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          <td align="center"><h1 style="color:#05006C">万通地产：业绩符合预期 高送配是亮点</h1></td>
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          <td align="center" height="30"><a href="http://www.gushi888.com">www.gushi888.com</a>&nbsp;&nbsp;2009年02月25日 10:53&nbsp;&nbsp;银华投资&nbsp;&nbsp;</td>
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          <td align="left" class="px148" id="__content">　　业绩符合预期<br />
<br />
　　2008年公司实现营业总收入48.41亿元，实现净利润5.27亿元，同比增长219.78%，每股收益1.04元。业绩基本符合预期。<br />
<br />
　　高送配是亮点<br />
<br />
　　每10股派送10股派现3.5元的利润分配方案既是公司分配历史上最大分红数据，也是目前已公布年报的房地产公司中最大分红比例。<br />
<br />
　　有一定资金压力，天津项目的销售是关键<br />
<br />
　　虽然资产负债率从上年末的67.26%降至54.96%，但主要原因在于预收账款的大幅减少带来负债的下降。公司短期有一定偿债压力，这主要是一年内到期的非流动负债金额较大。<br />
<br />
　　公司债的发行有望缓解压力，但时间未定；天津项目销售是公司缓解资金压力的关键所在。<br />
<br />
　　盈利预测及投资建议<br />
<br />
　　前两年的高增长将停止，预计09年收入下降1.9%至47.48亿元，净利润因少数股东权益大幅减少而略有增长，每股收益1.14元。<br />
<br />
　　春节后股价上涨了65%，目前估值市场中等水平，符合公司行业地位，维持“持有”评级。(</td>
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<tr valign='top'><td width='15'><font size='2'>·</font></td><td class=px148 align=left><a href='http://www.gushi888.com/090225/140,1435,5504091,00.shtml' target='_blank'>房地产行业：2009年 筑底还是探底？</a></td></tr>
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