Binjiang Group(002244)

Search documents
房企半年度业绩预告怎么看?
Tianfeng Securities· 2025-07-20 11:44
行业报告 | 行业研究周报 房地产 证券研究报告 房企半年度业绩预告怎么看? 行业追踪(2025.7.12-2025.7.18) 据我们统计,截至 7 月 18 日,A 股房地产地产板块有 76 家房企披露 2025 年中期业绩预告, 合计预亏区间约 350.5 亿元至 478.4 亿元。其中,29 家房企预计盈利、47 家房企预计亏损, 亏损房企占比 61.8%。具体来看,预增 7 家、预减 6 家、扭亏 16 家、首亏 14 家、续亏 33 家。整体来看,多数房企 25 上半年业绩仍处下滑期,少数房企业绩处底部爬坡期,个别优质 房企逆势提升,行业盈利分化趋势延续。以典型房企为例,1)如龙头央企保利发展、华发股 份净利润降幅均超 6 成,反映部分全国性房企除受结转规模同比下滑影响收入外,结转毛利率 及资产减值对利润的侵蚀现象仍在延续;我们认为此类企业业绩改善仍一定程度受旧库存去化 约束,但新老货盈利能力差异构成对冲、仍能保持盈利,伴随库存结构优化、价格跌幅收窄、 优质项目结算,未来业绩边际有望改善。2)部分阶段性减少拿地的大型房企如万科、金地集 团、华侨城等,亏损较去年同期扩大,更直观反映老货去化客观压力带 ...
地产及物管行业周报:中央要求以城市更新为重要抓手,统计局表示更大力度推动止跌回稳-20250720
Shenwan Hongyuan Securities· 2025-07-20 08:42
行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联系人 曹曼 (8621)23297818× caoman@swsresearch.com 2025 年 07 月 20 日 中央要求以城市更新为重要抓手, 统计局表示更大力度推动止跌回稳 看好 ——地产及物管行业周报(2025/07/12-2025/07/18) 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 地产行业数据:一二手房成交环比下降,新房成交推盘比下降。上周(7.12-7.18)34 个重 点城市新房合计成交 159.1 万平米,环比-20.1%;其中,一二线环比-22.9%、三四线 环比+24.8%; 7 月(7.1-7.18)一手房成交同比-18.0%,较 6 月-9.7pct;其中,一二线 同比-17.3%、三四线同比-21.9%,分别较 6 月-8.5pct ...
6月房地产行业月报:销售同比承压,开工竣工修复-20250717
Yin He Zheng Quan· 2025-07-17 11:08
Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1]. Core Viewpoints - The real estate sector is experiencing pressure on sales year-on-year, with a total sales area of 45,851 million square meters in the first half of 2025, representing a year-on-year decline of 3.50% [4][8]. - In June 2025, the monthly sales area was 10,535.81 million square meters, showing a month-on-month increase of 49.37% but a year-on-year decrease of 5.46% [4][8]. - The total sales amount for the first half of 2025 was 44,241 billion yuan, down 5.50% year-on-year, with June's sales amounting to 10,150.16 billion yuan, reflecting a month-on-month growth of 43.85% but a year-on-year decline of 10.79% [4][8]. - The average sales price for the first half of 2025 was 9,649 yuan per square meter, down 2.07% year-on-year [4][8]. Sales Summary - National Market: The sales area in the eastern region was 20,800 million square meters, down 5.2% year-on-year; the central region saw a decline of 1.2% with a sales area of 11,926 million square meters; the western region's sales area was 11,515 million square meters, down 2.5% [8]. - Regional Sales Amount: The eastern region's sales amount was 26,945 billion yuan, down 5.8% year-on-year; the central region's sales amount was 7,988 billion yuan, also down 5.8%; the western region's sales amount was 8,163 billion yuan, down 4.30% [8]. Investment Summary - Investment in real estate development for the first half of 2025 totaled 46,658 billion yuan, down 11.20% year-on-year [14]. - In June 2025, the monthly development investment was 10,424 billion yuan, reflecting a month-on-month increase of 22.58% but a year-on-year decline of 12.90% [14]. - New construction area for the first half of 2025 was 30,364 million square meters, down 20.00% year-on-year, with June's new construction area at 7,180 million square meters, showing a month-on-month increase of 34.27% [17]. - The completion area for the first half of 2025 was 22,567 million square meters, down 14.80% year-on-year, with June's completion area at 4,182 million square meters, reflecting a month-on-month increase of 52.77% [19]. Funding Summary - Total funds available to real estate companies in the first half of 2025 were 50,202 billion yuan, down 6.20% year-on-year [23]. - Domestic loans accounted for 8,245 billion yuan, showing a year-on-year growth of 0.60% [23]. - Self-raised funds were 17,544 billion yuan, down 7.20%, while personal mortgage loans were 6,847 billion yuan, down 11.40% [23]. Investment Recommendations - The report suggests that the real estate sector's configuration value is highlighted under supportive policies, with a focus on leading companies such as China Merchants Shekou, Poly Developments, and Longfor Group [41][40]. - Recommended stocks include Poly Developments, China Merchants Shekou, and others, with a focus on quality developers and property management firms [41][39].
