Binjiang Group(SZ:002244) Ping An Securities·2025-04-30 07:48Investment Rating - The report maintains a "Recommend" rating for Binjiang Group (002244.SZ) with a current stock price of 10.05 yuan [1]. Core Views - The company reported a significant increase in revenue and profit, benefiting from the industry's "quality dividend" [1][4]. - In Q1 2025, the company achieved revenue of 22.51 billion yuan, a year-on-year increase of 64.27%, and a net profit of 976 million yuan, up 47.88% year-on-year [4]. - The company is focused on high-quality land acquisition and sales, ranking among the top in the industry for both land acquisition and sales volume [7]. - The strategic plan for 2025 includes a sales target of approximately 100 billion yuan, maintaining a market share of over 1% nationally [7]. - The company aims to strengthen its financial advantages by reducing interest-bearing debt to within 30 billion yuan and controlling financing costs below 3.3% [7]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 69.15 billion yuan, 70.19 billion yuan, 70.89 billion yuan, and 71.46 billion yuan respectively, with year-on-year growth rates of -1.8%, 1.5%, 1.0%, and 0.8% [6]. - Net profit estimates for the same years are 2.55 billion yuan, 2.82 billion yuan, 3.08 billion yuan, and 3.34 billion yuan, with year-on-year growth rates of 0.7%, 10.6%, 9.4%, and 8.4% [6]. - The company's gross margin is projected to improve from 12.5% in 2024A to 14.0% in 2027E, while net margin is expected to rise from 3.7% to 4.7% over the same period [6][9]. - The report forecasts EPS of 0.91 yuan, 0.99 yuan, and 1.07 yuan for 2025E, 2026E, and 2027E respectively, with corresponding P/E ratios of 11.1, 10.2, and 9.4 [8].