[Table_Page] 中报点评|房地产开发 证券研究报告 [Table_Title] 滨江集团（002244.SZ） 低毛利项目结算拉低利润率，聚焦杭州同时拓展新方向 [Table_Summary] 核心观点： ⚫ 年内结算滞后，低毛利项目结算拉低利润率水平。公司披露 24 年中 报，24H1 实现营收 242.0 亿元，同比-10%，归母净利 11.7 亿元，同 比-29%，扣非归母净利 11.3 亿元，同比-30%，其中 Q2 营收同比-38%， 归母净利同比-53%。竣工交付节奏的年内波动影响上半年结算体量， 两集中时期竞配建低毛利项目结算拉低利润率。24H1 滨江整体、扣税 毛利率为 9.6%、8.8%，同比回落 8.7pct、6.6pct，在三费费用管控稳 定、未计提减值的情况下，公司归母净利率 4.8%，同比下滑 1.2pct。 ⚫ 销售排名攀升，价格表现稳定。24H1 滨江实现销售金额 582.3 亿元， 同比下滑 37%，据克尔瑞榜单，销售排名升至第 8。24H1 滨江销售均 价 4.66 万元/平，根据中指院数据，滨江销售均价为杭州均价的 1.5 倍， 杭州相对稳定的价格对冲部分销量下行 ...

Investment Rating - The report maintains a "Recommend" rating for Binjiang Group with a target price of 10 yuan, compared to the current price of 8.09 yuan [1] Core Views - Binjiang Group's revenue and net profit declined in H1 2024 due to reduced delivery volume and lower project gross margins [1] - The company's sales performance was impacted by the downturn in Hangzhou's real estate market, with a 37% YoY decrease in sales [1] - Binjiang Group focused on expanding land reserves in Hangzhou, adding 875,000 square meters of new land reserves with a total land price of 22.3 billion yuan [1] - The company maintains strong financial liquidity with a cash-to-short-term debt ratio of 2.46x and a declining comprehensive financing cost of 3.7% [1] Financial Performance - H1 2024 revenue was 24.201 billion yuan, down 10.46% YoY, with net profit attributable to shareholders of 1.166 billion yuan, down 28.74% YoY [1] - Gross margin for H1 2024 was 9.6%, down 8.7 percentage points YoY [1] - The company achieved sales of 58.23 billion yuan in H1 2024, down 37% YoY, with Hangzhou sales accounting for 31 billion yuan, down 58% YoY [1] Land Reserves and Expansion - Binjiang Group added 10 new land reserve projects in Hangzhou with a total construction area of 875,000 square meters [1] - As of June 2024, 66% of the company's land reserves are in Hangzhou, 25% in other cities in Zhejiang Province, and 9% outside Zhejiang [1] Financial Position - The company's interest-bearing liabilities stood at 34.4 billion yuan on a consolidated basis, with short-term debt accounting for 27% of total liabilities [1] - Binjiang Group's comprehensive financing cost decreased by 0.5 percentage points to 3.7% as of June 2024 [1] Future Outlook - The company maintains a 2024 sales target of over 100 billion yuan, with new land acquisitions expected to contribute to achieving this goal [1] - Binjiang Group's strong brand and operational advantages in Hangzhou are expected to support future profitability recovery [1]

证券研究报告 | 2024年09月03日 滨江集团（002244.SZ） 优于大市 毛利率承压但财务稳健，销售投资保持合理节奏 归母净利润同比-29%，毛利率持续承压。2024H1，公司实现营业收入 242 亿 元，同比-10%，主要受公司结算计划排布影响，今年楼盘交付主要集中在第 四季度；归母净利润 11.7 亿元，同比-29%；归母净利率为 4.8%，同比下降 1.2 个百分点，主要受毛利率降低影响。2024H1，公司毛利率 9.6%，同比下 降了 8.7 个百分点，主要因为 2020-2021 年获取了一些低毛利项目，待这些 项目结算出清后，毛利率有望企稳回升。此外，2024H1 归母净利润占比 95%， 同比提升了 11 个百分点。 销售排名提升，保持投资强度。2024H1，公司签约销售金额为 582 亿元，同 比-37%，行业排名第 8，较 2023 全年提升 3 名。2024H1，公司新增土储 10 宗，新增土储计容建面 87.5 万㎡，总地价 223 亿元，同比-44%，全部位于 杭州市内，深耕优势进一步彰显；以拿地金额/销售金额计算的投资强度维 持在 38%。截至 2024H1 末，公司总土储 ...

