滨江集团：毛利率承压但财务稳健，销售投资保持合理节奏

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company experienced a 29% year-on-year decline in net profit, with a gross margin under pressure. In H1 2024, the company achieved operating revenue of 24.2 billion yuan, down 10% year-on-year, primarily due to the scheduling of project deliveries concentrated in the fourth quarter. The net profit attributable to the parent company was 1.17 billion yuan, with a net profit margin of 4.8%, a decrease of 1.2 percentage points year-on-year, mainly due to the decline in gross margin [5][9]. - The company has improved its sales ranking while maintaining investment intensity. In H1 2024, the signed sales amount was 58.2 billion yuan, down 37% year-on-year, ranking 8th in the industry, an improvement of 3 places compared to the entire year of 2023. The company added 10 new land reserves with a total construction area of 875,000 square meters, with a total land price of 22.3 billion yuan, down 44% year-on-year, all located within Hangzhou, further highlighting its competitive advantage [9][14]. - The financial situation remains stable, with a continuous decline in financing costs. As of the end of H1 2024, the company's financial indicators under the "three red lines" policy remained in the "green zone," with a debt-to-asset ratio of 55% (excluding advance receipts), a net debt ratio of 23%, and a cash-to-short-term debt ratio of 2.5 times. The average financing cost was 3.7%, a decrease of 50 basis points from the end of the previous year [14][18]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 24.2 billion yuan, a decrease of 10% year-on-year, and a net profit of 1.17 billion yuan, down 29% year-on-year. The gross margin was 9.6%, down 8.7 percentage points year-on-year, primarily due to low-margin projects acquired in 2020-2021 [5][9]. - The company expects revenue for 2024 and 2025 to be 80.2 billion yuan and 77 billion yuan, respectively, with net profits of 2.33 billion yuan and 2.72 billion yuan, leading to earnings per share of 0.75 yuan and 0.87 yuan, respectively [17][18]. Sales and Investment - The company signed sales of 58.2 billion yuan in H1 2024, ranking 8th in the industry, with a land acquisition intensity maintained at 38%. The total land reserves are concentrated, with 66% located in Hangzhou [9][14]. Financial Health - The company's financial indicators remain robust, with a debt-to-asset ratio of 55%, a net debt ratio of 23%, and a cash-to-short-term debt ratio of 2.5 times. The average financing cost has decreased to 3.7% [14][18].