滨江集团（002244）：上半年业绩大幅增长，有息负债和融资成本持续下降

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company experienced significant growth in the first half of 2025, with revenue reaching 45.45 billion yuan, a year-on-year increase of 87.8%, and a net profit attributable to shareholders of 1.85 billion yuan, up 58.9% year-on-year. This growth is attributed to increased delivery volume, improved gross margin of 12.2% (up 2.7 percentage points), and a decrease in expense ratios [1]. - The company ranked tenth in sales within the industry, achieving a sales amount of 52.75 billion yuan, a decrease of 9.4% year-on-year, which is less than the average decline of top 100 real estate companies. The company aims for a sales target of around 100 billion yuan for 2025 [2]. - The company has successfully reduced its interest-bearing debt to 33.35 billion yuan, a decrease of 4.083 billion yuan from the previous year, with a financing cost of 3.1%, down 0.3 percentage points [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 45.45 billion yuan and a net profit of 1.85 billion yuan, with significant contributions from increased project deliveries and improved gross margins [1]. - The company’s sales target for 2025 is approximately 100 billion yuan, with over half of this target already achieved in the first half of the year [2]. Debt and Financing - As of the end of the first half of 2025, the company’s interest-bearing debt was 33.35 billion yuan, with a clear debt structure comprising 83.9% bank loans and 16.1% direct financing. The net debt ratio stands at 7.03% [3]. - The company plans to further reduce its interest-bearing debt to below 30 billion yuan in 2025 and maintain direct financing below 20% [3]. Future Projections - The report forecasts revenues of 70.83 billion yuan, 62.60 billion yuan, and 54.84 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.79 billion yuan, 2.95 billion yuan, and 3.07 billion yuan for the same years [3][5].