滨江集团：H1业绩承压，期待H2修复

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].