陸家嘴投資案例

轉(zhuǎn)型中的商業(yè)地產(chǎn)明珠陸家嘴

600663通程小組

大綱一、公司發(fā)展概況

二、經(jīng)營(yíng)要素分析

三、盈利質(zhì)量分析

四、資產(chǎn)質(zhì)量分析

五、技術(shù)分析及操作

公司發(fā)展概況公年司皮概愿況法弓定決名俘稱酸：誕上王?？娟懺昙疫_(dá)嘴激金償融蠶貿(mào)艦易飲開坑發(fā)誼股勻份譽(yù)有喇限繡公喬司成表立抱日桂期煉：斧1民9妻9善2稈年猶8粘月鳳3故0牙日所調(diào)屬娘行脾業(yè)圈：瘡房藏地?fù)醍a(chǎn)規(guī)開遞發(fā)犧與京經(jīng)惰營(yíng)逝業(yè)發(fā)凡行學(xué)數(shù)臉量椒：國(guó)4通5糠0捎0臟萬(wàn)彩股實(shí)浸際丑控殼制宗人劉：攏上忘海乳市狀浦念東陜新強(qiáng)區(qū)匆國(guó)艱有諷資漠產(chǎn)櫻管單理恰辦烏公悟室林、圓上堅(jiān)海告市矛國(guó)鍬有翅資轎產(chǎn)釋監(jiān)落督賢委分員鄰會(huì)公權(quán)司粘類誤別蠟：猴國(guó)治有嗚獨(dú)庭資喬公槍司經(jīng)莊營(yíng)謀環(huán)紅境0摧6語(yǔ)年勵(lì)上明海糊市守確浙定噸的服“該十國(guó)一淚五態(tài)規(guī)喝劃勇”記中掃，把提熟出濤“漲一倉(cāng)個(gè)婆聚邊焦?jié)櫋苯唬〖待埦垴v焦閥“外陸鏡家宮嘴抓金只融疏中椅心位的昌建堤設(shè)送”獨(dú)，筒為虜公培司飲的尿主黎營(yíng)抱業(yè)懷務(wù)超轉(zhuǎn)們型紹和贈(zèng)未摘來(lái)賴的噴發(fā)地展盛創(chuàng)殖造掠了耽良稅好賴的拘外彼部賴條過(guò)件偶。公濟(jì)司株的浙主躺要助職浴能漂是扛陸匹家憤嘴甜金顯融民貿(mào)壟易率區(qū)瞎的局開鉆發(fā)歌，擴(kuò)堅(jiān)劇持擔(dān)以腎土日地壺開輪發(fā)紅為謠主萍要拜經(jīng)希營(yíng)爛方煉向橋，牢積遭極乞投襲資隊(duì)建煩設(shè)色市勸政居基墊礎(chǔ)海設(shè)益施禁及敗動(dòng)繪遷決用置房步，碑改污善父經(jīng)拋營(yíng)李環(huán)倒境肥。痰因蕩此印政降策舉環(huán)捉境污和凳投類資訂環(huán)奧境增優(yōu)晃良屋。與船上槽海撥建撒設(shè)蘭步賢伐其“鉗共剝舞蹦”妖。差陸稈家相嘴綱努完力其建蘇成住環(huán)兄境返優(yōu)脆美蚊、違設(shè)柳施便齊跪全材、插功沸能織完膠善怎的緊國(guó)釘際示一蛇流德現(xiàn)朽代量化歡金熄融積貿(mào)杰易日區(qū)穿，族將酒繼括續(xù)平成舒為爹跨科國(guó)皇機(jī)口構(gòu)句設(shè)齒立寺總拜部賄的昨首冬選滑區(qū)低域絡(luò)。陪因日此喜該級(jí)區(qū)困物晉業(yè)凱房頭產(chǎn)殘出錫租抬市也場(chǎng)返將沖持蔽續(xù)屠火芹爆廈，票公速司賭也軌將糠持套續(xù)優(yōu)受圈益唇。業(yè)睜務(wù)賀轉(zhuǎn)杰型作蚊為甲國(guó)岡內(nèi)灰為室數(shù)京不賞多送的珍投謀資延性速地日產(chǎn)策公墓司農(nóng)之練一共，而公嚴(yán)司以正外在棚謀蒼求辮從塵土紀(jì)地當(dāng)一喝級(jí)陳開暗發(fā)臘商吧向君商豎用濱物芳業(yè)緩經(jīng)膊營(yíng)蚊商吃的畏戰(zhàn)漫略莊轉(zhuǎn)祝型糊。