保利发展净利润暂时领跑,滨江集团增长超四成
Bei Jing Shang Bao· 2025-07-17 10:08
房企业绩预报集中披露,部分房企净利润率先实现扭亏为盈。7月17日,据北京商报记者不完全统计, 目前A股已有25家涉房企业披露半年度业绩预告,保利发展(600048)、华发股份(600325)、滨江集 团(002244)等10家房企实现盈利,其中保利发展以27.35亿元位居25家房企之首。值得一提的是,得 益于交付体量增加以及浙江区域的市场回暖,滨江集团归母净利润实现增长,同比涨幅预计达40.01% —69.98%。 业内专家分析称,产品力仍是房企利润的核心保障。在政策推动楼市回暖的背景下,房企需聚焦优质地 块,打造超出预期的高品质产品,形成与竞品的产品力差异,才能赢得市场认可。 | 企业 | 米用 | 净利润预告情况 | 预告净利润(亿元) | | 年净利润 | | --- | --- | --- | --- | --- | --- | | | | | 上限 | 下限 | | | 演唱演剧 | 增磁 | 顾计净利润16.33亿一19.82亿元 | 19. 82 | 16. 33 | 11. 66 | | 城建发展 | 批与为做 | 顾计学利润4.4亿-6.54亿元 | 6. 54 | 4.4 | -1. 38 ...
房企半年报前瞻 | 保利发展净利润暂时领跑,滨江集团增长超四成
Bei Jing Shang Bao· 2025-07-17 10:03
Core Viewpoint - The performance forecasts of real estate companies indicate a mixed recovery, with some companies turning losses into profits while others continue to face significant losses [1][3]. Group 1: Company Performance - As of July 17, 2025, 25 real estate companies listed on A-shares have disclosed their half-year performance forecasts, with 10 companies, including Poly Developments and Binjiang Group, reporting profits [1][3]. - Poly Developments leads with a forecasted net profit of 27.35 billion yuan, although this represents a decline compared to previous years [3]. - Binjiang Group is noted for its impressive profit growth, with an expected net profit increase of 40.01% to 69.98%, attributed to a higher volume of property deliveries [5][6]. Group 2: Profitability Trends - Among the 25 companies, 15 are expected to report losses, with notable companies like Kinka Real Estate and Financial Street showing potential for reduced losses in the upcoming period [3][4]. - Companies such as China Communications Real Estate and Greenland Holdings have seen their losses increase, while others like Jin Di Group have reported significant losses due to reduced sales and asset impairment provisions [4][5]. Group 3: Market Dynamics - The real estate market is experiencing a recovery driven by policy support, with significant increases in land sales and new housing transactions in cities like Beijing [7][8]. - The focus on high-quality product offerings and understanding consumer needs is emphasized as critical for companies to enhance their market competitiveness [8].
