Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company experienced a decline in revenue and net profit in H1 2024, with revenue at 24.2 billion yuan, down 10.5% year-on-year, and net profit at 1.17 billion yuan, down 28.7% year-on-year [4][5]. - The decrease in performance is attributed to reduced delivery volumes and a decline in gross profit margins, with the gross margin for H1 2024 at 9.6%, down 7.2 percentage points from the end of the previous year [5]. - The company has a strong financing position, with a total bank credit line of 125.92 billion yuan, and an average financing cost of 3.7% in H1 2024, down 0.5 percentage points from the previous year [5][6]. - The company is expanding its land reserves, adding 10 new projects in Hangzhou, which constitutes 66% of its total land reserves, providing a solid foundation for future sales [5][6]. - The company aims to secure 5-10 new construction projects by the end of the year, enhancing its operational capabilities [5]. Financial Summary - The company reported a total revenue of 70.443 billion yuan for 2023, with a projected increase to 75.655 billion yuan in 2024, reflecting a year-on-year growth of 7.4% [4][8]. - The net profit for 2023 was 2.529 billion yuan, with an expected increase to 2.833 billion yuan in 2024, indicating a recovery trend [4][8]. - The gross margin is projected to stabilize around 15.7% in 2024, with a net margin of 3.7% [4][8]. - The company's return on equity (ROE) is expected to be 10.3% in 2024, reflecting a stable financial performance [4][8].

Investment Rating - The report maintains a "Buy" rating for Binjiang Group with a target price of RMB 10.80 [2] Core Views - Binjiang Group's H1 2024 revenue decreased by 10% YoY to RMB 24.2 billion, while net profit attributable to shareholders dropped by 29% YoY to RMB 1.17 billion [2] - The company's gross margin fell by 8.7 percentage points to 9.6% due to the delivery of high-cost land projects acquired in 2020-2021 [3] - Full-year net profit is expected to recover to positive growth, supported by a planned 7% increase in delivery area to 4.43 million square meters, mainly in Q4 [3] - The company maintains its 2024 sales target of over RMB 100 billion and a market share of over 1%, despite a 37% YoY decline in H1 sales to RMB 58.2 billion [4] - Land acquisition intensity remained strong at 38%, with all new land parcels located in Hangzhou [4] - Financial stability improved, with a 4% reduction in interest-bearing debt to RMB 39.9 billion and a significant decrease in comprehensive financing costs to 3.7% [5] Financial Forecasts - Revenue is expected to grow by 4.02% in 2024E to RMB 73.27 billion, with a further 2.58% increase in 2025E [6] - Net profit attributable to shareholders is projected to grow by 10.45% in 2024E to RMB 2.79 billion [6] - EPS is forecasted to be RMB 0.90 in 2024E, increasing to RMB 0.95 in 2025E and RMB 0.98 in 2026E [6] - ROE is expected to improve from 4.88% in 2023 to 5.04% in 2024E and 5.74% in 2025E [6] Valuation - The report assigns a 12x 2024E PE multiple, higher than the industry average of 9x, reflecting the company's strong land acquisition strategy and concentrated resources in Hangzhou [2] - The target price of RMB 10.80 represents a 28.3% upside from the current price of RMB 8.42 [2][9]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's revenue and net profit attributable to shareholders are under short-term pressure, with a significant decline in cash flow from operating activities due to strong land acquisition efforts [1]. - Despite the challenges, the company ranks 8th in sales amount within the industry, with a substantial amount of unrecognized revenue from pre-sold properties supporting future revenue growth [1]. - The company maintains a healthy financial position with "three red lines" indicators in the green zone, indicating stable financing costs and a strong cash flow situation [1]. - The company continues to deepen its market presence in Hangzhou, with a high-quality land reserve that supports sustainable development [1]. - Revenue forecasts for 2024-2026 are projected to grow modestly, with PE multiples decreasing over the same period [1]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved revenue of 24.201 billion yuan, a year-on-year decrease of 10.46%, and a net profit of 1.131 billion yuan, down 29.98% [1]. - The sales amount for the first half of 2024 was 58.22 billion yuan, ranking 8th in the industry, with a sales area of 941,000 square meters [1]. Financial Health - The company’s cash flow from operating activities was negative at -4.585 billion yuan, a decline of 32.173 billion yuan compared to the previous year [1]. - The asset-liability ratio, net debt ratio, and cash-to-short-term debt ratio indicate a solid financial structure, with a financing cost of 3.7%, down 0.5 percentage points from the end of 2023 [1]. Land Acquisition and Market Strategy - The company added 10 new land reserve projects in the first half of 2024, all located in Hangzhou, with a total land payment of 11.22 billion yuan [1]. - As of the first half of 2024, 66% of the company's land reserves are in Hangzhou, with a focus on economically solid second and third-tier cities in Zhejiang Province [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 69.237 billion yuan, 71.446 billion yuan, and 74.271 billion yuan, respectively, with expected growth rates of -1.71%, 3.19%, and 3.95% [5]. - The projected net profit for the same period is 2.722 billion yuan, 2.692 billion yuan, and 3.077 billion yuan, with growth rates of -4.55%, 11.53%, and 14.27% [5].

