负债率持续下降 国瑞置业(02329.HK)中期毛利大增40.7%至10.75亿元
格隆汇8月27日丨国瑞置业(02329.HK)公布，截至2019年6月30日止6个月，公司收入37.75亿元人民币，同比增长68.6%；毛利10.75亿元，同比增长40.7%；期间溢利达5.7亿元，每股盈利9.6分。
截至2019年6月30日止6个月公司已签约销售额为人民币12,828.3百万元，相应的已签约建筑面积约为604,636平方米，较去年同期分别增加87.5%及7.3%。从贡献区域来看，主要集中在京津冀、长江经济带及粤港澳大湾区，集团秉持区域深耕，销售保持稳定。北京国瑞熙墅、丰台小瓦窑、大兴瑞福园、海淀翠湖项目、崇明岛国瑞瀛台、苏州国瑞熙墅、佛山国华新都、江门山湖海、永清生态城、贵州铜仁等项目，均取得不俗的销售成绩。2019年6月30日，该集团荣登克而瑞2019上半年中国房地产企业销售百强。
收入中来自物业开发的收入为人民币3,411.7百万元，较去年同期增加74.4%。报告期内，该集团总租金收入为人民币285.1百万元，较去年同期增加37.7%。该集团预计未来2至5年的租金收入将保持稳健增长，这主要得益于该集团在北京、深圳等7个重点城市核心地段拥有11个投资物业，总规划建筑面积约971,273平方米。按已经投入运营的面积计算，北京地区运营面积占比约为55%。
期间物业开发的毛利为人民币804.6百万元，较去年同期增加43.4%。该集团物业开发的毛利增加主要是由于该集团报告期内交付结转物业收入较上年同期增加所致。
截至2019年6月30日，该集团土地储备总规划建筑面积达1,608万平方米，平均土地成本约每平方米人民币2,877.8元。报告期内，一级开发及旧改项目开发面积达580万平方米，其中深圳占比51.6%。在该集团总土储中，珠三角及粤港澳大湾区土储面积已经达913.9万平方米，占总土储比重41.8%。城市更新类项目投入资金少而利润率高，是该集团于大湾区内补充土储的重要来源。未来数年，该集团旧改及城市更新项目可转化为销售，成为新的利润增长点。
于2019年6月30日，该集团的现金、受限制银行存款及银行结余约为人民币3,739.3百万元，较2018年12月31日的人民币1,972.3百万元增加89.6%。报告期内，该集团净资本负债率同比下降4个百分点。
展望下半年，该集团一方面继续强化去库存、回笼资金，减债和降债，在规模与利润、风险之间找到平衡；另一方面在产品层面找到转型突破的机遇，以地产+科技为驱动力，打造国瑞第一代智慧住宅产品。该产品汇聚商业、物业服务、健康医疗、儿童教学等六大功能板块，打造全周期的居住体验和品牌生态圈。
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