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 ...

[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]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company experienced a 29% year-on-year decline in net profit, with a gross margin under pressure. In H1 2024, the company achieved operating revenue of 24.2 billion yuan, down 10% year-on-year, primarily due to the scheduling of project deliveries concentrated in the fourth quarter. The net profit attributable to the parent company was 1.17 billion yuan, with a net profit margin of 4.8%, a decrease of 1.2 percentage points year-on-year, mainly due to the decline in gross margin [5][9]. - The company has improved its sales ranking while maintaining investment intensity. In H1 2024, the signed sales amount was 58.2 billion yuan, down 37% year-on-year, ranking 8th in the industry, an improvement of 3 places compared to the entire year of 2023. The company added 10 new land reserves with a total construction area of 875,000 square meters, with a total land price of 22.3 billion yuan, down 44% year-on-year, all located within Hangzhou, further highlighting its competitive advantage [9][14]. - The financial situation remains stable, with a continuous decline in financing costs. As of the end of H1 2024, the company's financial indicators under the "three red lines" policy remained in the "green zone," with a debt-to-asset ratio of 55% (excluding advance receipts), a net debt ratio of 23%, and a cash-to-short-term debt ratio of 2.5 times. The average financing cost was 3.7%, a decrease of 50 basis points from the end of the previous year [14][18]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 24.2 billion yuan, a decrease of 10% year-on-year, and a net profit of 1.17 billion yuan, down 29% year-on-year. The gross margin was 9.6%, down 8.7 percentage points year-on-year, primarily due to low-margin projects acquired in 2020-2021 [5][9]. - The company expects revenue for 2024 and 2025 to be 80.2 billion yuan and 77 billion yuan, respectively, with net profits of 2.33 billion yuan and 2.72 billion yuan, leading to earnings per share of 0.75 yuan and 0.87 yuan, respectively [17][18]. Sales and Investment - The company signed sales of 58.2 billion yuan in H1 2024, ranking 8th in the industry, with a land acquisition intensity maintained at 38%. The total land reserves are concentrated, with 66% located in Hangzhou [9][14]. Financial Health - The company's financial indicators remain robust, with a debt-to-asset ratio of 55%, a net debt ratio of 23%, and a cash-to-short-term debt ratio of 2.5 times. The average financing cost has decreased to 3.7% [14][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company reported a decline in revenue and profit margins, with a significant drop in gross profit margin due to lower turnover rates. However, it has improved its sales ranking and acquired quality land reserves, indicating potential for profit recovery in the future [6][7][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 24.2 billion yuan, a year-on-year decrease of 10.5%. The net profit attributable to shareholders was 1.17 billion yuan, down 28.7% year-on-year. The gross margin and net margin were 9.57% and 5.06%, respectively, reflecting declines of 8.68 percentage points and 2.13 percentage points year-on-year [7]. - The decline in profit was primarily due to a drop in the gross profit margin of the real estate segment, which fell by 8.71 percentage points to 9.58%. The negative cash flow was attributed to high land acquisition intensity and a decrease in sales collections [7]. Sales and Land Acquisition - The company reported a sales amount of 58.23 billion yuan in the first half of 2024, a decrease of 37.1% year-on-year. However, its sales ranking improved to 8th in the industry. The company acquired 10 plots of land in Hangzhou with a total investment of 22.3 billion yuan, adding over 35 billion yuan in new value [8]. - As of the end of the first half, the total land reserves were 12.9 million square meters, with 66% located in Hangzhou, indicating a strong focus on high-quality land reserves [8]. Financial Structure and Cost Management - The company optimized its debt structure, with a total interest-bearing debt of 39.868 billion yuan, down by 1.65 billion yuan from the beginning of the year. The cash-to-short-term debt ratio was 2.46 times, maintaining a healthy financial position [9]. - The comprehensive financing cost decreased to 3.7%, a reduction of 50 basis points compared to the end of 2023 [9]. Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits attributable to shareholders of 3.08 billion yuan, 3.83 billion yuan, and 4.41 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 0.99 yuan, 1.23 yuan, and 1.42 yuan, with current stock prices reflecting P/E ratios of 8.5, 6.8, and 5.9 times [6][10].