Binjiang Group(002244)2024-09-02 07:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [6]. Core Insights - The company reported a 29% year-on-year decline in performance for the first half of 2024, which aligns with expectations. The low expense ratio and abundant resources for settlement are highlighted as strengths [6]. - The company achieved sales of 58.2 billion yuan in the first half of 2024, a 37% decrease year-on-year, but improved its ranking to 8th in the industry, up 3 places from 2023 [6]. - The company actively acquired land, with a total expenditure of 22.3 billion yuan in the first half of 2024, all in Hangzhou, maintaining a land acquisition to sales ratio of 38% [6]. - Financial safety has improved, with a continued decrease in interest-bearing liabilities and a low financing cost, as the company remains within the green zone of the "three red lines" policy [6]. Summary by Sections Market Data - Closing price as of August 30, 2024: 8.42 yuan - Market capitalization: 22,585 million yuan - Price-to-book ratio: 1.0 - Dividend yield: 1.07% [3][4]. Financial Performance - Revenue for the first half of 2024: 24.2 billion yuan, down 10.5% year-on-year - Net profit attributable to shareholders: 1.17 billion yuan, down 28.7% year-on-year - Basic earnings per share: 0.37 yuan, down 30.2% year-on-year - Gross margin: 9.6%, down 8.7 percentage points year-on-year [6][8]. Future Projections - The company forecasts revenue of 77.1 billion yuan for 2024, with a projected net profit of 2.91 billion yuan, reflecting a 15% increase year-on-year [8][9]. - The company aims for sales exceeding 100 billion yuan in 2024, targeting a national ranking within the top 15 [6].