312000上海海上五月花住宅100%34194258002000699100上海十一橡树庄园住宅90%11012855004826710000上海西子湾住宅85%37190764001985358600上海香槟苑住宅77%111789112009630714500沈阳百合花园住宅50%30993832001539757500沈阳保利花园住宅60%90191832004023684400沈阳上林湾住宅92%42000045003015304800沈阳十一橡树庄园住宅100%11700050001029608000沈阳心语花园住宅100%58562442005103184500天津上河雅颂*住宅100%89575640007213706100武汉保利花园住宅100%4981942300248473800武汉保利圆梦花园住宅70%1706849220014973352800武汉十一橡树庄园住宅100%370000300026403810500武汉心语花园住宅100%73825143005445185500重庆二棉项目（沙平坝）住宅100%19795631001742014000重庆咼尔夫花园住宅100%651900450036935814000重庆国宾上院住宅100%71766430079384600重庆金岛花园住宅100%773302700680504000重庆香槟花园住宅100%58950029002302794400重庆艺校项目（九龙坡）住宅100%21981134001934345000北京密云项目住宅100%31558035002682436000广东阳江项目住宅100%27321720002322343500重庆慈恩寺项目住宅100%1253100500010651357000天津和平路商住100%7134180006064018000北京大兴100%2250001000019125013000资料来源：中信证券研究部公司盈利预测（保守，业绩为增发后）利润表（白力）资产负债表（白力）指标名称200720082009E2010E2011E指标名称200720082009E2010E2011E营业收入8,11515,52018,62925,08139,444货币资金4,6265,47024,766 32,3769,861营业成本4,9919,1889,80113,17823,371存货28,08440,19647,75257,70683,781毛利率38.50%40.80%47.39%47.46%40.75%应收账款175206494513792营业税金及附加8391,5461,8862,5683,727其他流动资产7,7377,34012,89716,28825,693营业费用2564625517851,302流动资产40,62253,21185,909106,883120,128营业费用3.15%2.98%2.96%3.13%3.30%固定资产141189197205214率管理费用2083115387361,158长期股权投资1146566676管理费用2.57%2.01%2.89%2.93%2.94%无形资产11111率财务费用-32-33-279-544-376其他长期资产120185228261290财务费用率-0.39%-0.21%-1.50%-2.17%-0.95%非流动资产273421481533580投资收益207974477资产总计40,89553,63286,390107,416120,708营业利润2,0543,8376,0698,35010,133短期借款61870005,461营业利润25.31%24.72%32.58%33.29%25.69%应付账款1,1132,4141,9602,6364,674率营业外收入356197000其他流动负债17,17917,03040,772 48,25838,964营业外支出710000流动负债18,91019,51542,73250,89449,099利润总额2,4034,0236,0698,35010,133长期负债9,03814,04811,54818,54826,548所得税7759801,5172,0882,533其他长期1124,3964,4204,4464,474所得税率32.24%24.35%25.00%25.00%25.00%少数股东损益139805889966830归属于 母公司 股东的 净利润1,4892,2393,6625,2966,770净利率18.35%14.43%19.66%21.12%17.16%每股收益（元）（摊薄）0.420.641.041.501.92负债非流动性负债9,15018,44415,968 22,99431,022负债合计28,06037,95958,70173,88880,121股本1,2262,4523,7593,7593,759资本公积8,0266,80013,98713,98713,987股东权益合计11,92514,07925,20630,07936,308现金流量表（百万元）权益9091,5942,4833,4504,279负债股东权益总计40,89553,63286,390107,416120,708少数股东指标名称200720082009E2010E2011E净利润3,6625,2966,770少数股东损益889966830折旧和摊销242424营运资金变动-2,189-2,727-42,155其他-216-537-247经营现金流-9,376-7,5902,1713,023-34,778资本支-30-30-30主要财务指标200720082009E 2010E2011E增长率（%）营业收入101.391.220.034.657.3营业利润94.986.858.237.621.3净利润121.850.463.644.627.8利润率（%）毛利率38.540.847.447.540.7出投资收益4477EBITMargin22.425.931.431.225.1资产变卖000EBITDAMargin22.425.931.531.325.1其他-10-10-10净利率18.314.419.721.117.2投资现金流-117-624-33-33回报率（%）发行股票7,75800净资产收益率12.517.218.619.220.4负债变化9,3774,50012,461总资产收益率3.74.95.45.66.1股息支出-293-424-542其他（%）其他279544376资产负债率68.670.867.968.866.4融资现金流13,1998,49617,1224,62112,296所得税率32.224.325.025.025.0现金净增加额3,70684419,2967,610-22,515股利支付率5.310.66.46.87.1