Binjiang Group(002244) 申万宏源·2024-11-01 06:15Investment Rating - The report maintains a "Buy" rating for Binjiang Group, emphasizing its commitment to quality and proactive land acquisition while optimizing finances [6]. Core Insights - In Q3 2024, Binjiang Group's revenue was 40.8 billion yuan, down 12.1% year-on-year, with a net profit of 1.63 billion yuan, a decrease of 33.9% [6][7]. - The company ranked 8th in sales during Q3 2024, with sales amounting to 80.1 billion yuan, a 34% decline compared to the previous year [6]. - The land acquisition in Q3 2024 totaled 27.3 billion yuan, entirely in Hangzhou, with a land acquisition to sales ratio of 34% [6]. - Financially, the company is in a safe position with a net debt ratio of 11.4% and a cash to short-term debt ratio of 4.6 times [6]. Summary by Sections Market Data - Closing price: 9.68 yuan - Market capitalization: 25,965 million yuan - Price-to-book ratio: 1.1 - Dividend yield: 0.93% [3][4]. Financial Performance - Q3 2024 revenue: 40.8 billion yuan, down 12.1% year-on-year - Q3 2024 net profit: 1.63 billion yuan, down 33.9% year-on-year - Gross margin: 10.4%, down 4.6 percentage points year-on-year [6][7]. Sales and Land Acquisition - Q3 2024 sales: 80.1 billion yuan, down 34% year-on-year - Q3 2024 land acquisition: 27.3 billion yuan, with a focus on Hangzhou [6]. Financial Health - As of Q3 2024, the company maintained a net debt ratio of 11.4% and a cash to short-term debt ratio of 4.6 times, indicating improved financial safety [6].