Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 69.15 billion yuan in 2024, a slight decrease of 1.83% year-on-year, while the net profit attributable to shareholders increased by 0.66% to 2.546 billion yuan [1] - The company ranked 9th in national sales with a total sales amount of 111.63 billion yuan, marking its entry into the top 10 real estate companies in China [2] - The company's debt structure is improving, with a reduction in interest-bearing liabilities to 30.5 billion yuan, and a cash-to-short-term debt ratio of 3.58 times, indicating strong liquidity [3] - The company has maintained rational land investments, with a land reserve in Hangzhou accounting for 70% of its total land bank, ensuring sustainable development [4] Financial Forecasts - Revenue projections for 2025-2027 are 70.23 billion yuan, 72.53 billion yuan, and 75.19 billion yuan, reflecting growth rates of 1.6%, 3.3%, and 3.7% respectively [4][7] - The net profit attributable to shareholders is expected to grow significantly, reaching 3.382 billion yuan in 2025, 4.296 billion yuan in 2026, and 5.730 billion yuan in 2027, with growth rates of 32.9%, 27.0%, and 33.4% respectively [4][7] - The company’s PE ratios for 2025-2027 are projected to be 9, 7, and 5, indicating potential for valuation improvement [4][7]

Group 1 - On April 28, Hangzhou auctioned 6 residential land plots, with a total transaction amount of 12.576 billion yuan and an average premium rate of 22.4% [1][3] - The most competitive plot, located in the core area of Century City, was won by Poly Development for 4.537 billion yuan, with a floor price of 51,611 yuan per square meter and a premium rate of 58.8% [1][3] - The auction showed a clear differentiation in premium rates between core and peripheral plots, indicating cautious land acquisition strategies among developers focusing on low-risk and high-velocity projects [2][5] Group 2 - In the same auction, Binjiang Group acquired 3 plots for a total of 4.869 billion yuan, demonstrating a proactive approach to maintaining market share [2][5] - The land auction in Beijing's Chaoyang District resulted in a consortium winning a residential plot at a base price of 12.6 billion yuan, with a comprehensive floor price of 44,565 yuan per square meter and a premium rate of 0% [6][8] - The overall land market in Hangzhou is experiencing a cooling trend, with increased second-hand housing sales but limited impact on land market heat, leading to intensified competition for core plots [5][6]

Group 1 - The core point of the article highlights the competitive land auction in Hangzhou, where Poly Development won the Qianjiang Century City plot at a floor price of 51,611 yuan per square meter, marking it as the highest floor price in the Century City area and the fourth highest in Hangzhou overall [1][3][7] - On April 28, six residential plots were auctioned in Hangzhou with a total starting price of 10.3 billion yuan, indicating strong demand for prime land in the city [2][4] - The Qianjiang Century City plot is considered a hot spot in the Hangzhou real estate market, with expectations for new home price increases due to its advantageous location and resources [2][3] Group 2 - The overall land auction in Hangzhou raised approximately 12.576 billion yuan, with an average premium rate of 22.4%, reflecting a competitive bidding environment [6] - Currently, there are six plots in Hangzhou with floor prices exceeding 50,000 yuan per square meter, indicating a trend of high-value land transactions [7] - The cancellation of price limits has encouraged developers to be more aggressive in acquiring core plots, as they anticipate better profit margins [9][15] Group 3 - Major players in the Hangzhou land market include local giants like Binjiang and Greentown, with their combined land acquisition amounting to 38.04 billion yuan, representing 49.1% of the total land sales [13] - Despite the active land market, the overall outlook for the Hangzhou real estate market remains uncertain, with potential challenges in sales velocity and product competitiveness [14][15] - The competitive landscape is expected to further differentiate, with core area plots experiencing intense competition while other areas may see varying levels of interest [15]

房地产行业 公 司 点 增持（维持） 滨江集团（002244）2024 年年报点评 销售排名持续提升，业绩稳健 2025 年 4 月 28 日 投资要点： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 | | | --- | --- | | SAC 执业证书编号： | | | S0340513040001 | | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2025 年 4 | 究 月 25 日 | | 收盘价(元) | 9.99 | | 总市值（亿元） | 310.83 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.82 | | ROE（TTM） | 9.25% | | 12 月最高价(元) | 12.44 | | 12 月最低价(元) | 5.73 | | 股价走势 | 证 | | 券 | 研 究 | | 资料来源：东莞证券研究所，Wind | | 资料来源：东莞证券研究所，Wind 本报告的风险等级为中风险。 本报告的信息 ...

