Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company reported a revenue of 40.784 billion yuan for Q3 2024, a year-on-year decrease of 12.09%, and a net profit attributable to shareholders of 1.633 billion yuan, down 33.94% year-on-year [2] - The decline in net profit was greater than the revenue drop, primarily due to a decrease in gross margin from delivered projects, with a gross margin of 10.43% for the first three quarters of 2024, down 4.56 percentage points from the same period last year [2] - The company has maintained stable sales rankings, achieving a sales area of 1.7 million square meters in the first three quarters of 2024, a year-on-year decrease of 32.97%, and a sales amount of 80.13 billion yuan, down 34.39% year-on-year [2] - The company has continued to deepen its investment in Hangzhou, acquiring three new land parcels totaling 5.044 billion yuan, with a calculated land acquisition intensity of 23.03% based on a sales scale of 21.9 billion yuan for Q3 [2] - The company has effectively controlled its leverage, with a debt-to-asset ratio of 59.08% and a net debt ratio of 11.54% as of the end of Q3 2024 [2] Financial Summary - The company forecasts net profits attributable to shareholders of 2.777 billion yuan, 3.116 billion yuan, and 3.293 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.89 yuan, 1.00 yuan, and 1.06 yuan [5][8] - The projected PE ratios for the same years are 11.10X, 9.90X, and 9.36X [5][8] - The company’s revenue for 2024 is estimated at 73.915 billion yuan, reflecting a growth rate of 4.93% [5][8]

Investment Rating - The report maintains a "Buy" rating for Binjiang Group, emphasizing its commitment to quality and proactive land acquisition while optimizing finances [6]. Core Insights - In Q3 2024, Binjiang Group's revenue was 40.8 billion yuan, down 12.1% year-on-year, with a net profit of 1.63 billion yuan, a decrease of 33.9% [6][7]. - The company ranked 8th in sales during Q3 2024, with sales amounting to 80.1 billion yuan, a 34% decline compared to the previous year [6]. - The land acquisition in Q3 2024 totaled 27.3 billion yuan, entirely in Hangzhou, with a land acquisition to sales ratio of 34% [6]. - Financially, the company is in a safe position with a net debt ratio of 11.4% and a cash to short-term debt ratio of 4.6 times [6]. Summary by Sections Market Data - Closing price: 9.68 yuan - Market capitalization: 25,965 million yuan - Price-to-book ratio: 1.1 - Dividend yield: 0.93% [3][4]. Financial Performance - Q3 2024 revenue: 40.8 billion yuan, down 12.1% year-on-year - Q3 2024 net profit: 1.63 billion yuan, down 33.9% year-on-year - Gross margin: 10.4%, down 4.6 percentage points year-on-year [6][7]. Sales and Land Acquisition - Q3 2024 sales: 80.1 billion yuan, down 34% year-on-year - Q3 2024 land acquisition: 27.3 billion yuan, with a focus on Hangzhou [6]. Financial Health - As of Q3 2024, the company maintained a net debt ratio of 11.4% and a cash to short-term debt ratio of 4.6 times, indicating improved financial safety [6].

Investment Rating - The report maintains a "Recommend" rating for the company [2][5]. Core Views - The company is expected to recover its performance in Q4 after facing pressure in H1 due to reduced delivery volumes and declining gross profit margins. The gross margin as of Q3 2024 is 10.4%, down 6.3 percentage points from the end of the previous year [4][5]. - The company has a strong foothold in advantageous regions and is expected to have reliable sales performance even during market downturns. The company has also significantly recognized impairments in 2023, which positions it well for a recovery in 2024 [4][5]. - The company has actively engaged in land acquisition and sales, ranking 8th in sales with a total of 801.3 billion yuan in Q1-Q3 2024, and is among the top five in land acquisition with 20 billion yuan [4][5]. Financial Summary - For 2023, the company reported a revenue of 70,443 million yuan, with a year-on-year growth of 69.7%. However, net profit decreased by 32.4% to 2,529 million yuan [2][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.91 yuan, 1.02 yuan, and 1.10 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 10.9, 9.7, and 9.0 [2][8]. - The company’s total assets are projected to grow from 290,032 million yuan in 2023 to 415,345 million yuan by 2026, while total liabilities are expected to increase from 231,577 million yuan to 347,127 million yuan in the same period [6][8].