2鎖0譯0扯7臟年捕，撲公鏟司驅(qū)的流租崇賃搬物妹業(yè)潮存輪量堆及樸建共設(shè)耕規(guī)底模產(chǎn)將尋達(dá)擊到靜百數(shù)萬(wàn)斃平覆方斧米斬以扁上盟，朗成寺為哥A焰股些市武場(chǎng)臨擁備有岔投夠資婚物報(bào)業(yè)怪?jǐn)?shù)體量惡最揀多攪的借地穩(wěn)產(chǎn)證公荷司顏，女其規(guī)轉(zhuǎn)絨型添進(jìn)股展抹非內(nèi)常恐迅掀速垂。投犬資胖型也地挑產(chǎn)哄與遺開荷發(fā)同型榆地倚產(chǎn)巷在支盈慘利迫模掀式蝕等尋方舌面鴨具茅有芒完某全鞋不豈同鵲的運(yùn)特撇點(diǎn)握?？艘蚱ご藱?quán)對(duì)覽于術(shù)陸象家零嘴史應(yīng)且改牢變總以影土葡地握價(jià)由值解估見值披轉(zhuǎn)鍵為農(nóng)以衣物跪業(yè)崗價(jià)具值惹進(jìn)免行順估蓮值綁。碑因格此近公傻司黑的蔑商慘業(yè)矩地糖產(chǎn)暴價(jià)藝值膽顯哭著玻。投涂資拌亮源點(diǎn)位保居搶黃丟金知地綁帶劃，涂陸劉家嫂嘴械將躲成星為百跨講國(guó)浪機(jī)爬構(gòu)誰(shuí)設(shè)館立北總瞇部畢的丑首趁選穿區(qū)氣域能，等具好有桌國(guó)躺際評(píng)金撤融劑中栽心閥題萍材詠，域土霸地翠升駝值源潛各力綿大琴。浦衡東拍特沒(méi)別幟是釋陸煮家巡壽嘴纏區(qū)娛域爪的貝日忌租億金斥水斥平賀相掙比曾香光港器等丘地觸有兇較察大尖的有上乏漲拌空格間償。公券司掠與順控量股各股蝴東喂各路持脖股條5隱0巾％險(xiǎn)的中合并營(yíng)蘋子討公劉司辦擬釀收尚購(gòu)屈新冒上磨海擾國(guó)畜際釘博居覽身中掘心艇有丈限疑公偶司脈5島0努％同的器股撈權(quán)嚼。什通峽過(guò)霧收擱購(gòu)葉可得逐驢步長(zhǎng)提幟升倦公常司坐未午來(lái)隸的衡整址體跡經(jīng)核營(yíng)炮效野益命，筆分什享繭2謎0東1焰0叛世纏博五會(huì)鎮(zhèn)的紅舉適辦顆所青帶漂來(lái)喚上麥海百會(huì)需展慢產(chǎn)貪業(yè)濾的去高吉速竟增意長(zhǎng)尿。風(fēng)匆險(xiǎn)字提忌示公醒司趣的支項(xiàng)尚目葡建皂設(shè)鈔已暗經(jīng)怠全殿面依展嫩開細(xì)，之項(xiàng)宋目罪本棗身膛具裝有積建考設(shè)升期姜，英以辣及不竣濾工聽后趨招萌商屆及慨市堅(jiān)場(chǎng)錄培委育賀情佩況注具哀有浮不月確程定息性圣。近騎年良公短司睜主敢營(yíng)胸業(yè)江務(wù)宮收蓬入馬中喪來(lái)栗自字土象地睡批疲租說(shuō)收帝入門預(yù)兄計(jì)脖會(huì)曬下場(chǎng)降幻玉。貫?zāi)孔g前縣，粗公談司擠努技力暈提猾高慢房掘產(chǎn)罪經(jīng)謎營(yíng)啊的悟收落入限，歲提初高坑公憤司叨房爸產(chǎn)彎產(chǎn)需品府的叉盈誓利老能監(jiān)力近，向防眾范梁風(fēng)猶險(xiǎn)咸。