证券代码：002244 证券简称：滨江集团 公告编号：2025-023 杭州滨江房产集团股份有限公司 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年四月二十九日 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。 2025 年 4 月 28 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 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]40 | 号 | 住宅 | 17795 | 2.7 | 82113 | 100% | | 2 | 杭政储出[2025]43 | 号 | 住宅 | 40592 | 2.2 | 218536 | 100% | | 3 | 杭政储出[2025]44 | 号 | 住宅 | 31919 | 2.4 | 186340 | 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 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company has shown resilience in a challenging market, achieving a year-on-year increase in net profit despite a slight decline in revenue. The revenue for 2024 was RMB 69.15 billion, down 1.8% year-on-year, while the net profit was RMB 2.55 billion, up 0.7% year-on-year [5][9] - The company aims for a sales target of over RMB 100 billion in 2025, maintaining a strong market position, particularly in Hangzhou, where it has consistently ranked first in sales for seven consecutive years [6][9] - The company has a robust financial position with a healthy cash flow and a significant amount of pre-sales, ensuring future revenue stability [9][27] Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 69.15 billion, a decrease of 1.8% from the previous year, while the net profit was RMB 2.55 billion, reflecting a growth of 0.7% [5][10] - The company plans to distribute a cash dividend of RMB 0.82 per 10 shares, representing 10% of the net profit, with a dividend yield of 0.8% [5] Sales and Market Position - The company achieved a sales amount of RMB 111.6 billion in 2024, a decrease of 27.3% year-on-year, but it ranked 9th in the industry, marking its entry into the top ten for the first time [9][29] - In Hangzhou, the company achieved sales of RMB 89.9 billion, significantly outperforming its nearest competitor [9] Land Acquisition and Development - The company has maintained a high land acquisition intensity, securing 23 new land projects in 2024, primarily in Hangzhou, with a total land acquisition amount of RMB 44.9 billion [9][31] - The average floor price for land acquired was RMB 24,000 per square meter, an increase of 38.5% year-on-year [9][37] Financial Health and Cash Flow - The company reported a cash balance of RMB 37.14 billion at the end of 2024, a year-on-year increase of 13.6% [27][28] - The net cash flow from operating activities was RMB 7.67 billion, although it decreased by 76.5% year-on-year due to lower sales [9][24] Future Outlook - The company aims to maintain a sales target of around RMB 100 billion in 2025, with a focus on increasing its market share in key regions [9][31] - The company plans to control its investment amount to around 50% of its sales revenue, indicating a strategic approach to capital allocation [9][31]

房地产/房地产开发 滨江集团（002244.SZ） 归母净利润实现增长，销售冲入行业前十名 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 9.99 | | 一年最高最低(元) | 12.44/6.30 | | 总市值(亿元) | 310.83 | | 流通市值(亿元) | 267.97 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.82 | | 近 3 个月换手率(%) | 86.6 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 滨江集团 沪深300 相关研究报告 《营收利润承压，拿地深耕杭州—公 司信息更新报告》-2024.10.31 《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 》 -2024.9.2 《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 利润实现增长，杭州优质土储助力盈利修复，维持 ...

