滨江集团更新报告：深耕浙江，不失桑榆

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is the top-ranked private real estate enterprise in sales, maintaining a strong presence in Hangzhou with independent operational flexibility [1] - Despite a year-on-year sales decline of 27.3% to 111.63 billion yuan in 2024, the company has entered the national TOP10 sales ranking for the first time, indicating resilience in a challenging market [1][2] - The company has a significant market share in Hangzhou, with a sales amount of 76.99 billion yuan, accounting for 69% of total sales and a market share of 16.8%, far exceeding the second-ranked competitor [2][18] - The company acquired 23 plots of land in 2024, with a total investment of 44.85 billion yuan, maintaining a land acquisition market share of 37% in Hangzhou [2][30] - The real estate market in Hangzhou is experiencing a recovery, supported by favorable policies and strong demand, positioning the company to benefit from this market resilience [3][11] Summary by Sections Sales Performance - The company's total sales for 2024 are projected at 111.63 billion yuan, a decrease of 27.3% year-on-year, yet it ranks 9th in the industry, marking a significant achievement for a private enterprise [1][15] - In Hangzhou, the company leads with a sales amount of 76.99 billion yuan, representing a market share of 16.8%, significantly higher than its closest competitor [2][18] Land Acquisition - The company secured 23 land plots in 2024, with a total investment of 44.85 billion yuan, and an equity investment of 21.94 billion yuan, indicating a robust land acquisition strategy [2][30] - The land acquisition market share in Hangzhou stands at 37%, reinforcing the company's leading position in the region [2] Market Conditions - Hangzhou's real estate market is characterized by a favorable policy environment, with over 20 new policies introduced in 2024, including the removal of purchase restrictions, which has boosted market confidence [3][11] - The new housing market in Hangzhou saw a transaction area of 7.89 million square meters in 2024, a decline of 31% year-on-year, while the second-hand housing market experienced a significant increase in transaction volume, indicating strong demand [4][23] Financial Projections - The company is expected to achieve net profits of 2.7 billion yuan in 2024, with earnings per share (EPS) projected at 0.85 yuan [12][14] - The financial outlook remains positive, with anticipated revenue growth of 6.06% in 2024, despite the current market challenges [14][12]