Binjiang Group(SZ:002244) ZHONGTAI SECURITIES·2025-12-14 09:49Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company has shown a significant increase in revenue and profit, with a 60.64% year-on-year growth in revenue and a 46.60% increase in net profit attributable to shareholders for the first three quarters of 2025 [4][6] - The company maintains a healthy financial structure with a net debt ratio of 7.03% and a cash-to-short-term debt ratio of 3.14 times, indicating low short-term repayment pressure [6] - The company is focused on land acquisition in Zhejiang, particularly in Hangzhou, where it holds a leading position [6] Summary by Sections Financial Performance - For 2023A, the company reported revenue of 70,443 million yuan, with a projected decline to 69,152 million yuan in 2024A, followed by a slight recovery to 69,912 million yuan in 2025E [3] - The net profit attributable to shareholders is forecasted to increase from 2,529 million yuan in 2023A to 2,879 million yuan in 2025E, reflecting a growth rate of 13% [3] - The company's gross profit margin improved to 12.4%, up by 2.0 percentage points year-on-year [6] Sales and Market Position - The company's total sales for the first three quarters of 2025 reached 786.3 billion yuan, a slight decrease of 1.87% year-on-year, ranking it 10th nationally [6] - The company has increased its land acquisition efforts, with new land value reaching 580.1 billion yuan, a 31.16% increase year-on-year [6] Financial Health - The company’s asset-liability ratio stands at 57.8%, with "three red lines" indicators consistently in the green zone [6] - The average financing cost has decreased to 3.1%, down by 0.3 percentage points from the previous year [6] Future Projections - The projected net profits for 2025-2027 are 2,879 million yuan, 3,142 million yuan, and 3,425 million yuan respectively, with corresponding EPS of 0.93, 1.01, and 1.10 yuan [3][6]