滨江集团（002244）：业绩大增、拿地积极，好房子标杆企业

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company reported a significant increase in performance, with Q1 2025 revenue reaching 22.5 billion yuan, a year-on-year growth of 64.3%, and net profit attributable to shareholders at 0.98 billion yuan, up 47.9% year-on-year [7] - The company is actively acquiring land, with a total land acquisition amount of 19.6 billion yuan in Q1 2025, a 72% increase year-on-year, focusing primarily on the Hangzhou area [7] - The company has a strong market position, ranking 10th in sales and 1st among private enterprises in the region, with a sales target of approximately 100 billion yuan for 2025 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 65.7 billion yuan, with a year-on-year decrease of 5% [6] - Net profit attributable to shareholders is projected to be 2.81 billion yuan for 2025, reflecting a 10.4% increase year-on-year [6] - The company’s gross margin is expected to be 12.5% in 2025, with a return on equity (ROE) of 9.4% [6][8]