房地产行业2024年及2025Q1财报综述：行业大幅亏损，缩表之下流动性承压

东方财智兴盛之源看好/维持房地产行业报告执业证书编号：S1480521080001 目录1. 2024年报综述.....................................................................................................................................................................41.1利润表：营收下滑，毛利承压，大幅减值，整体亏损................................................................................................41.2资产负债表：行业持续缩表，流动性压力依然较大....................................................................................................81.3现金流量表：经营性现金流大幅下滑，投资支出大幅缩减.......................................................................................132. 2025年一季报综述............................................................................................................................................................152.1利润表：营收下行，大幅亏损，减值收窄................................................................................................................152.2资产负债表：行业继续缩表，短债偿付能力继续下滑..............................................................................................173.投资建议...........................................................................................................................................................................194.风险提示...........................................................................................................................................................................19相关报告汇总.........................................................................................................................................................................20插图目录图1：A股地产板块营业收入（年报）..................................................................................................................................4图2：A股地产板块归母净利润（年报）...............................................................................................................................4图3：A股地产板块预收账款对营收的覆盖倍数（年报）......................................................................................................5图4：A股地产板块毛利率及费用率（年报）........................................................................................................................5图5：A股地产板块投资收益（年报）..................................................................................................................................6图6：A股地产板块减值损失（年报）..................................................................................................................................6图7：A股地产板块核心净利润（年报）...............................................................................................................................7图8：A股地产板块利润率（年报）......................................................................................................................................7图9：A股地产板块营收排名前15的房企利润明细表（年报）............................................................................................8图10：A股地产板块营收排名前15的房企利润率明细表（年报）.......................................................................................8图11：A股地产板块总资产（年报）....................................................................................................................................9图12：A股地产板块净资产及归母净资产同比（年报）.......................................................................................................9图13：A股地产板块货币资金（年报）................................................................................................................................9图14：A股地产板块开发类资产（年报）...........................................................................................................................10图15：A股地产板块持有类资产（年报）...........................................................................................................................10图16：A股地产板块总负债（年报）...................................................................................................................................11图17：A股地产板块有息负债（年报）...............................................................................................................................11图18：比A股地产板块短期有息负债（年报）....................................................................................................................11图19：A股地产板块三道红线（年报）..............................................................................................................................12图20：A股地产板块营收排名前15的房企资产负债明细表（年报）.................................................................................12图21：A股地产板块营收排名前15的房企三道红线（年报）............................................................................................13图22：A股地产板块经营性现金流量净额（年报）............................................................................................................13图23：A股地产板块投资性现金流量净额（年报）............................................................................................................14图24：A股地产板块筹资性现金流量净额（年报）............................................................................................................14图25：A股地产板块营收排名前15的房企现金流量明细表（年报）.................................................................................15 敬请参