证券研究报告·公司点评报告·房地产开发 滨江集团（002244） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 70,443 | 69,152 | 69,982 | 65,713 | 67,750 | | 同比（%） | 69.73 | (1.83) | 1.20 | (6.10) | 3.10 | | 归母净利润（百万元） | 2,529 | 2,546 | 2,799 | 3,021 | 3,321 | | 同比（%） | (32.41) | 0.66 | 9.94 | 7.95 | 9.92 | | EPS-最新摊薄（元/股） | 0.81 | 0.82 | 0.90 | 0.97 | 1.07 | | P/E（现价&最新摊薄） | 12.29 | 12.21 | 11.11 | 10.29 | 9.36 | 2024 年报点评：销售排名稳步提升，业绩实 现逆市增长 买入（维持） [Table_Tag] [Table_ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a steady increase in sales ranking, becoming the only private real estate enterprise in the TOP10 sales ranking, with a continuous seven-year sales champion status in the Hangzhou market [7] - Despite a slight decline in revenue, the company has shown resilience with a year-on-year increase in net profit due to reduced impairment losses and lower tax expenses [7] - The company has a strong land reserve in core areas, with 70% of its total land reserves located in Hangzhou, providing a solid foundation for future growth [7] - Financially, the company has reduced its debt levels and financing costs, with a significant increase in cash reserves, indicating a robust financial position [7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 69.15 billion yuan, a decrease of 1.83% year-on-year, while net profit attributable to shareholders was 2.546 billion yuan, an increase of 0.66% [7] - The gross margin for the real estate business decreased by 4.2 percentage points to 12.5% due to the delivery of low-margin projects [7] - The company’s earnings per share (EPS) for 2024 is projected at 0.82 yuan, with a price-to-earnings (P/E) ratio of 12.21 [1][8] Sales and Market Position - The company achieved a total sales volume of 111.63 billion yuan in 2024, a decline of 27.3% year-on-year, but improved its sales ranking by two positions to enter the TOP10 [7] - The company aims to maintain a sales target of over 100 billion yuan in 2025, with a national market share exceeding 1% [7] Land Acquisition and Investment Strategy - In 2024, the company acquired 23 plots of land, with 22 located in Hangzhou, achieving a market share of 37% in the Hangzhou land market [7] - The total land acquisition cost was 44.85 billion yuan, a decrease of 22.2% year-on-year, reflecting a strategic approach to land investment [7] Financial Health - By the end of 2024, the company’s interest-bearing debt decreased by 5.5 billion yuan to 30.5 billion yuan, while cash reserves increased by 10.5% to 32.7 billion yuan [7] - The average financing cost for the company fell by 0.8 percentage points to 3.4% in 2024, indicating improved financial efficiency [7]

Policy News - Sichuan has announced the cancellation of the distinction between ordinary and non-ordinary residential standards, allowing certain residential properties to enjoy land value-added tax exemption if the appreciation does not exceed 20% after deductions [1] - Hangzhou has introduced new policies to support employees in using housing provident funds for purchasing affordable housing, allowing withdrawals for down payments and rent payments [2] - Zhengzhou is seeking public opinion on adjusting the age limit for housing provident fund loans, extending the maximum loan term to 68 years for men and 63 years for women [3] - Xiamen has optimized its housing compensation policy, allowing residents to choose from a wider range of housing options, including new homes and second-hand properties [4] Market News - The People's Bank of China has maintained the 5-year and 1-year Loan Prime Rates (LPR) at 3.6% and 3.1% respectively, unchanged for five consecutive months [5] - In Hangzhou, two residential land parcels were sold for a total of 4.47 billion yuan, with an average premium rate of 63.7% [6] - Xiamen's land auction generated 8.829 billion yuan from four parcels, with the highest premium rate at 12.34% for the Wuyuanwan parcel [6] - Nanjing sold nine residential land parcels for a total of 8.463 billion yuan, with a premium rate of 7.1% for one competitive parcel [7] Company News - Binhai Group reported a net profit of 3.791 billion yuan for 2024, with a 32.94% year-on-year increase in revenue [8] - Shoukai Group's revenue for 2024 was 24.213 billion yuan, down 49.31% year-on-year, with a net loss of 8.141 billion yuan [8] - China Communications Real Estate plans to transfer its real estate development assets and liabilities to its controlling shareholder to shift towards a light asset operation model [8]