Investment Rating - The report maintains a "Buy" rating for the company [2][4][7] Core Views - The company achieved a revenue of 40.784 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.09%, and a net profit attributable to shareholders of 1.633 billion yuan, down 33.94% year-on-year. The decline in net profit is primarily due to a reduction in delivery volume and a decrease in gross profit margin from delivered projects [2][6] - The company ranked 8th in sales within the industry, improving by three places compared to the entire year of 2023, and it holds the top position in sales in Hangzhou with a total sales amount of 50.1 billion yuan in the same period [2][6] - The company maintained a strong land acquisition strategy, with a total land acquisition amount of 20 billion yuan in the first three quarters, ranking 5th in the industry, with all acquisitions located in Hangzhou [2][6][7] - Future performance is expected to improve with the sales turnover of quality projects, leading to better operating cash flow and overall performance [2][7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 40.784 billion yuan, down 12.09% year-on-year, and a net profit of 1.633 billion yuan, down 33.94% year-on-year. The gross profit margin for the period was 10.43%, a decrease of 4.56 percentage points compared to the same period in 2023 [2][6] - The company’s operating cash flow was negative 1.407 billion yuan, a decline of 105.04% year-on-year, mainly due to stable expenditures on land purchases and services while experiencing a drop in cash inflow [6] Sales and Market Position - The company achieved a sales amount of 80.1 billion yuan in the first three quarters of 2024, a year-on-year decrease of 34%, while the industry average sales decline was 39%. The company ranked 8th in the industry and was the top seller in Hangzhou [2][6] - The company’s land acquisition strategy remains aggressive, focusing on the Hangzhou market, with 11 land acquisitions in the first three quarters [2][6][7] Future Outlook - Revenue projections for 2024-2026 are 71.565 billion yuan, 73.126 billion yuan, and 75.330 billion yuan, representing year-on-year growth rates of 1.59%, 2.18%, and 3.01% respectively. Net profit projections for the same period are 2.374 billion yuan, 2.822 billion yuan, and 3.307 billion yuan, with year-on-year changes of -6.12%, +18.84%, and +17.21% respectively [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is facing pressure on revenue and profit, with a decline in turnover scale and gross profit margin. However, it has improved its sales ranking and secured quality land reserves in Hangzhou, maintaining smooth financing channels. The profit forecast remains unchanged, with expected net profits of 30.8 billion, 38.3 billion, and 44.1 billion yuan for 2024-2026, corresponding to EPS of 0.99, 1.23, and 1.42 yuan, respectively. The current stock price corresponds to PE ratios of 9.8, 7.9, and 6.8 times [4][5]. Financial Performance Summary - For the first three quarters, the company achieved operating revenue of 407.8 billion yuan, down 12.1% year-on-year, and a net profit attributable to shareholders of 16.3 billion yuan, down 33.9% year-on-year. In Q3 alone, revenue and net profit decreased by 14.4% and 44.1%, respectively. The operating cash flow was negative at -14.1 billion yuan, a decline of 105% year-on-year. The gross margin and net margin were 10.43% and 4.34%, down 4.56 percentage points and 1.98 percentage points year-on-year [5][6]. Sales and Market Position - The company ranked eighth in sales within the industry, with a sales amount of 801.3 billion yuan from January to September, a decrease of 34.4% year-on-year. It secured 14 land parcels in Hangzhou from January to October, with a total investment of 29.6 billion yuan and an average land price of 25,448 yuan per square meter. As of mid-year, the total land reserve was 12.9 million square meters, with 66% located in Hangzhou [6][7]. Financing and Debt Structure - The company raised 5.4 billion yuan through public market bond financing in the first three quarters, with a coupon rate of 3.55%-3.90%. As of mid-year, the total interest-bearing debt was 39.868 billion yuan, a decrease of 1.65 billion yuan from the beginning of the year. The debt structure shows a bank loan ratio of 79.5% and a direct financing ratio of 20.5%. The cash-to-short-term debt ratio is 2.46 times, and the overall financing cost has decreased to 3.7%, down 50 basis points from the end of 2023 [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 40.78 billion RMB for the first three quarters of 2024, a year-on-year decrease of 12%, and a net profit attributable to shareholders of 1.63 billion