证券研究报告·公司点评报告·房地产开发 滨江集团（002244） 2023 年报点评：销售稳定财务稳健，2024 年 2024 年 04月 28日 轻装上阵 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 营业总收入（百万元） 41,502 70,443 76,168 80,813 84,916 执业证书：S0600523020003 xiaoc@dwzq.com.cn 同比（%） 9.28 69.73 8.13 6.10 5.08 证券分析师 白学松 归母净利润（百万元） 3,742 2,529 2,957 3,405 3,786 执业证书：S0600523050001 同比（%） 23.60 (32.41) 16.91 15.16 11.18 baixs@dwzq.com.cn EPS-最新摊薄（元/股） 1.20 0.81 0.95 1.09 1.22 P/E（现价&最新摊薄） 5.34 7.90 6.76 5.8 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024－026 杭州滨江房产集团股份有限公司 2024 年度第二期中期票据发行结果公告 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"）2024年4月25日发行了 公司2024年度第二期中期票据，现将发行结果公告如下： | 名称 | 杭州滨江房产集团股份 有限公司 2024 年度第 | 简称 | 24 滨江房产 MTN002 | | --- | --- | --- | --- | | | 二期中期票据 | | | | 代码 | 102481831 | 期限 | 2 年 | | 起息日 | 2024 年 4 月 28 日 | 兑付日 | 2026 年 4 月 28 日 | | 计划发行总额 | 5 亿元 | 实际发行总额 | 5 亿元 | | 发行利率 | 3.8% | 发行价格 | 面值 100 元 | | | 申购情况 | | | | 合规申购家数 | 7 家 | 合规申购金额 | 5.1 亿元 | | 最高申购价位 | 3.80% | 最低申购价位 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 70.44 billion RMB, a year-on-year increase of 69.7%. However, the net profit attributable to shareholders decreased by 32.4% to 2.53 billion RMB due to increased asset impairment losses and a decline in investment income [2][5] - In Q1 2024, the company reported revenue of 13.7 billion RMB, up 35.8% year-on-year, and a net profit of 660 million RMB, an increase of 17.8% year-on-year [2] - The company plans to distribute a cash dividend of 0.9 RMB per 10 shares, with a dividend payout ratio of 11.1% [2] Summary by Relevant Sections Revenue and Profitability - The company's revenue for 2023 was 70.44 billion RMB, with a growth rate of 69.73%. The net profit was 2.53 billion RMB, reflecting a decline of 32.39% [5] - The gross profit margin for 2023 was 16.76%, down 0.78 percentage points year-on-year [2] Sales Performance - The total sales amount for the company in 2023 was 153.5 billion RMB, remaining stable year-on-year, ranking 11th in the industry [2] - The company achieved a record cash collection of 73.2 billion RMB from equity sales [2] Investment and Land Bank - In 2023, the company added 33 new projects, with 27 located in Hangzhou, further solidifying its market share in the region. The total land bank area reached 13.2 million square meters, with 60% located in Hangzhou [2][5] - The total land acquisition cost for 2023 was 25.6 billion RMB [2] Financial Health - The company maintained a healthy financial structure, with a net debt ratio of 15.1% and a cash-to-short-term debt ratio of 2.4 [2] - The total interest-bearing debt decreased by 12 billion RMB to 41.5 billion RMB in 2023 [2] Future Outlook - The company is expected to recover its performance in the coming years, with revised net profit forecasts for 2024 and 2025 set at 3.27 billion RMB and 4.04 billion RMB, respectively [2] - The stock is currently valued at a PE ratio of 6.1 for 2024, 4.9 for 2025, and 4.3 for 2026 [2]

杭州滨江房产集团股份有限公司 2023 年度监事会工作报告 2、2023 年 8 月 29 日召开了第六届监事会第六次会议，会议审议 通过了《2023 年半年度报告》及其摘要； 3、2023 年 10 月 26 日召开了第六届监事会第七次会议，会议审 议通过了《2023 年第三季度报告》。 二、监事会对公司有关事项的独立意见 1、公司依法运作的情况 报告期内，公司监事会依据《公司法》及《公司章程》等赋予的 职权，积极参加股东大会，列席董事会会议，对公司的决策程序、内 部控制制度的建立与执行情况以及公司董事、高级管理人员履行职务 情况进行了严格监督。在此基础上，监事会认为：公司决策程序严格 遵守《公司法》、《证券法》及《公司章程》等相关规定，建立了较为 完善的内部控制制度，公司董事、高级管理人员在执行公司职务过程 中不存在违反法律、法规、《公司章程》或损坏公司利益的行为。 2、检查公司财务情况 一、监事会会议召开情况 报告期内，公司监事会共召开了 3 次会议，具体情况如下： 1、2023 年 4 月 27 日召开了第六届监事会第五次会议，会议审议 通过了以下议案：《2022 年度监事会工作报告》、《2022 年 ...

