Binjiang Group(002244)2024-09-03 00:01Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Insights - The company reported a revenue of 24.201 billion yuan for H1 2024, a year-on-year decrease of 10.46%. The net profit attributable to shareholders was 1.166 billion yuan, down 28.74% year-on-year, with basic earnings per share of 0.37 yuan, a decline of 30.19% [3]. - The overall gross margin for H1 2024 was 9.58%, down 8.71 percentage points from the same period last year, primarily due to a decrease in the delivery volume of development projects [3]. - The company achieved a sales amount of 58.23 billion yuan in H1 2024, a year-on-year decrease of 37.10%, ranking 8th in the industry sales rankings, an improvement of 3 places from 2023 [3]. - The company added 10 new land reserve projects in H1 2024, with a total construction area of 875,000 square meters and a total price of 22.266 billion yuan, maintaining a steady investment pace [3]. - The company has a total land reserve of 12.8953 million square meters as of the end of H1 2024, with 66% located in Hangzhou, providing a solid foundation for future development [3]. Financial Summary - The company forecasts revenues of 73.915 billion yuan, 77.744 billion yuan, and 80.248 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 4.93%, 5.18%, and 3.22% [6]. - The net profit attributable to shareholders is projected to be 2.777 billion yuan, 3.116 billion yuan, and 3.293 billion yuan for the same years, with profit growth rates of 9.81%, 12.20%, and 5.69% respectively [6]. - The average financing cost is expected to decrease to 3.7% by the end of H1 2024, with a cash short-term debt ratio of 2.46 times, indicating a strong liquidity position [3].