RMB, down 34% year-on-year. Despite the performance decline, the company has ample resources to be recognized, and with the peak delivery period in Q4 approaching, there is optimism for profit recovery throughout the year [1][2] - The company's land reserves are concentrated in Hangzhou, which is expected to benefit first from the recovery of the real estate market in core cities. The company is maintaining a strong land acquisition strategy while improving its financial stability [1][2] - The company plans to deliver a total construction area of 4.43 million square meters in 2024, a year-on-year increase of 7%, primarily concentrated in Q4. The contract liabilities for 2023 revenue stand at 192%, indicating sufficient resources for future revenue recognition [2] Summary by Sections Financial Performance - The company's net profit attributable to shareholders decreased due to a smaller revenue recognition scale and a decline in gross margin by 4.6 percentage points to 10.4%. The decline in profit was partially offset by reduced impairment losses and a decrease in minority interest [2] - As of Q3 2024, the company maintained a green status on its three red lines, with a short-term debt coverage ratio rising to 457% due to continuous reduction in short-term borrowings, further enhancing financial stability [3] Profit Forecast and Valuation - The report maintains the earnings per share (EPS) forecast for 2024-2026 at 0.90, 0.95, and 0.98 RMB respectively. The average price-to-earnings ratio (PE) for comparable companies is projected at 10 times, while the company is considered to have a reasonable PE of 13 times, leading to a target price of 12.35 RMB, up from a previous value of 10.80 RMB [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][7]. Core Views - The company's revenue and net profit have declined due to reduced delivery volume and lower gross margins. The gross margin for the first nine months of 2024 was 10.4%, down 4.6 percentage points year-on-year. However, a significant increase in delivery volume is expected in the fourth quarter, which may lead to a recovery in performance [1]. - The company has experienced a net cash outflow from operations of 1.41 billion yuan in the first nine months of 2024, compared to a net inflow of 27.9 billion yuan in the same period last year. This is attributed to a decline in sales, restrictions on mortgage disbursement due to lower down payment ratios, and a strong land acquisition strategy [1]. - The company ranks 8th in the industry in terms of total sales amount, with a total sales amount of 80.13 billion yuan in the first nine months of 2024, down 34.4% year-on-year, but it has improved its ranking by 3 places compared to the entire year of 2023 [1]. - The company focuses its investments in Hangzhou, acquiring 11 plots of land with a total acquisition amount of 25.1 billion yuan, ranking 4th in the industry for equity acquisition amount [1]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved revenue of 40.784 billion yuan, down 12.09% year-on-year, and a net profit attributable to shareholders of 1.633 billion yuan, down 33.94% year-on-year. In the third quarter alone, revenue was 16.583 billion yuan, down 14.36% year-on-year, with a net profit of 467 million yuan, down 44.11% year-on-year [1]. - The company's revenue growth rates for the years 2024 to 2026 are projected to be 1.59%, 2.18%, and 3.01%, respectively, while net profit growth rates are expected to be 4.07%, 24.93%, and 12.46% [2][4]. Market Position - The company has maintained a strong market position, with its sales ranking improving despite a decline in sales volume. The focus on the Hangzhou market is expected to yield positive results in the future [1][2]. Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 11.4x for 2024, 9.2x for 2025, and 8.1x for 2026, indicating potential for growth [2].

Financial Performance - The company's operating revenue for Q3 2024 was ¥16,582,621,964.72, a decrease of 14.36% compared to ¥19,364,064,234.17 in the same period last year[3]. - Net profit attributable to shareholders was ¥467,268,446.40, down 44.11% from ¥836,037,245.82 year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥360,556,498.73, a decline of 56.31% compared to ¥825,153,930.36 in the previous year[3]. - Basic and diluted earnings per share were both ¥0.15, down 42.31% from ¥0.26 year-on-year[3]. - The weighted average return on equity decreased to 1.75% from 3.26% in the previous year[3]. - The net profit for the third quarter of 2024 was CNY 1,771,871,725.81, a decrease of 39.5% compared to CNY 2,936,350,769.74 in the same period last year[13]. - The operating profit for the third quarter was CNY 