滨江集团（002244）：业绩大增，拿地积极

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in performance, with a 60.6% year-on-year growth in revenue for Q3 2025, reaching 65.5 billion yuan, and a 46.6% increase in net profit attributable to shareholders, amounting to 2.39 billion yuan [6] - The company has a strong land acquisition strategy, with a total land acquisition amount of 36.6 billion yuan in Q3 2025, representing a 34.2% year-on-year increase, and a land acquisition intensity of 47% [6] - The company maintains a healthy financial position with a net debt ratio of 6.6% and a cash-to-short-term debt ratio of 4.3 times, indicating strong liquidity [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 69.15 billion yuan, with an expected increase to 76.04 billion yuan in 2025, reflecting a 10% year-on-year growth [2] - The net profit attributable to shareholders is forecasted to be 2.94 billion yuan in 2025, with a growth rate of 15.4% [2] - The earnings per share (EPS) is expected to rise to 0.94 yuan in 2025, up from 0.77 yuan in 2024 [2] Market Data - As of October 30, 2025, the closing price of the company's stock is 11.10 yuan, with a market capitalization of 29.81 billion yuan [3] - The company has a price-to-earnings (P/E) ratio of 14 for 2024, which is expected to decrease to 12 in 2025 and further to 11 in 2026 [2][3] Sales Performance - The company achieved sales of 78.6 billion yuan in Q3 2025, with a slight year-on-year decrease of 1.9%, while maintaining a high average selling price of 39,000 yuan per square meter [6] - The company aims for a sales target of approximately 100 billion yuan in 2025, despite a projected decrease of 10% year-on-year [6] Land Acquisition Strategy - The company focuses on land acquisition in the Hangzhou area, with 97% of the total land acquisition in Q3 2025 occurring in this region [6] - The average land acquisition price was 30,000 yuan per square meter, reflecting a 15.8% year-on-year increase [6]