滨江集团：维持拿地力度，深耕杭州市场

Investment Rating - The report maintains a "Buy" rating for the company [2][4][7] Core Views - The company achieved a revenue of 40.784 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.09%, and a net profit attributable to shareholders of 1.633 billion yuan, down 33.94% year-on-year. The decline in net profit is primarily due to a reduction in delivery volume and a decrease in gross profit margin from delivered projects [2][6] - The company ranked 8th in sales within the industry, improving by three places compared to the entire year of 2023, and it holds the top position in sales in Hangzhou with a total sales amount of 50.1 billion yuan in the same period [2][6] - The company maintained a strong land acquisition strategy, with a total land acquisition amount of 20 billion yuan in the first three quarters, ranking 5th in the industry, with all acquisitions located in Hangzhou [2][6][7] - Future performance is expected to improve with the sales turnover of quality projects, leading to better operating cash flow and overall performance [2][7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 40.784 billion yuan, down 12.09% year-on-year, and a net profit of 1.633 billion yuan, down 33.94% year-on-year. The gross profit margin for the period was 10.43%, a decrease of 4.56 percentage points compared to the same period in 2023 [2][6] - The company’s operating cash flow was negative 1.407 billion yuan, a decline of 105.04% year-on-year, mainly due to stable expenditures on land purchases and services while experiencing a drop in cash inflow [6] Sales and Market Position - The company achieved a sales amount of 80.1 billion yuan in the first three quarters of 2024, a year-on-year decrease of 34%, while the industry average sales decline was 39%. The company ranked 8th in the industry and was the top seller in Hangzhou [2][6] - The company’s land acquisition strategy remains aggressive, focusing on the Hangzhou market, with 11 land acquisitions in the first three quarters [2][6][7] Future Outlook - Revenue projections for 2024-2026 are 71.565 billion yuan, 73.126 billion yuan, and 75.330 billion yuan, representing year-on-year growth rates of 1.59%, 2.18%, and 3.01% respectively. Net profit projections for the same period are 2.374 billion yuan, 2.822 billion yuan, and 3.307 billion yuan, with year-on-year changes of -6.12%, +18.84%, and +17.21% respectively [7][10]