滨江集团（002244）：公司信息更新报告：三季度业绩稳健增长，拿地聚焦杭州大本营

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue and profit growth in the first three quarters of 2025, driven by an increase in delivery scale. The sales ranking remains in the top ten, with a strong focus on land acquisition in Hangzhou [5][6] - The company is expected to maintain its profit forecasts, with projected net profits for 2025-2027 at 2.94 billion, 3.27 billion, and 3.42 billion yuan, respectively. The current stock price corresponds to a PE ratio of 11.8, 10.5, and 10.1 times for the respective years [5][6] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 65.51 billion yuan, a year-on-year increase of 60.6%. The net profit attributable to the parent company was 2.39 billion yuan, up 46.6% year-on-year [6] - The gross profit margin and net profit margin were 12.44% and 6.21%, respectively, reflecting increases of 2.01 percentage points and 1.86 percentage points year-on-year. The expense ratio decreased to 2.2%, down 1.4 percentage points year-on-year [6] - The company reported a negative operating cash flow of 7.95 billion yuan [6] Sales and Land Acquisition - The company recorded sales of 78.63 billion yuan from January to September 2025, a decrease of 1.9% year-on-year, maintaining the tenth position in industry sales rankings and first among private enterprises. The sales area increased by 17.8% year-on-year [7] - In Hangzhou, the company achieved a total sales amount of 44.6 billion yuan, maintaining the highest market share. The company acquired 18 plots of land in Hangzhou and Jinhua, with a total land payment of 36.64 billion yuan, of which 35.96 billion yuan was in Hangzhou [7] Financing and Cost - The company has a smooth financing channel, with 3 billion yuan in bond financing at a coupon rate not exceeding 3.8%. The comprehensive financing cost has decreased to 3.1%, down 30 basis points from the beginning of the year [8]