國(guó)暗家造連扇續(xù)惰出預(yù)臺(tái)陸的妹對(duì)復(fù)房擴(kuò)地區(qū)產(chǎn)葵調(diào)我控愈的繩措賢施吵也原會(huì)憂對(duì)蹦公襪司薦的哪股潑價(jià)海造麻成明一理定微的慈負(fù)謝面逼影艷響蹤蝶。經(jīng)憲營(yíng)不要氧素李分球析2霞0議0堡7園年返中側(cè)主凳營(yíng)察構(gòu)績(jī)成項(xiàng)目名稱營(yíng)業(yè)收入（萬(wàn)元）營(yíng)業(yè)利潤(rùn)（萬(wàn)元）毛利率（%）占主營(yíng)業(yè)務(wù)收入比例（%）土地批租(行業(yè))66680.135434.353.1466.21房產(chǎn)銷售(行業(yè))27239.314081.451.6927.05房地產(chǎn)租賃(行業(yè))6353.92640.041.556.31主篇營(yíng)鳥收戚入極及宅成弦本主折營(yíng)樸毛軌利律率單殺位里：避億秘元公前司邪的考主判營(yíng)益業(yè)暢務(wù)釋收握入統(tǒng)增捐長(zhǎng)唐比敬較麻穩(wěn)仍定公規(guī)司潔盈米利塑增形幅鄉(xiāng)豐落熱后隨于蟻公啊司談收奔入濕增蝦幅鞠。公狠司異的拔主秋營(yíng)族毛的利灶率隱一裝直危保閥持簡(jiǎn)較傅高熊水幸平遮，古公粒司城盈牢利病能春力簡(jiǎn)優(yōu)旁于畜行被業(yè)剛平慌均盜水茅平先。公構(gòu)司行盈賽利缸與偷去會(huì)年緒同璃期潮相存比課大曠幅魄提壓高迫；芝五拖年應(yīng)來(lái)凈盈帥利民波錦動(dòng)逃增角長(zhǎng)固；新0摟6必年芽來(lái)坊盈欺利廣增涂速浪上感升乘。主盞營(yíng)銀業(yè)伍務(wù)蜓的泥調(diào)耐整從瘡2騰0舊0壓7檔年溜開乘始街，立陸跟家買嘴政將皂步樣入析租械賃草轉(zhuǎn)令型踢的蹄收扎獲懶期論。窩公襪司勸此第后蛙每悅年騙將等有溜十纖幾燃到潛幾癥十角萬(wàn)睬平繳方稍米神物糕業(yè)縱竣核工站。從康在儲(chǔ)建勸規(guī)帝模礦來(lái)淚看惕，鹿至彈2保0朋0惜7色年們底危，禁陸外家貝嘴拴就便有御望牽成屆為巖內(nèi)民地敏最娃大餃的州持續(xù)有脹物眾業(yè)烘投疤資營(yíng)商塊。秧從叫收勤入筍規(guī)畝模翁來(lái)逗看縣，追預(yù)弄計(jì)泡2頓0慮0捎8惰年大，膛陸膛家黑嘴免的盲租爽賃澤收艦入摸規(guī)還模除將爆可加位拋居半行流業(yè)府前撤列嗚。從殺收釀入碎規(guī)悠模邁來(lái)疤看單，岔預(yù)教計(jì)程2克0姜0鞠8鐘年簡(jiǎn)，卡陸匪家倆嘴永的爺租余賃野收隨入軌規(guī)方模粉將鏡可色位橡居峽行惰業(yè)慢前度列皂。多全無(wú)部階建研成衡后替，烘陸驅(qū)家矛嘴漸將剃成淹為驅(qū)最造大誰(shuí)的辮持刮有錢大裳量垮高鍋端威資仿源獵的袍地種產(chǎn)客公嚴(yán)司攏，羽其醒將沈在乞人得民武幣概升跟值訓(xùn)過(guò)庭程奇中親首蝴先礎(chǔ)而之且鐵最納大臥程知度食受僵益母。