隐证券 房地产/房地产开发 公 司 研 究 滨江集团（002244.SZ） 2024 年 09 月 02 日 结转毛利率承压下滑，杭州大本营拿地稳健 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 日期 2024/8/30 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 8.42 | | 一年最高最低 ( 元 ) | 11.18/5.67 | | 总市值 ( 亿元 ) | 261.98 | | 流通市值 ( 亿元 ) | 225.85 | | 总股本 ( 亿股 ) | 31.11 | | 流通股本 ( 亿股 ) | 26.82 | | 近 3 个月换手率 (%) | 128.09 | 股价走势图 滨江集团 沪深300 -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《营收高增利润承压，优质土储助力 盈 利 修 复 — 公 司 信 息 更 新 报 告 》 -2024.4.28 《营 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Insights - The company reported a revenue of 24.201 billion yuan for H1 2024, a year-on-year decrease of 10.46%. The net profit attributable to shareholders was 1.166 billion yuan, down 28.74% year-on-year, with basic earnings per share of 0.37 yuan, a decline of 30.19% [3]. - The overall gross margin for H1 2024 was 9.58%, down 8.71 percentage points from the same period last year, primarily due to a decrease in the delivery volume of development projects [3]. - The company achieved a sales amount of 58.23 billion yuan in H1 2024, a year-on-year decrease of 37.10%, ranking 8th in the industry sales rankings, an improvement of 3 places from 2023 [3]. - The company added 10 new land reserve projects in H1 2024, with a total construction area of 875,000 square meters and a total price of 22.266 billion yuan, maintaining a steady investment pace [3]. - The company has a total land reserve of 12.8953 million square meters as of the end of H1 2024, with 66% located in Hangzhou, providing a solid foundation for future development [3]. Financial Summary - The company forecasts revenues of 73.915 billion yuan, 77.744 billion yuan, and 80.248 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 4.93%, 5.18%, and 3.22% [6]. - The net profit attributable to shareholders is projected to be 2.777 billion yuan, 3.116 billion yuan, and 3.293 billion yuan for the same years, with profit growth rates of 9.81%, 12.20%, and 5.69% respectively [6]. - The average financing cost is expected to decrease to 3.7% by the end of H1 2024, with a cash short-term debt ratio of 2.46 times, indicating a strong liquidity position [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 24.2 billion yuan in the first half of 2024, a year-on-year decrease of 10.5%, and a net profit attributable to shareholders of 1.17 billion yuan, down 28.7% year-on-year. The decline in revenue is attributed to reduced delivery volumes and a drop in gross margin, which fell by 8.7 percentage points to 9.6% [2]. - The company plans to deliver 4.425 million square meters in 2024, an increase of 6.8% year-on-year, with the majority of deliveries expected in the fourth quarter. As of the first half of 2024, the company has 139.4 billion yuan in unrecognized advance payments, covering twice the previous year's real estate sales revenue, indicating sufficient resources for recognition [2]. - The company achieved a sales amount of 58.23 billion yuan in the first half of 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, which is an improvement of 3 places from the end of the previous year. The company’s sales performance outperformed the top 100 companies in the industry, which saw a 41.8% decline in sales [2]. - The company’s land acquisition remains strong, with 10 new land reserves in Hangzhou, totaling a buildable area of 875,000 square meters and a total land price of 22.27 billion yuan, indicating a land acquisition intensity of 38% [2]. Financial Summary - As of the first half of 2024, the company’s total assets were 282.9 billion yuan, a decrease of 2.5% from the end of the previous year. Total liabilities were 224.2 billion yuan, down 3.2%, with interest-bearing liabilities at 39.9 billion yuan, a decrease of 1.7 billion yuan [2]. - The company’s average financing cost in the first half of 2024 was 3.7%, down 0.5 percentage points from the end of the previous year, indicating a healthy financial position [2]. - The report projects revenues of 74 billion yuan, 70.5 billion