证券代码：002244 证券简称：滨江集团 公告编号：2024－018 杭州滨江房产集团股份有限公司 （一）公司 2023 年度现金分红比例低于净利润 30%的情况说明 1 公司所处房地产行业为资金密集型行业，公司未来经营业务发展 对资金的需求较大，同时，后续行业仍面临调整压力。公司留存未分 配利润累积结转至下一年度，一方面能更好满足公司发展的资金需 求，另一方面，也可以进一步增强公司的抗风险能力，从而更好保障 公司的长期可持续发展。 （二）留存未分配利润的主要用途 关于2023年度利润分配预案的公告 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")于 2024 年 4 月 25 日召开第六届董事会第三十四次会议，审议通过了《2023 年 度利润分配预案》，该议案尚需提请公司 2023 年年度股东大会审议， 现将相关情况公告如下： 一、 利润分配预案基本情况 经天健会计师事务所（特殊普通合伙）审计，公司 2023 年度经 审计合并报表归属于母公司所有者的净利润为 2,529,138,720.52 元，截至2023 ...

杭州滨江房产集团股份有限公司 独立董事 2023 年度述职报告 各位股东及股东代表： 本人作为杭州滨江房产集团股份有限公司第六届董事会独立董 事，任职期间严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《上市公司治理准则》《深圳证券交易所上市公司自律监管 指引第1号——主板上市公司规范运作》等有关规定和要求，认真履 行职责，充分发挥独立董事的作用，切实维护公司和中小股东的权益。 现将2023年度履职情况报告如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人贾生华，管理学博士，教授，博士生导师。1989 年参加工作， 1995 年 1 月起在浙江大学管理学院执教；主要研究领域包括房地产、 土地管理、企业管理等。2022 年 6 月起担任公司独立董事，现在浙江 大学管理学院执教，任中国房地产业协会和中国房地产研究会专家委 员会成员，世界华人不动产学会常务理事，浙江省房地产业协会房地 产研究分会主任，浙江省高级经济师协会建筑与房地产专业委员会主 任。兼任绿城中国控股有限公司独立非执行董事、绿城服务集团有限 公司独立非执行董事，南都物业服务股份有限公司、广宇集团股份有 限公司独立董事。本人符合 ...

杭州滨江房产集团股份有限公司 三、 内部控制评价情况 2023 年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合本公司（以下简称公司）内部控 制制度和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 可能导致内部控制变得不恰当，或对 ...

