滨江集团：拿地销售保持稳定，有息负债持续压降

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 24.2 billion yuan in the first half of 2024, a year-on-year decrease of 10.5%, and a net profit attributable to shareholders of 1.17 billion yuan, down 28.7% year-on-year. The decline in revenue is attributed to reduced delivery volumes and a drop in gross margin, which fell by 8.7 percentage points to 9.6% [2]. - The company plans to deliver 4.425 million square meters in 2024, an increase of 6.8% year-on-year, with the majority of deliveries expected in the fourth quarter. As of the first half of 2024, the company has 139.4 billion yuan in unrecognized advance payments, covering twice the previous year's real estate sales revenue, indicating sufficient resources for recognition [2]. - The company achieved a sales amount of 58.23 billion yuan in the first half of 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, which is an improvement of 3 places from the end of the previous year. The company’s sales performance outperformed the top 100 companies in the industry, which saw a 41.8% decline in sales [2]. - The company’s land acquisition remains strong, with 10 new land reserves in Hangzhou, totaling a buildable area of 875,000 square meters and a total land price of 22.27 billion yuan, indicating a land acquisition intensity of 38% [2]. Financial Summary - As of the first half of 2024, the company’s total assets were 282.9 billion yuan, a decrease of 2.5% from the end of the previous year. Total liabilities were 224.2 billion yuan, down 3.2%, with interest-bearing liabilities at 39.9 billion yuan, a decrease of 1.7 billion yuan [2]. - The company’s average financing cost in the first half of 2024 was 3.7%, down 0.5 percentage points from the end of the previous year, indicating a healthy financial position [2]. - The report projects revenues of 74 billion yuan, 70.5 billion yuan, and 65.1 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.8 billion yuan, 2.9 billion yuan, and 2.9 billion yuan for the same years [2][12].