事件 2024 年 8 月 31 日滨江集团发布 2024 年半年报。1H24 实现营收 242.0 亿元，同比-10.5%；实现归母净利润 11.7 亿元，同比-28.7%。 2Q24 实现营收 105.0 亿元，同比-38.0%；实现归母净利润 5.1 亿 元，同比-53.0%。 点评 交付量&毛利率下滑，营收利润同比承压：1H24 公司共有 16 个新 盘顺利交付，交付体量较上年同期减少带动营收下滑。由于当期 结算的主要项目为 2020 年、2021 年获得的项目，此类项目因存在 自持等原因导致毛利率较低，1H24 毛利率 9.57%，同比下降 8.68cpt，导致归母净利润下滑幅度大于营收。 销售位居行业前列，去化理想、多楼盘热销：1H24 公司全口径销 售金额 582.3 亿元，同比-37%，居行业第 8 位（较 2023 全年提升 3 位）。市场下行背景下，公司主要楼盘仍保持热销，其中霞映锦 绣里和潮起江南城成为杭州地区 1H24 仅有的两个中签率低于 10%、出发限售的项目。 投资聚焦杭州深耕，土储优质：1H24 公司新增项目 10 个，全部位 于杭州，进一步巩固杭州市场份额；新增总建面 87. ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥24.20 billion, a decrease of 10.46% compared to ¥27.03 billion in the same period last year[14]. - The net profit attributable to shareholders was approximately ¥1.17 billion, down 28.74% from ¥1.64 billion year-on-year[14]. - Basic earnings per share decreased by 30.19% to ¥0.37 from ¥0.53 in the same period last year[14]. - The net profit attributable to shareholders for the same period was CNY 1.166 billion, a decrease of 28.74% year-on-year, primarily due to a reduction in delivery volume and lower gross margins on delivered projects[21]. - The company reported a net profit of CNY 10,483,261.51 from the liquidation of Hangzhou Binwang Real Estate Development Co., Ltd.[67]. - The company reported a net profit of CNY 1,223,557,639.18 for the first half of 2024, down 37.0% from CNY 1,941,579,429.00 in the first half of 2023[125]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2024, representing a 15% year-over-year growth[149]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately -¥4.58 billion, a significant decline of 116.62% compared to ¥27.59 billion in the previous year[14]. - The company reported a total cash inflow from financing activities of CNY 18,260,413,560.39, down from CNY 27,205,899,220.24 in the first half of 2023[129]. - The company's cash and cash equivalents decreased significantly to CNY 867.77 million from CNY 4.20 billion, a decline of about 79.3%[121]. - The total cash and cash equivalents at the end of the first half of 2024 stood at ¥861,151,478.54, up from ¥316,996,691.09 at the end of the first half of 2023, indicating improved liquidity[131]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥282.92 billion, a decrease of 2.45% from ¥290.03 billion at the end of the previous year[14]. - The company's total liabilities amounted to CNY 224.16 billion, down from CNY 231.58 billion, indicating a decrease of about 3.2%[119]. - The company's total equity rose to CNY 24,331,335,408.44, an increase of 6.1% from CNY 22,921,717,015.44[123]. - The company's total equity attributable to shareholders was ¥25,302,261,949.00 at the end of the reporting period, showing stability in shareholder equity[132]. Investment and Projects - The company added 10 new land reserve projects in Hangzhou during the reporting period, with a total planned construction area of 875,198 square meters and an equity land cost of CNY 11.22 billion[22]. - The company has multiple ongoing projects in Hangzhou, with a total planned investment of approximately ¥3.5 billion across various residential and commercial developments[28]. - The total presale area for the projects in Hangzhou reached 1,200,000 square meters, with a presale amount of 1,200 million yuan in the first half of 2024[31]. - The company is actively expanding its project portfolio in Hangzhou, focusing on residential and commercial properties to enhance market presence[29]. Market Position and Strategy - The company achieved a sales revenue of CNY 58.23 billion, ranking 8th in the industry according to CRIC, an increase of 3 positions compared to 2023[21]. - The sales target for 2024 is set at over CNY 100 billion, aiming for a national ranking within the top 15 in the industry[38]. - The company plans to expand its market presence by launching new residential and commercial projects in the coming quarters[32]. - The company is focusing on developing new technologies and products to enhance its competitive edge in the real estate market[31]. Risk Factors and Challenges - The company faces significant risks related to policy changes and the long development cycle of real estate projects, which may impact operational goals[2]. - The company has adjusted its accounting policies, which may affect the comparability of financial data[13]. - The company reported a significant reduction in tax and additional fees, down 74.72% to ¥196,292,463.95, due to lower land value-added tax[51]. Corporate Governance and Compliance - The company did not distribute cash dividends or issue bonus shares for this period[4]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[78]. - The company has a AAA credit rating, enhancing its financing advantages and reflecting strong asset quality and operational stability[46]. - The company has no significant litigation or arbitration matters pending, with a minor case involving RMB 32.59 million that is not expected to have a major impact[79]. Environmental and Social Responsibility - The company has implemented various environmental protection measures, including the use of energy-efficient materials and designs, aiming to create "green real estate" and reduce pollution throughout the construction lifecycle[74]. - The company has committed to a long-term rural revitalization strategy, planning to transform 15 administrative villages and nearly 100 natural villages over the next 5-7 years, benefiting approximately 17,000 residents[77]. - The company has received recognition for its rural revitalization efforts, including the "Hangzhou Charity Award" for rural revitalization and being named one of the "Most Beautiful Construction Groups" in the provincial housing and urban-rural development system[77].

