滨江集团（002244）：点评报告：营收同比高增，拿地力度加大

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a significant year-on-year revenue increase of 64.27% in Q1 2025, with total revenue reaching 22.508 billion yuan and a net profit of 976 million yuan, up 47.88% year-on-year [2] - The company has increased its land acquisition efforts, with new land payments amounting to 19.58 billion yuan in Q1 2025, a 56.9% increase year-on-year, indicating a strong commitment to expanding its market presence [3] - The company maintains a stable market share with a sales market share of 1.11%, despite a 12.3% decline in total sales amounting to 23.08 billion yuan in the same period [3] Financial Summary - The company's projected net profits for 2025-2027 are estimated at 2.8 billion, 2.9 billion, and 3.1 billion yuan respectively, with an expected EPS of 0.90 yuan for 2025 [4] - The company has a contract liability of 113 billion yuan, covering 1.6 times its 2024 revenue, suggesting a solid revenue base for 2025 [2] - The company's sales gross margin and net margin for Q1 2025 were reported at 10.99% and 5.21%, respectively, showing slight declines from the previous year [2]