Binjiang Group(SZ:002244) Minsheng Securities·2025-04-28 13:18Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 69.15 billion yuan in 2024, a slight decrease of 1.83% year-on-year, while the net profit attributable to shareholders increased by 0.66% to 2.546 billion yuan [1] - The company ranked 9th in national sales with a total sales amount of 111.63 billion yuan, marking its entry into the top 10 real estate companies in China [2] - The company's debt structure is improving, with a reduction in interest-bearing liabilities to 30.5 billion yuan, and a cash-to-short-term debt ratio of 3.58 times, indicating strong liquidity [3] - The company has maintained rational land investments, with a land reserve in Hangzhou accounting for 70% of its total land bank, ensuring sustainable development [4] Financial Forecasts - Revenue projections for 2025-2027 are 70.23 billion yuan, 72.53 billion yuan, and 75.19 billion yuan, reflecting growth rates of 1.6%, 3.3%, and 3.7% respectively [4][7] - The net profit attributable to shareholders is expected to grow significantly, reaching 3.382 billion yuan in 2025, 4.296 billion yuan in 2026, and 5.730 billion yuan in 2027, with growth rates of 32.9%, 27.0%, and 33.4% respectively [4][7] - The company’s PE ratios for 2025-2027 are projected to be 9, 7, and 5, indicating potential for valuation improvement [4][7]