滨江集团：上半年营收业绩同比下滑，拿地强度仍然较高

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [2]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 24.2 billion RMB, down 10.5% year-on-year, and net profit at 1.17 billion RMB, down 28.7% year-on-year [1][2]. - Despite short-term profit pressures, the company has a strong pipeline of pre-sold projects and a solid land reserve, particularly in Hangzhou and Zhejiang province, which supports future growth [2][1]. - The company is focusing on cost control and maintaining a healthy financial position, with a debt-to-asset ratio of 59.0% and a net debt ratio of 22.9% as of June 2024 [1][11]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 9.6%, a decrease of 8.7 percentage points year-on-year, and a net profit margin of 4.8%, down 1.2 percentage points year-on-year [1][7]. - The annualized ROE for H1 2024 was 8.8%, reflecting a decline of 4.2 percentage points year-on-year [1][8]. Sales and Market Position - The company achieved sales of 58.2 billion RMB in H1 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, an improvement of 3 places from 2023 [1][12]. - The sales target for 2024 is set at over 100 billion RMB, aiming for a market share of 1% and a national ranking within the top 15 [1][2]. Land Acquisition and Development - The company added 10 new land projects in H1 2024, all located in Hangzhou, with a total land area of 875,000 square meters, down 64.9% year-on-year [1][14]. - The average land price was 25,400 RMB per square meter, an increase of 60.1% year-on-year, indicating strong demand despite a decrease in acquisition volume [1][14]. Other Business Segments - The company is expanding its leasing and construction management businesses, with plans to add 5-10 new construction projects in 2024 [1][2]. - As of June 2024, the company held rental properties totaling approximately 431,000 square meters, generating rental income of 198 million RMB, up 21.5% year-on-year [1][2].