证券代码：002244 证券简称：滨江集团 公告编号：2024—067 杭州滨江房产集团股份有限公司 第六届董事会第四十一次会议决议公告 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")第六届董事会 第四十一次会议通知于 2024 年11 月30 日以专人送达、传真形式发出， 会议于 2024 年 12 月 5 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： 关联董事戚金兴先生、莫建华先生回避表决。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 1 详情请见公司 2024-068 号公告《关于预计 2025 年度、2026 年度 日常关联交易的公告》。 二、审议通过《关于拟注册发行中期票据和短期融资券（含超短期 融资券）的议案》 为进一步拓宽公司融资渠道、优化融资结构、降低公司融资成本， 满足经营发展的资金需求，公司拟向中国银行间市场交易商协会申请注 册发行总额不超过(含)人民币 40 亿元的 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024-066 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 董事会 二○二四年十一月二十九日 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。 2024 年 11 月 28 日，公司控股子公司南京滨江房产开发有限公 司以 13.51 亿元竞得南京市江北新区凤滁路以东、天浦路以北 (NJJBd030-11-13)地块，地块用地性质为居住用地，规划面积 49066.61 ㎡，容积率≤1.6，目前公司在上述地块项目中所占权益比 例为 40.78%。 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024-065 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 董事会 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。 2024 年 11 月 20 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]124 | 住宅 | 30394 | 2.7 | 395430 | 100% | | | 号 | | | | | | 二○二四年十一月二十一日 ...

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。 2024 年 11 月 15 日，公司竞得下述地块的国有建设用地使用权： 证券代码：002244 证券简称：滨江集团 公告编号：2024-064 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 董事会 二○二四年十一月十六日 | 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]121 | 住宅 | 15494 | 2.2 | 137981 | 100% | | | 号 | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Binjiang Group (002244 SZ) [1][5] Core Views - Binjiang Group's October sales performance was strong, with a significant improvement in sales margins [1] - The company's new land reserves in 2024 are of high quality, concentrated in core urban areas of Hangzhou [1] - Despite a slight pressure on full-year performance, the company's financial position remains stable [1] Financial Performance - Revenue for the first three quarters of 2024 was RMB 40 78 billion, down 12 1% YoY [1] - Gross profit margin for the first three quarters was 10 4%, a decrease of 4 6 percentage points YoY [1] - Net profit attributable to shareholders was RMB 1 63 billion, down 34 0% YoY [1] Sales Performance - Cumulative sales from January to October 2024 reached RMB 92 2 billion, down 30 3% YoY [1] - October sales alone were RMB 12 billion, up 18 9% YoY and 54 6% MoM [1] - In Hangzhou, the company achieved sales of RMB 60 37 billion, maintaining its leading position in the local market [1] Land Acquisition - In 2024, the company acquired 12 land parcels in Hangzhou with a total construction area of 963,000 square meters [1] - The total investment in land acquisition was RMB 26 9 billion, with an average floor price of RMB 27,900 per square meter [1] - 76 6% of the investment was concentrated in core urban areas of Hangzhou [1] Financial Health - As of the end of Q3 2024, the company's short-term debt decreased by RMB 1 5 billion compared to the end of H1 2024 [1] - Cash on hand was RMB 29 1 billion, an increase of RMB 2 7 billion from the end of H1 2024 [1] - The debt-to-asset ratio after deduction was 59 1%, indicating a stable financial position [1] Valuation and Forecast - The report revised the EPS forecast for 2024-2026 to RMB 0 74, RMB 0 95, and RMB 0 97, respectively [1] - The current stock price corresponds to a PE ratio of 13 8x, 10 8x, and 10 5x for 2024-2026 [1] Market Position - Binjiang Group ranked first in Hangzhou's real estate sales rankings for both flow and equity sales in 2024 [2] - The company's sales in Hangzhou accounted for 65 5% of its total sales, with a flow sales of RMB 38 billion and equity sales of RMB 30 6 billion [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company has shown active land acquisition focused on Hangzhou, maintaining healthy financial indicators despite a decline in revenue and net profit [1][4]. - The decrease in performance is attributed to reduced delivery volume and declining gross margins, with expectations for improvement in the fourth quarter [2][3]. - The company has successfully reduced its interest-bearing debt, indicating a healthy balance sheet and strong short-term repayment capability [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 40.78 billion yuan, a year-on-year decrease of 12.1%, and a net profit attributable to shareholders of 1.63 billion yuan, down 33.9% [1][2]. - The gross margin for the first three quarters was 10.4%, a decline of 4.6 percentage points year-on-year, while the third quarter saw a slight improvement in gross margin to 11.7% [2][3]. - The company’s sales for the first three quarters amounted to 80.13 billion yuan, a decrease of 34.4% year-on-year, but the decline was less than that of the top 100 real estate companies [3][4]. Land Acquisition and Debt Management - The company acquired 11 plots of land in Hangzhou during the first three quarters, with a total investment of 25.1 billion yuan, representing a 54% decrease year-on-year [3][4]. - As of the end of the third quarter of 2024, total assets were 277.91 billion yuan, with total liabilities of 219.49 billion yuan, reflecting a 5.2% decrease from the previous year [3][4]. Future Projections - The company is projected to achieve revenues of 74 billion yuan in 2024, with net profits expected to reach 2.8 billion yuan [4][8]. - Earnings per share (EPS) are forecasted to be 0.90 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.5 times based on the current stock price [4][8].

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]