yuan, and 65.1 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.8 billion yuan, 2.9 billion yuan, and 2.9 billion yuan for the same years [2][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [6]. Core Insights - The company reported a 29% year-on-year decline in performance for the first half of 2024, which aligns with expectations. The low expense ratio and abundant resources for settlement are highlighted as strengths [6]. - The company achieved sales of 58.2 billion yuan in the first half of 2024, a 37% decrease year-on-year, but improved its ranking to 8th in the industry, up 3 places from 2023 [6]. - The company actively acquired land, with a total expenditure of 22.3 billion yuan in the first half of 2024, all in Hangzhou, maintaining a land acquisition to sales ratio of 38% [6]. - Financial safety has improved, with a continued decrease in interest-bearing liabilities and a low financing cost, as the company remains within the green zone of the "three red lines" policy [6]. Summary by Sections Market Data - Closing price as of August 30, 2024: 8.42 yuan - Market capitalization: 22,585 million yuan - Price-to-book ratio: 1.0 - Dividend yield: 1.07% [3][4]. Financial Performance - Revenue for the first half of 2024: 24.2 billion yuan, down 10.5% year-on-year - Net profit attributable to shareholders: 1.17 billion yuan, down 28.7% year-on-year - Basic earnings per share: 0.37 yuan, down 30.2% year-on-year - Gross margin: 9.6%, down 8.7 percentage points year-on-year [6][8]. Future Projections - The company forecasts revenue of 77.1 billion yuan for 2024, with a projected net profit of 2.91 billion yuan, reflecting a 15% increase year-on-year [8][9]. - The company aims for sales exceeding 100 billion yuan in 2024, targeting a national ranking within the top 15 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [2]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 24.2 billion RMB, down 10.5% year-on-year, and net profit at 1.17 billion RMB, down 28.7% year-on-year [1][2]. - Despite short-term profit pressures, the company has a strong pipeline of pre-sold projects and a solid land reserve, particularly in Hangzhou and Zhejiang province, which supports future growth [2][1]. - The company is focusing on cost control and maintaining a healthy financial position, with a debt-to-asset ratio of 59.0% and a net debt ratio of 22.9% as of June 2024 [1][11]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 9.6%, a decrease of 8.7 percentage points year-on-year, and a net profit margin of 4.8%, down 1.2 percentage points year-on-year [1][7]. - The annualized ROE for H1 2024 was 8.8%, reflecting a decline of 4.2 percentage points year-on-year [1][8]. Sales and Market Position - The company achieved sales of 58.2 billion RMB in H1 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, an improvement of 3 places from 2023 [1][12]. - The sales target for 2024 is set at over 100 billion RMB, aiming for a market share of 1% and a national ranking within the top 15 [1][2]. Land Acquisition and Development - The company added 10 new land projects in H1 2024, all located in Hangzhou, with a total land area of 875,000 square meters, down 64.9% year-on-year [1][14]. - The average land price was 25,400 RMB per square meter, an increase of 60.1% year-on-year, indicating strong demand despite a decrease in acquisition volume [1][14]. Other Business Segments - The company is expanding its leasing and construction management businesses, with plans to add 5-10 new construction projects in 2024 [1][2]. - As of June 2024, the company held rental properties totaling approximately 431,000 square meters, generating rental income of 198 million RMB, up 21.5% year-on-year [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 9.83 yuan from the previous 8.75 yuan [2][3]. Core Insights - The company's performance in the first half of 2024 was temporarily under pressure due to low-margin settlement projects and settlement rhythm, but an improvement is expected in the second