Binjiang Group(SZ:002244) Guolian Minsheng Securities·2025-08-29 06:49Investment Rating - The investment rating for the company is "Buy" [9][19]. Core Views - The company achieved a revenue of 45.449 billion yuan in the first half of 2025, representing a year-on-year increase of 87.80%. The net profit reached 2.692 billion yuan, up 120% year-on-year, while the attributable net profit was 1.853 billion yuan, an increase of 58.87% year-on-year [4][15]. - The gross profit margin improved to 12.24%, an increase of 2.67 percentage points year-on-year, primarily due to increased delivery volume and improved settlement gross margin [16]. - The company maintained its leading position in the residential real estate sector in Hangzhou, with sales amounting to 39.7 billion yuan in the region, securing the top spot in local sales [17]. - The company’s land acquisition amount was 33.3 billion yuan, with a land acquisition intensity of 0.63, indicating a strong position in the industry [17]. - The company is expected to achieve attributable net profits of 2.939 billion yuan, 3.246 billion yuan, and 3.524 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 15.43%, 10.46%, and 8.56% [19]. Financial Performance - The company reported a total revenue of 70.443 billion yuan in 2023, with a projected revenue of 73.162 billion yuan for 2025, reflecting a growth rate of 5.80% [21]. - The attributable net profit for 2023 was 2.529 billion yuan, with an expected increase to 2.939 billion yuan in 2025, indicating a growth rate of 15.43% [21]. - The earnings per share (EPS) are projected to be 0.94 yuan for 2025, increasing to 1.04 yuan in 2026 and 1.13 yuan in 2027 [19][21]. Debt and Financing - As of the first half of 2025, the company maintained a healthy debt structure, with a debt-to-asset ratio of 57.8% and a net debt ratio of 7.03% [18]. - The company’s interest-bearing debt decreased to 33.352 billion yuan, down by 4.083 billion yuan from the end of 2024, indicating a clear debt structure [18].