滨江集团（002244）：业绩大增，拿地积极，好房子标杆

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown significant performance growth, with a 2025 H1 revenue of 45.4 billion yuan, representing an 87.8% year-on-year increase, and a net profit of 1.85 billion yuan, up 58.9% year-on-year [7][8] - The company is actively acquiring land, with a total land acquisition amount of 33.3 billion yuan in 2025 H1, a 49.4% increase year-on-year, focusing primarily on the Hangzhou area [7][8] - The company maintains 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][8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 67.1 billion yuan, with a year-on-year decrease of 3.0% [3] - Net profit for 2025 is projected at 2.86 billion yuan, reflecting a 12.4% year-on-year increase [3] - Earnings per share for 2025 is estimated at 0.92 yuan, with a projected PE ratio of 12 [3][9] Market Position and Strategy - The company has a high sales price per square meter of 40,000 yuan, significantly above the industry average of 22,000 yuan, indicating strong product capability [7] - The company plans to maintain a land acquisition to sales ratio of 50% and continue focusing on the Hangzhou market while selectively reducing investments in other provinces [7][8] - The company has reduced its interest-bearing debt by 12.7% year-on-year, with a financing cost of 3.1%, demonstrating a commitment to high-quality growth [7][8]