Financial Performance - The company's operating revenue for 2023 reached ¥70,442,587,508.90, representing a 69.73% increase compared to ¥41,502,316,428.18 in 2022[18]. - The net profit attributable to shareholders decreased by 32.41% to ¥2,529,138,720.52 from ¥3,741,031,371.11 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 35.52% to ¥2,401,269,567.37 compared to ¥3,723,440,581.51 in 2022[18]. - Basic earnings per share decreased by 32.50% to ¥0.81 from ¥1.20 in the previous year[18]. - The net cash flow from operating activities surged by 526.24% to ¥32,650,002,223.85, up from ¥5,213,654,322.38 in 2022[18]. - Total assets at the end of 2023 amounted to ¥290,031,735,564.93, reflecting a 5.01% increase from ¥276,176,043,009.52 in 2022[18]. - The net assets attributable to shareholders increased by 7.50% to ¥25,302,261,949.00 from ¥23,534,759,502.62 in 2022[18]. - The weighted average return on equity decreased to 10.32% from 16.94% in the previous year, a decline of 6.62%[18]. - The company recorded a historical high in cash collection from sales, amounting to 73.2 billion yuan[30]. - The company's interest-bearing liabilities decreased by 110 million yuan to 36 billion yuan, maintaining a healthy financial position[31]. - The average financing cost decreased to 4.2%, down 0.4 percentage points from the previous year[31]. Market Position and Strategy - The company ranked 11th in industry sales, improving by 2 positions compared to the previous year[30]. - The company aims to enhance its social recognition, industry influence, and customer satisfaction while creating ideal living spaces for families[34]. - The company is actively expanding its portfolio with new residential and commercial projects, indicating a strong growth strategy[40]. - The company is focusing on expanding its residential and commercial projects in Hangzhou, with a significant number of projects in various stages of construction[42]. - The company plans to expand its market presence in Hangzhou, focusing on residential and commercial properties[50]. - The company aims to enhance its product offerings through innovative designs and technology in upcoming projects[50]. - The company is committed to improving its governance structure, ensuring independent operation from its controlling shareholder[120]. - The company is considering new strategies for market expansion, including potential mergers and acquisitions[116]. Corporate Governance - The company has a board of directors consisting of 5 members, including 2 independent directors, ensuring compliance with legal requirements[121]. - The company has established independent financial departments and accounting systems, capable of making independent financial decisions and managing finances without sharing bank accounts with controlling shareholders[125]. - The company has a strong leadership team with extensive experience in the real estate industry, including Mr. Qi Jinxing, who has served as chairman since the company's inception[131]. - The company is committed to maintaining high standards of corporate governance, as evidenced by the structured management of its board and committees[130]. - The company has established a reasonable and effective performance evaluation and incentive mechanism, linking the compensation of directors, supervisors, and senior management to overall company performance and individual work performance[122]. Social Responsibility and Community Engagement - The company emphasizes its commitment to social responsibility and rural revitalization as part of its growth strategy[175]. - The company has established a leadership group for rural revitalization, expanding efforts from a single project to multiple villages[173]. - The company has invested in the construction of boutique homestays in Hujiaping Village, which are now fully operational, contributing to local tourism and consumption[174]. - The company has introduced agricultural technologies to enhance the quality of local products such as mountain walnuts, camellia oil, and high-altitude tea, ensuring market access through its property management network[174]. - The company has implemented a model encouraging villagers to raise small pigs and chicks, which are then repurchased by the company, providing local economic benefits[174]. Environmental Initiatives - The company has implemented measures to manage construction pollution and energy consumption effectively[171]. - The company promotes a paperless office environment, encouraging the reuse of paper and reducing energy consumption[170]. - The company has adopted double-layer glass aluminum alloy windows in its projects since 2001, enhancing energy efficiency[170]. - The company emphasizes the use of energy-saving materials and designs in its construction projects, aiming for "green real estate"[168]. Employee Management - The total number of employees at the end of the reporting period is 1,707, with 1,076 in the parent company and 631 in major subsidiaries[149]. - The company has implemented a stable employee welfare and compensation policy, aiming for gradual increases[150]. - The company conducted targeted training programs based on actual needs and business requirements, emphasizing team building[151]. Financial Reporting and Compliance - The internal control system has been established and implemented in accordance with relevant laws and regulations, ensuring effective financial reporting internal controls without any major defects identified[160]. - The internal control evaluation report will be disclosed on April 27, 2024, with 100% of the total assets and operating income of the evaluated units included in the consolidated financial statements[162]. - The company has maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[189]. - The audit firm Tianjian CPA has been retained for 18 consecutive years, with an audit fee of 3.5 million yuan for the current period[185].

一、审议通过《2023 年度总裁工作报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过《2023 年度董事会工作报告》 证券代码：002244 证券简称：滨江集团 公告编号：2024－016 杭州滨江房产集团股份有限公司 第六届董事会第三十四次会议决议公告 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 事会第三十四次会议通知于 2024 年 4 月 15 日以专人送达、传真形式 发出，会议于 2024 年 4 月 25 日以现场表决的方式召开，应出席董事 5 人，实际出席董事 5 人，会议由公司董事长戚金兴先生主持。本次 会议召开程序符合《公司法》和《公司章程》的规定。 会议以现场表决的方式，审议并表决了以下议案： 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn） 上的公司《2023 年年度报告》第三节"管理层讨论与分析"部分。 公司独立董事汪祥耀先生、贾生华先生以及报告期内历任独立董 事于永生先生向董事会提交了《独立董事 2023 年度述职报告》， ...

2023 年度社会责任报告 1 境和减少污染，切实落实企业环境保护和可持续发展方面的责任，努力 促进公司与社会的和谐发展。 本次报告可能存在部分绩效数据暂时无法收集的情况，我们将在 以后的报告编制过程中，逐步完善相关信息的收集工作。 时间范围 | 目 录 | 2 | | --- | --- | | 报告综述 | 3 | | 时间范围 | 4 | | 报告范围 | 4 | | 数据来源 | 4 | | 关于我们 | 4 | | 基本信息 | 4 | | 企业文化 | 5 | | 公司发展 | 5 | | 乡村振兴、共同富裕、滨江在行动 7 | | | 公司治理 | 12 | | 服务社会-社会认可度 | 15 | | 积极履行纳税义务 | 15 | | 积极回报股东 | 15 | | 规范运作、保护股东权益 16 | | | 积极开展投资者关系管理、与投资者充分沟通 17 | | | 合作共赢、维护利益相关方合法权益 17 | | | 积极促进社会就业 | 18 | | 参与保障性住房建设 | 18 | | 服务客户-客户美誉度 | 20 | | 为客户提供最佳性价比的产品 20 | | | 诚信经营、透明销售 ...