招商地产价值分析

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1、招商地产价值分析◆未来20年，我国房地产业具有广阔的发展前景，房地产新政”将加速房地产业优胜劣汰，促进房地产市场长期健康稳定的发展，优势房地产企业将获得超常的发展机遇难得的发展机会。◆公司业务架构独特，抗风险能力强。◆公司在资金、土地、开发经验、品牌等方面具有明显比较优势，大股东未来仍将给予强有力的支持，各资源要素足以支持公司未来进入快速成长期，预计公司未来房地产业务的销售收入将以年均25％左右速度增长，净利润以年均20％左右速度增长。◆公司国内最早进行区域开发的地产商，目前已初步完成跨地域发展布局，土地和项目储备约400万平米，至少可以保证公司未来5年

2、以上快速发展的需要。◆公司重估净资产值为16．16元／股，该估值相对于公司目前Ａ股价格（06／8／25收盘价13．67元）溢价20％，与同行比较，公司估值优势明显。◆公司可转债具有较高的投资价值，可转债理论价值为114．33元，目前股票持有人通过行使优先配售权每股也可获得0．549元的收益。一、公司概况———organizationsystemandworkingmode,theselectionofanumberofmunicipalstrengtheninggrouptobuildinnovationandstrengthentheorganizat

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