2,763,935,843.69, compared to CNY 4,267,359,777.60 in the same quarter last year, reflecting a decrease of 35.2%[13]. - The company reported a total profit of CNY 2,740,824,548.24, down 35.7% from CNY 4,266,552,874.31 year-over-year[13]. - The basic earnings per share for the third quarter were CNY 0.52, a decline from CNY 0.79 in the same quarter last year[14]. - The total comprehensive income for the third quarter was CNY 1,749,896,947.97, down from CNY 2,954,485,563.28 in the same period last year[14]. Cash Flow - The net cash flow from operating activities was -¥1,406,942,092.85, a significant drop of 105.04% from ¥27,895,247,297.29 in the same period last year[3]. - The net cash flow from operating activities decreased by 105.04% to -1,406,942,092.85 CNY, primarily due to a decline in sales and restrictions on mortgage disbursement conditions[9]. - Total cash inflow from operating activities was 435,895,116.55 CNY, while total cash outflow was 37,600,051,543.25 CNY[16]. - The cash flow from financing activities improved by 77.10% to -1,515,948,713.48 CNY, reflecting a decrease in cash used for debt repayment[9]. - The net increase in cash and cash equivalents for Q3 2024 was -3,576,159,873.84 CNY, compared to an increase of 5,592,349,066.80 CNY in the previous year[17]. - Total cash inflow from investment activities was 6,093,356,530.35 CNY, while cash outflow was 6,743,952,562.31 CNY, resulting in a net cash flow of -650,596,031.96 CNY[16]. - Cash received from investment recoveries increased by 1554.44% to 1,077,845,345.01 CNY, attributed to an increase in recoveries from financial assets and equity investments[9]. - Cash received from investment income rose by 1334.36% to 567,901,853.15 CNY, driven by increased dividends from joint ventures[9]. Assets and Liabilities - Total assets at the end of the reporting period were ¥290,031,735,564.93, reflecting a decrease of 4.18% from the previous year[3]. - The company's inventory decreased from 172,697,519,388.15 CNY to 165,951,569,766.78 CNY, indicating a reduction in stock levels[11]. - Total liabilities decreased from 231,576,891,764.52 CNY to 219,487,304,015.69 CNY, with a notable reduction in current liabilities[12]. - The company's non-current liabilities due within one year decreased by 45.87% to ¥5,976,372,141.10, as a result of loan repayments[8]. - The equity attributable to shareholders was ¥25,302,261,949.00, an increase of 4.94% compared to the previous year[3]. - The total equity attributable to shareholders increased from 25,302,261,949.00 CNY to 26,553,354,353.63 CNY, reflecting retained earnings growth[12]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 46,260, with the largest shareholder, Hangzhou Binjiang Investment Holding Co., Ltd., holding 45.41% of shares[6]. - The top ten shareholders include several private equity funds, with the largest fund holding 1.21% of shares[7]. Investment and Financial Assets - The company's trading financial assets increased by 86.47% to ¥216,596,859.27 due to the purchase of wealth management products[8]. - The investment income for the first nine months of 2024 rose by 31.59% to ¥563,644,569.04, attributed to gains from the disposal of long-term equity investments[8]. - The company recorded an investment income of CNY 563,644,569.04, an increase from CNY 428,331,943.81 in the previous year[13]. - The company experienced a net loss from asset impairment of CNY 84,949,052.50, a significant improvement compared to a loss of CNY 624,719,500.84 in the previous year[13]. - The credit impairment loss decreased by 169.02% to ¥106,974,116.24, due to a reduction in other receivables[8]. - The company paid 21,798,168,586.95 CNY in debt repayments during the quarter, compared to 33,114,313,208.36 CNY in the previous year[16].

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。 证券代码：002244 证券简称：滨江集团 公告编号：2024-062 杭州滨江房产集团股份有限公司 杭州滨江房产集团股份有限公司 董事会 二○二四年十月三十日 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。 特此公告。 2024 年 10 月 29 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 | 建设用地面积 | 容积 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | (㎡) | 率 | (万元) | | | 1 | 杭政储出[2024]110号 | 住宅 | 63644 | 1.05 | 176946 | 100% | ...

证券代码：002244 证券简称：滨江集团 公告编号：2024—061 杭州滨江房产集团股份有限公司 关于为控股子公司提供担保的公告 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。 特别风险提示 截止本公告日，公司及控股子公司对外担保总额为 1,075,711.84 万元，占公司最近一期经审计净资产的 42.51%。 一、担保情况概述 （一）基本情况 为满足项目建设需要，公司控股子公司杭州北瑞置业有限公司（以 下简称"北瑞置业"）拟向平安银行股份有限公司、兴业银行股份有 限公司、中国银行股份有限公司、广发银行股份有限公司和中国农业 银行股份有限公司组成的银团申请不超过24亿元的融资，为切实提高 项目融资效率，保障项目的良好运作，公司拟按股权比例为北瑞置业 本次融资提供连带责任保证担保，保证范围为北瑞置业本次未清偿债 务的51%（最高本金限额为41361万元）。合作方股东将按出资比例对 其提供同等担保。 （二）审议程序 公司于 2024 年 4 月 25 日、6 月 17 日召开了第六届董事会第三十 四次会议及 2023 年年度股东大会，审议通过了《关于为控股子 ...