half of the year [3]. - The company reported a revenue of 24.2 billion yuan in the first half of 2024, a year-on-year decline of 10.5%, and a net profit attributable to shareholders of 1.17 billion yuan, down 28.7% year-on-year [3]. - The company plans to deliver 22 projects in the second half of the year, primarily in the fourth quarter, with a total planned deliverable area of 4.425 million square meters, an increase of 6.8% year-on-year [3]. - The gross profit margin decreased significantly in the first half of 2024, down 8.7 percentage points to 9.6%, but is expected to improve as low-margin projects are settled and housing prices stabilize [3]. - The company has a substantial amount of unrecognized pre-sale funds amounting to 139.44 billion yuan, providing support for future performance [3]. - The company has been actively acquiring land, with a land acquisition-to-sales ratio of 0.38, ranking second among the top 10 real estate companies in terms of equity sales [3]. - The company aims to maintain financial stability and has reduced its average financing cost to a historical low of 3.7% [3]. Financial Summary - For the first half of 2024, the company reported a revenue of 24.2 billion yuan and a net profit of 1.17 billion yuan [3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.98 yuan, 1.10 yuan, and 1.22 yuan, respectively [3]. - The company’s total assets are projected to reach 343.85 billion yuan by 2024, with total liabilities of 282.57 billion yuan [11]. - The net asset value per share is 8.47 yuan, with a price-to-book ratio of 1.0 [5]. Market Data - The company's stock price has ranged from 5.78 to 11.00 yuan over the past 52 weeks, with a total market capitalization of 26.198 billion yuan [4]. - The company has a total share capital of 3.111 billion shares, with 2.682 billion shares in circulation [4]. Comparative Analysis - The company’s P/E ratio is projected to be 8.57 for 2024, compared to an industry average of 9.3 [12]. - The company ranks favorably in terms of land acquisition among its peers, indicating a strong competitive position in the market [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 24.2 billion RMB, down 10.5% year-on-year, and net profit at 1.17 billion RMB, down 28.7% year-on-year [3][4]. - Despite short-term profit pressures, the company has a strong pipeline of pre-sold projects and a solid land reserve, particularly in Hangzhou and Zhejiang province, which supports future growth [4][3]. - The company is focusing on cost control and maintaining a healthy financial position, with a debt-to-asset ratio of 59.0% and a net debt ratio of 22.9% as of June 2024 [3][15]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 9.6%, a decrease of 8.7 percentage points year-on-year, primarily due to lower margins from projects delivered in 2020 and 2021 [3][10]. - The annualized ROE for H1 2024 was 8.8%, down 4.2 percentage points year-on-year, reflecting the impact of declining profit margins [3][12]. Sales and Market Position - The company achieved sales of 58.2 billion RMB in H1 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, an improvement of 3 places from 2023 [3][17]. - The sales target for 2024 is set at over 100 billion RMB, aiming for a market share of 1% and a national ranking within the top 15 [3][4]. Land Acquisition and Development - The company maintained a high land acquisition intensity, with 10 new projects added in H1 2024, all located in Hangzhou, totaling 875,000 square meters, with an acquisition cost of 22.27 billion RMB [3][19]. - As of June 2024, the total land reserve stood at 12.9 million square meters, with 76% located in Hangzhou, ensuring a robust foundation for future development [3][21]. Other Business Initiatives - The company is expanding its leasing and construction management businesses, with plans to add 5-10 new construction management projects in 2024 [3][4]. - The rental income from investment properties reached 198 million RMB in H1 2024, a year-on-year increase of 21.5% [3][4].