每痛股趨收宰益每屬股拒凈飽資綿產(chǎn)市遮盈辣率域與此市晃凈奏率盈輪利梅質(zhì)知量藝分稻析-2000002000040000600008000010000012000014000016000002末03末04末05末06一季06中06三季06末07一季07中0.00%10.00%20.00%30.00%40.00%50.00%60.00%主營(yíng)利潤(rùn)其它業(yè)務(wù)利潤(rùn)公允價(jià)值變動(dòng)投資收益凈利潤(rùn)實(shí)際所得稅負(fù)凈利潤(rùn)率利哈潤(rùn)芬分堪析-10000-500005000100001500020000250003000002末03末04末05末06一季06中06三季06末07一季07中-4000.00%-3500.00%-3000.00%-2500.00%-2000.00%-1500.00%-1000.00%-500.00%0.00%500.00%營(yíng)業(yè)費(fèi)用管理費(fèi)用財(cái)務(wù)費(fèi)用管理費(fèi)用率財(cái)務(wù)費(fèi)用率費(fèi)參用育分閥析-150000-100000-5000005000010000015000020000002末03末04末05末06一季06中06三季06末07一季07中-2-101234經(jīng)營(yíng)活動(dòng)現(xiàn)金流投資現(xiàn)金流籌資現(xiàn)金流每股現(xiàn)金流現(xiàn)途金醒流階狀盞況投絮資唇活旱動(dòng)輛現(xiàn)圖金汁流歌量扛后遲幾慶個(gè)紙季笨度釋都竿為欺負(fù)噸數(shù)劍，插說(shuō)喝明往該住公鴨司紫一凳直年在底擴(kuò)慰大騙投增資奶規(guī)丙模破，斧所偵以澡支光付羅大抖量賠的觀現(xiàn)諷金匯?；I麻資壟活甘動(dòng)誼幾滑個(gè)可季場(chǎng)度豪一邪直蘿是兆負(fù)亮數(shù)疤，岔可將見朵該番公籃司珍由藥于夠經(jīng)默營(yíng)喝活勵(lì)動(dòng)吼產(chǎn)客生察大制量島現(xiàn)湯金磨流向入轎來(lái)熟維葡持完現(xiàn)筋金透凈厭流灑量示，芹雖死然妖幾腰個(gè)森季群度需有宇一彩定充的則起考伏溝，禍但隨有客一普定肅的良現(xiàn)權(quán)金蛋支家付槽能圈力與，顆短姥期拜內(nèi)花不味會(huì)扶出屢現(xiàn)譽(yù)財(cái)飽務(wù)律危愉機(jī)保，壟經(jīng)背營(yíng)脊發(fā)夫展次良誘好巾，痛有介一紗定擾的無(wú)投淘資鞠潛異力憤。資旨產(chǎn)旦質(zhì)克量圣分鉆析負(fù)債010000020000030000040000050000060000002末03末04末05末06一季06中06三季06末07一季07中0.00%10.00%20.00%30.00%40.00%50.00%總負(fù)債短期銀行負(fù)債應(yīng)付帳款長(zhǎng)期負(fù)債預(yù)收帳款資產(chǎn)負(fù)債率負(fù)些債最狀從況企痛業(yè)裙負(fù)熊債保以霞流鳥動(dòng)韻負(fù)胳債塔為港主壓，習(xí)流轎動(dòng)蓋負(fù)閥債墳的盲比跟重尸逐姓季萬(wàn)增薄加仔，屢流康動(dòng)攏負(fù)兼?zhèn)妊乐亻L(zhǎng)大觸，隨企圓業(yè)全的答資嚼本笑成嘴本嫌低甜但鑼財(cái)貓務(wù)淡風(fēng)復(fù)險(xiǎn)坊較葬大繭，簡(jiǎn)但葉也骨從鹿側(cè)勁面柏說(shuō)史明持企搖業(yè)窯的鳥信騎譽(yù)剝較茶好鄙，晃且象有演政侄府性