关于会计政策变更的公告 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。 杭州滨江房产集团股份有限公司(以下简称"公司")根据中华人 民共和国财政部颁布的《关于印发<企业会计准则解释第 17 号>的通 知》（财会〔2023〕21 号）（以下简称"准则解释第 17 号"）的要 求变更会计政策，无需提交公司董事会审议，现将本次会计政策变更 的具体情况公告如下： 一、本次会计政策变更概述 （一）变更原因及变更日期 2023年11月9日，财政部印发《准则解释第17号》，对"关于流动 负债与非流动负债的划分"、"关于供应商融资安排的披露"和"关 于售后租回交易的会计处理"的内容进行规范和明确，自2024年1月1 日起施行。由于上述会计准则修订，公司需对原会计政策相关内容进 行调整，并按以上文件规定的起始日开始执行上述会计准则。 证券代码：002244 证券简称：滨江集团 公告编号：2024-059 杭州滨江房产集团股份有限公司 1、变更前采取的会计政策 本次会计政策变更前，公司采用财政部颁布的《企业会计准则— —基本准则》和各项具体会计准则、企业会计准则应用指南、企业会 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024-057 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 2024 年 8 月 29 日，公司竞得下述地块的国有建设用地使用权： 二○二四年八月三十日 | 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]91 | 号 | 住宅 | 36826 | 1.9 | 160752 | 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。 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， 特此公告。 没有虚假记载、误导性陈述或重大遗漏。 杭州滨江房产集团股份有限公司 董事会 ...

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 证券代码：002244 证券简称：滨江集团 公告编号：2024—056 杭州滨江房产集团股份有限公司 截止本公告日，公司及控股子公司对外担保总额为 1,175,178.68 万元，占公司最近一期经审计净资产的 46.45%。 一、担保情况概述 （一）基本情况 为满足项目经营需要，公司控股子公司天台杨帆慈悦置地有限公 司（以下简称"天台杨帆公司"）拟向浙商银行股份有限公司申请人 民币2亿元的融资，为切实提高子公司融资效率，保障其良好经营，公 司拟按50%的股权比例为天台杨帆公司本次融资提供连带责任保证担 保，保证范围为天台杨帆公司本次未清偿债务的50%（最高本金限额为 1亿元）。合作方股东为天台杨帆公司本次融资提供110%最高全额连带 责任保证担保。 （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《关于为控股子公司提 供担保额度的议案》，同意公司为资产负债率为 70%以上 ...

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。 杭州滨江房产集团股份有限公司 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。 2024 年 8 月 13 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]80 | 号 住宅 | 20164 | 1.9 | 109920 | 100% | 证券代码：002244 证券简称：滨江集团 公告编号：2024-055 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 董事会 二○二四年八月十四日 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024-053 杭州滨江房产集团股份有限公司 第六届董事会第三十八次会议决议 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。 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第三十八次会议通知于 2024 年 8 月 4 日以专人送达、传真形式发 出，会议于 2024 年 8 月 9 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 一、审议通过《关于关联交易的议案》 因个人需求，公司副总裁郭清先生及其配偶王锦女士拟共同向公 司控股子公司杭州滨绿房地产开发有限公司购买武林壹号商品房一 套及相应车位，总金额 1694.0574 万元；沈于蓝女士拟向公司全资子 公司杭州滨融房地产开发有限公司购买御潮府商品房一套及相应车 位，总金额 1033.9214 万元。根据《深圳证券交易所股票上市规则》 的相关规定，以上购房人为公司的关联自然人，本次购买商品房的交 易构成关联交易。 公司独立董事 ...