2025年中央城市工作会议点评:从增量扩张转向存量提质,并强调以城市更新为重要抓手
Shenwan Hongyuan Securities· 2025-07-15 15:15
Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for these industries [5][14][25] Core Insights - The central urban work conference held from July 14 to 15, 2025, marks a transition in China's urbanization from rapid growth to stable development, emphasizing quality over quantity in urban expansion [5][6] - The conference highlights the importance of urban renewal as a key strategy for high-quality urban development, aligning with previous action plans and signaling forthcoming supportive policies [5][6] - The report anticipates that urban development will increasingly focus on core cities, with a shift towards improving existing urban stock rather than expanding new areas [5][6] - Future urban development is expected to differentiate between cities, with a strong emphasis on creating modern, livable, and resilient urban environments [5][6] Summary by Sections Urban Development Transition - The report notes that urbanization is moving from a phase of rapid growth to one of stable development, with a focus on enhancing existing urban quality [5][7] - The emphasis is on integrated planning for population, industry, urban areas, and transportation to optimize urban spatial structures [5][9] Urban Renewal as a Strategy - Urban renewal is identified as a critical lever for achieving high-quality urban development, with expectations for specific policies to be implemented following the conference [5][8] - The report suggests that urban renewal efforts will be concentrated in first and second-tier cities, reflecting a strategic shift in urban planning [5][8] Future Urban Development Focus - The report outlines seven key tasks for urban work, including optimizing urban systems, fostering innovation, enhancing livability, promoting green cities, ensuring safety, cultivating cultural values, and developing smart cities [8][9][10] - The focus on creating "good housing" aligns with the broader goal of improving living conditions and urban quality, with potential support for quality real estate companies [5][9] Investment Recommendations - The report recommends specific companies within the real estate sector, including those with strong product capabilities and those positioned for valuation recovery, as well as second-hand housing intermediaries and property management firms [5][14][16]
房地产1-6月月报:投资销售两端走弱,期待更大力度的止跌回稳政策-20250715
Shenwan Hongyuan Securities· 2025-07-15 14:42
Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].
行业点评报告:新房上海同环比领涨,二手房价同比降幅缩小
KAIYUAN SECURITIES· 2025-07-15 09:15
房地产 2025 年 07 月 15 日 投资评级:看好(维持) 行业走势图 数据来源:聚源 -17% 0% 17% 34% 50% 67% 2024-07 2024-11 2025-03 房地产 沪深300 相关研究报告 《新房成交面积同环比下降,加大闲 置存量土地回收力度—行业周报》 -2025.7.13 《新房成交面积环比增长,多地力推 商转公贷款—行业周报》-2025.7.6 《2025 年 1-6 月强销售金额点评:1-6 月百强销售同比收缩,建发金茂单月 销 售 表 现 靓 眼 — 行 业 点 评 报 告 》 -2025.7.1 新房上海同环比领涨,二手房价同比降幅缩小 ——行业点评报告 | 齐东(分析师) | 胡耀文(分析师) | 杜致远(联系人) | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号:S0790522010002 | 证书编号:S0790524070001 | 证书编号:S0790124070064 | 新房上海同环比领涨,二手房价同比降幅缩小 国家统计 ...
滨江集团(002244) - 关于竞得土地使用权的公告
2025-07-15 08:15
证券代码:002244 证券简称:滨江集团 公告编号:2025-039 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整, 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年七月十六日 2025 年 7 月 15 日,公司竞得下述地块的国有建设用地使用权: | 序 | 地块编号 | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]88 | 住宅、 号 商业 | 40536 | 3.0 | 183667 | 100% | 公司在上述项目中所占权益比例可能发生变化,上述比例仅供投 资者作阶段性参考。 ...
滨江集团(002244):公司信息更新报告:半年度业绩高增,投资强度维持高位
KAIYUAN SECURITIES· 2025-07-15 06:13
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant profit growth in the first half of 2025, driven by an increase in delivery scale and a focus on high-quality land reserves in Hangzhou, with a projected net profit of 16.33 to 19.82 billion yuan, representing a year-on-year growth of 40% to 70% [5][6] - Despite a decline in sales amounting to 527.5 billion yuan in the first half of 2025, the company maintains a stable sales ranking within the top ten in the industry, with a focus on land acquisition in Hangzhou [7] - The company has successfully reduced its financing costs to levels comparable to state-owned enterprises, with a comprehensive financing cost decreasing from 3.4% at the end of 2024 to 3.1% by mid-2025 [8] Financial Performance Summary - The company expects to achieve a revenue of 71.25 billion yuan in 2025, with a year-on-year growth of 3% [9] - The projected net profit for 2025 is 29.38 billion yuan, reflecting a year-on-year increase of 15.4% [9] - The earnings per share (EPS) for 2025 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 10.6 times [9][12] Land Acquisition and Market Position - In the first half of 2025, the company acquired 16 plots of land in Hangzhou and Jinhua, with a total land cost of 33.3 billion yuan, maintaining a land acquisition intensity of 63% [7] - The company holds a total land reserve of 9.976 million square meters, with 70% located in Hangzhou, indicating a strong focus on high-quality land [7][11] Financing and Cost Management - The company successfully issued bonds totaling 2.3 billion yuan in the first half of 2025, with interest rates ranging from 2.5% to 3.8% [8] - The average financing cost has been consistently decreasing, aligning with the financing levels of state-owned enterprises [8]