房地產(chǎn)行業(yè)萬科恒大碧桂園對標(biāo)分析報告

1、20172017年房地產(chǎn)行業(yè)萬科恒大年房地產(chǎn)行業(yè)萬科恒大碧桂園對標(biāo)分析報告碧桂園對標(biāo)分析報告20172017年7月（2）結(jié)算均價...................................................................................................................282、盈利質(zhì)量比較...............................

2、...................................................................29（1）綜合毛利率...............................................................................................................29（2）命題一：一二線VS三四線...............

3、....................................................................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.......................................

4、........................333、凈利潤比較......................................................................................................34（1）永續(xù)債隱藏的利潤........................................................................

5、...........................354、業(yè)績確定性比較..............................................................................................37五、效率篇五、效率篇............................................................................

6、..................381、管控費(fèi)用率比較..............................................................................................38（1）成本控制........................................................................................

7、...........................38（2）投入產(chǎn)出...................................................................................................................392、激勵機(jī)制的差異..........................................................

8、....................................413、周轉(zhuǎn)效率比較..................................................................................................42六、杠桿篇六、杠桿篇................................................................

9、..............................441、負(fù)債率比較......................................................................................................442、融資結(jié)構(gòu)與融資成本差異................................................................

10、..............483、龍頭房企的其他負(fù)債......................................................................................51（1）經(jīng)營性杠桿.................................................................................................

11、..............51（2）永續(xù)債券...................................................................................................................524、永續(xù)債利弊之辯.......................................................................