银城控股（01902.HK）营收增33倍利润降8成销售费用大增利润承压
作者：新浪财经
来源： 新浪财经
8月19日，银城国际控股发布公司港股上市以来的首份半年报，上半年公司实现营收37.39亿元，同比大幅增长33.43倍，与此同时公司净利润仅为4850万元，同比大幅下降80.1%。
银城国际营收与净利润之间的巨大差别引人关注，公司营收达到37.39亿元，同比增长33.43亿元，主要是来自于物业销售的确认收益，达到37.37亿元。
但其他收入同比大幅减少，由3.18亿元下降至0.73亿元，这其中主要为分阶段达到业务合并所得的投资收入，为阶段性的收入，全部集中在2018年上半年。今年的结算及利润相对来说更为复合公司的正常水平，销售毛利率仅为12.03%，净利润率更是低至1.29%，为近五年来最低。
值得注意的是，在公司其他收入下降的同时，销售及分销开支却由去年全年的0.29亿元，大幅增加至今年上半年的1.16亿元，增长近3倍之多，这或和公司上半年较为靓丽的销售业绩有关，不过如此高的销售费用对于公司10%左右的净利润率来说将会形成不小的影响。
银城国际净利润下降超8成，其中归属于上市公司股东的净利润的下降幅度更是达到97.42%，仅为675.8万元，与此同时，归属于少数股东的利润却大幅增长，由去年同期的亏损1855万元，增长至今年的盈利4173万元。也就是说，今年公司结算的营收中，多数来自于合营项目，且公司的权益占比不高。
2018年年底，银城国际短期借款由上年的13.42亿元猛增至53亿元，而账面货币资金仅15.89亿元，即使加上受限制现金1.23亿元，也仅17亿出头，短期偿债压力巨大。长期借款48.91亿元，短长占比结构也不尽合理。公司的净负债率高达高达350%，即使在上市融资后该指标也高达250%。
银城国际上半年实现销售78.99亿元，同比增长258.4%，净负债率由351.5%下降至149%。净负债率下降，短期偿债压力得到缓解的背后是公司加大销售回款的力度，而失控的销售费用则令银城国际的净利润率承压。
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