滨江集团（002244）：公司信息更新报告：上半年收入利润高增，融资成本降至央企水平

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported significant growth in revenue and profit for the first half of 2025, driven by an increase in delivery scale and a strong focus on high-quality land reserves in Hangzhou, leading to a recovery in profitability [6] - The financing cost has decreased to the level of state-owned enterprises, enhancing the company's financial stability [8] - The company maintains a high investment intensity of over 60% and is expected to continue benefiting from the transfer of high-priced land [6] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 454.5 billion yuan, a year-on-year increase of 87.8% - Net profit reached 26.9 billion yuan, up 120% year-on-year, while attributable net profit was 18.5 billion yuan, reflecting a 58.9% increase [6] - The company reported a gross margin of 12.24% and a net margin of 5.92%, with both margins showing improvements compared to the previous year [6] Sales and Land Acquisition - The company recorded sales of 527.5 billion yuan in the first half of 2025, a decrease of 9.4% year-on-year, ranking tenth in the industry and first among private enterprises [7] - In Hangzhou, the company achieved a sales amount of 287 billion yuan, maintaining the highest market share [7] - The company acquired 16 plots of land in Hangzhou and Jinhua, with a total land payment of 332.7 billion yuan, indicating a land acquisition intensity of 63% [7] Debt and Financing - As of the end of the first half of 2025, the company's consolidated interest-bearing debt was 333.5 billion yuan, a decrease of 40.8 billion yuan from the beginning of the year [8] - The financing cost has been reduced to 3.1%, down by 30 basis points from the beginning of the year, reflecting improved financial management [8] - The company maintains a cash-to-short-term debt ratio of 3.14 times, indicating strong liquidity [8] Earnings Forecast - The company forecasts attributable net profits of 29.4 billion yuan, 32.7 billion yuan, and 34.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.94, 1.05, and 1.10 yuan [6]