三季报净利润增速转正，行业业绩改善明显。上市房企2023年前三季度 共实现营业总收入15991亿，同比下降3.49%；营业利润921.61亿，净利 润526.07亿，归属母公司股东净利335.63亿，同比分别增长1.66%、增 长6.93%和增长55.35%，营业利润、净利润及归属净利润同比增速均转 正，扭转2020年以来持续下跌的状况。行业业绩改善明显。

1．三季报净利润增速转正，行业业绩改善明显....................................................................................................4

2．盈利性指标有所修复，净利润率探底回升........................................................................................................5

3. 费用管控提升，开发资金改善有限.....................................................................................................................6

4. 行业存货同比下降，竣工数据增长亮眼.............................................................................................................7

5. 降负债有所体现，现金流量净额仍下降.............................................................................................................9

6. 总结与投资建议................................................................................................................................................... 10

7. 风险提示............................................................................................................................................................... 11