滨江集团：2024年半年报点评：销售承压，聚焦杭州积极扩储

Investment Rating - The report maintains a "Recommend" rating for Binjiang Group with a target price of 10 yuan, compared to the current price of 8.09 yuan [1] Core Views - Binjiang Group's revenue and net profit declined in H1 2024 due to reduced delivery volume and lower project gross margins [1] - The company's sales performance was impacted by the downturn in Hangzhou's real estate market, with a 37% YoY decrease in sales [1] - Binjiang Group focused on expanding land reserves in Hangzhou, adding 875,000 square meters of new land reserves with a total land price of 22.3 billion yuan [1] - The company maintains strong financial liquidity with a cash-to-short-term debt ratio of 2.46x and a declining comprehensive financing cost of 3.7% [1] Financial Performance - H1 2024 revenue was 24.201 billion yuan, down 10.46% YoY, with net profit attributable to shareholders of 1.166 billion yuan, down 28.74% YoY [1] - Gross margin for H1 2024 was 9.6%, down 8.7 percentage points YoY [1] - The company achieved sales of 58.23 billion yuan in H1 2024, down 37% YoY, with Hangzhou sales accounting for 31 billion yuan, down 58% YoY [1] Land Reserves and Expansion - Binjiang Group added 10 new land reserve projects in Hangzhou with a total construction area of 875,000 square meters [1] - As of June 2024, 66% of the company's land reserves are in Hangzhou, 25% in other cities in Zhejiang Province, and 9% outside Zhejiang [1] Financial Position - The company's interest-bearing liabilities stood at 34.4 billion yuan on a consolidated basis, with short-term debt accounting for 27% of total liabilities [1] - Binjiang Group's comprehensive financing cost decreased by 0.5 percentage points to 3.7% as of June 2024 [1] Future Outlook - The company maintains a 2024 sales target of over 100 billion yuan, with new land acquisitions expected to contribute to achieving this goal [1] - Binjiang Group's strong brand and operational advantages in Hangzhou are expected to support future profitability recovery [1]