信參用蠅的送強(qiáng)喚有孟力額支局持020000040000060000080000010000001200000140000002末03末04末05末06一季06中06三季06末07一季07中0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%總資產(chǎn)流動(dòng)資產(chǎn)固定資產(chǎn)長(zhǎng)期投資凈資產(chǎn)凈資產(chǎn)收益率資觀產(chǎn)欺狀貴況該開公孟司對(duì)流萍動(dòng)走資稿產(chǎn)腹占宣總夜資毒產(chǎn)半的管比濱重死高脊達(dá)孫8化0賠%改以耍上柱接可近笑9竄0寸%糾，聞?wù)f蛛明動(dòng)企酬業(yè)微的烘資木產(chǎn)藏流扁動(dòng)譽(yù)性薄強(qiáng)尚，導(dǎo)變是現(xiàn)描能恰力理較乒強(qiáng)主，隙以損房池產(chǎn)呢租歸賃謎、訴收陳取浪租客金蕉為銹主卵要蘿收處入城。技餃術(shù)喊分盡析賠及步操編作控中盤滲情爺況05000010000015000020000002末03末04末05末06一季06中06三季06末07一季07中0100020003000400050006000股東人數(shù)人均持股數(shù)從注控妄盤斃情覆況蘋可斤看旨出通，驗(yàn)該焦股擁的保二奏級(jí)擇市祥場(chǎng)呢流溉通陣股征東介人殲數(shù)仆在浪0艘7舅年昌二濫季薯度霧大秀幅右減盆少盡，繞人喝均晚持嗎股懲數(shù)搞大蠢幅竟增收加堡，士顯崇示崗籌痕碼喊不歇斷捕集半中恰，暢主稱力遲的稈控姜盤膠能它力蹄不劣斷戲增鑄強(qiáng)承。二易級(jí)職市緒場(chǎng)普上問(wèn)，撕公術(shù)司枝股多價(jià)卵近才日溝出責(zé)現(xiàn)此非聽理炸性傍下駐挫簡(jiǎn)。共鑒長(zhǎng)于極陸卻家足嘴妄業(yè)軌務(wù)寬轉(zhuǎn)椅型清的查順恰利鐵推拐進(jìn)輕，天應(yīng)敬改逐變違原蜻來(lái)綁以羽土罩地適價(jià)茶值積對(duì)鋪公面司盈進(jìn)火行管估輛值述的綠模堂式釣，共轉(zhuǎn)牽為哀按濤物父業(yè)沃價(jià)汽值夏對(duì)符公痕司夜進(jìn)糊行隙估寺值臨，端并敵考勉慮取到蠅公伏司粘將擱來(lái)留可佩能陶進(jìn)寧行餡部篩分謊土觀地裕轉(zhuǎn)債讓蘭，意因規(guī)此帥陸柔家蜂嘴條的蔽投牢資握價(jià)符值投被溉嚴(yán)笑重封低桃估覆。1基0圾月正2菌4皂日祥買螺入糾近按半阿倉(cāng)債。舉前賽期村地蠅產(chǎn)備股萍受雁調(diào)準(zhǔn)控編，把陸葉家亦嘴趣股筑價(jià)報(bào)下垂跌印近積3撕0駱%痛，克處下于摸箱卡型獨(dú)震皂蕩遲中登，水預(yù)泡計(jì)迷股崖價(jià)催基幟本叛無(wú)止下偉跌藝空線間羽。胸從碧技儉術(shù)造指縮慧標(biāo)動(dòng)來(lái)跪看什，張R觸S律I皇、粗K廚D紡J漂、往B登I罩A細(xì)S怎指惠標(biāo)答都筒成院向殃上隊(duì)突茫破戚形杯態(tài)漫，配中亮短巖線好的押爆很發(fā)呆在再即飽，腫故低在退此光價(jià)譽(yù)位不逐額步閃邁文入樣。浮但努從早日蠢K崖線窗圖句來(lái)推看孔，咽走允勢(shì)妹仍棗呈顏空