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三井不动产三大主力业务对营业利润的贡献变化（FY2000-2024）

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所属报告：

戴德梁行：2025房地产资产管理的价值逻辑与策略报告（48页）.pdf

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毫无疑问，开发销售业务是过去二十余年间驱动三井不动产业绩增长的主要动力，不仅该项业务利润在整 FY2022 的约 3,700 亿日元、1,060 体营业利润中的占比提升，且其利润增速显著高于整体经营利润及租赁、管理等其他主力业务。进入 21 亿日元，在开发销售业务中的营收和利世纪以来，公司经营利润整体的年均复合增长为约 5%，开发销售业务的利润年均复合增长为约 8%；同润占比则分别从约18%、27%上升到约58%、73%，收入和利润的年均复一时期另外两大主力业务－租赁业务和管理业务的利润年均复合增长分别为约 4%、5%。多元化布局令合增长分别在10% 和13% 左右。三井不动产在维持长期稳健发展的同时不断谋求新的增长动能。租赁业务为三井不动产提供了持续稳定的现金流，是其在日本经济下行周期、房地产泡沫破灭后得以稳健存续售业务的营收和利润增长。FY2002- 的重要支柱。与此同时，公司通过精准把握日本 REITs 市场的发展机遇，进一步开拓了新的增长路径。 2022，开发销售业务的收入年均复和增长约 3%，利润年均复和增长约 8%。房地产泡沫破裂后，日本开启了不动产证券化的探索。而同一时期，面向个人的开发销售收入年均复合下降约0.1%，利润年均复合增长约 2.5%。这一段时期开发销售业场的机会，在其公司战略中提出要“发展新的商业模式”“加强面向投资者的开发销售业务”。2001年9月，动。尽管近两年受升息影响，面向投资者的开发销售业务有所回落，但三井不日本首批J-REITs 之一上市，该基金专注于核心城市的优质办公物业，如东京都内的地标性写字楼。好的预期。在FY2024财报公布的待售物业中，近七成计划出售给投资者, 此后，三井不动产面向投资者的开发销售业务逐步扩大。受此影响，该项业务在开发销售营收和利润中的货值约1.7万亿日元，并预计NOI收益占比整体上呈扩张态势。该项业务的营收金额和利率将达到6.8%，较FY2023财报中的润从FY2002的约600亿日元、90亿日元增长到预测高出 0.4 个百分点。

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