亿城股份（000616） 二线地产股的重点

　　亿城股份之前因投资者担忧公司土地储备不足而遭到市场的低估，但公司借助于有充裕现金流的有利条件，以直接收购有储备项目公司的形式解决了此弊端。

　　此举措的优势在于：一是，避免了进入土地招拍市场高价拿地，有效降低了经营成本，也直接提升了公司的竞争力；二是，收购的项目绝大多数均在3年内陆续开售，使公司有了良好的业绩保障，以及增强了利润增长的稳定性。三是，能直接进入有潜力的热点城市，绕开了市场的高度竞争。

　　正因此，公司在遭受低估后其价值已重新被机构投资者关注，并被列为二线地产股的重点之一。

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                    

                                                                                                                                                                         

                                                                                                                                                                         

                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

评级机构	评级日期	股票评级	投资要点	EPS预测（元）	估值                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (元)
09年	10年	11年
中信证券	2009/11/17	买入	到2010年底，丰台青龙湖项目即将开始销售，公司通过收购项目公司的形式获取青龙湖项目楼面地价相当于4600元/平米。苏州新天地三期的销售和天津红桥项目开盘应能在2011年衔接，而新天地项目本身由于房价大幅上涨，逐渐成为了高毛利项目。公司年内连续获取北京两块住宅用地，楼面地价分别能控制在7200/平米和4600元平米的理性水平上，总建筑面积超过45万平米，超过一线公司。公司目前的资产负债水平处于最安全阶段。	0.42	0.56	0.73	10.08
齐鲁证券	2009/10/05	推荐	09年销售资金回笼之后，公司先后取得北京地区的中关村项目、青龙湖项目和天津红桥区项目。三项目累计为公司增加62.63万平米的权益建筑面积。目前项目累计土地面积在294万方左右，累计权益建筑面积在173.01万方左右。前期公司项目储备减少的担心在近期得到明显缓和。三季度末，公司每股预收帐款达到3.19元。手头项目可以支持未来三年业绩。	0.35	0.45	--	--
广发证券	2009/11/03	买入	今年公司已累计取得土地储备75.54万平方米，其中46.05万平方米位于北京，27.92万平方米位于天津，1.57 万平方米位于三亚。核心城市的土地储备增加了公司可持续发展空间。销售良好及正在发售的债券为公司发展提供了足够资金。预计全年销售额将超过35亿元。根据计算，新增的天津项目将给每股RNAV 增加0.35元，当前公司的每股RNAV 达到7元。	0.38	0.46	--	9.50
安信证券	2009/10/28	买入	公司积极增加项目储备，新增北京青龙湖项目、中关村软件园项目，合计规划建筑面积约46万平米。截止目前，公司项目储备约140万平米，主要集中于北京、苏州、秦皇岛，公司可售、可结算资源能满足未来三到四年业绩持续增长的需要。公司持有现金9.4亿元，比去年年底上升了40%，负债非常轻，财务扩张有较大空间，为公司未来项目的拓展提供了有利条件。公司债的发行有利于公司项目的快速开发，而对公司财务的影响相对较小。公司今年以来销售状况良好，业绩锁定性较强。	0.37	0.46	--	9.50
业绩预测与估值的均值（元）	0.38	0.483	0.73	9.69
目前股价的动态市盈率（倍）	21.05	16.56	10.96
风 险 提 示
（1）房地产行业政策风险：（2）土地储备不足风险：（3）小非减持的风险。