滨江集团：拿地销售积极，期待Q4业绩修复

Investment Rating - The report maintains a "Recommend" rating for the company [2][5]. Core Views - The company is expected to recover its performance in Q4 after facing pressure in H1 due to reduced delivery volumes and declining gross profit margins. The gross margin as of Q3 2024 is 10.4%, down 6.3 percentage points from the end of the previous year [4][5]. - The company has a strong foothold in advantageous regions and is expected to have reliable sales performance even during market downturns. The company has also significantly recognized impairments in 2023, which positions it well for a recovery in 2024 [4][5]. - The company has actively engaged in land acquisition and sales, ranking 8th in sales with a total of 801.3 billion yuan in Q1-Q3 2024, and is among the top five in land acquisition with 20 billion yuan [4][5]. Financial Summary - For 2023, the company reported a revenue of 70,443 million yuan, with a year-on-year growth of 69.7%. However, net profit decreased by 32.4% to 2,529 million yuan [2][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.91 yuan, 1.02 yuan, and 1.10 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 10.9, 9.7, and 9.0 [2][8]. - The company’s total assets are projected to grow from 290,032 million yuan in 2023 to 415,345 million yuan by 2026, while total liabilities are expected to increase from 231,577 million yuan to 347,127 million yuan in the same period [6][8].