房地产/房地产开发 滨江集团（002244.SZ） 归母净利润实现增长，销售冲入行业前十名 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 9.99 | | 一年最高最低(元) | 12.44/6.30 | | 总市值(亿元) | 310.83 | | 流通市值(亿元) | 267.97 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.82 | | 近 3 个月换手率(%) | 86.6 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 滨江集团 沪深300 相关研究报告 《营收利润承压，拿地深耕杭州—公 司信息更新报告》-2024.10.31 《结转毛利率承压下滑，杭州大本营 拿 地 稳 健 — 公 司 信 息 更 新 报 告 》 -2024.9.2 《营收高增利润承压，优质土储助力 盈 利 修 复 — 公 司 信 息 更 新 报 告 》 -2024.4.28 利润实现增长，杭州优质土储助力盈利修复，维持 ...

证券研究报告·公司点评报告·房地产开发 滨江集团（002244） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 70,443 | 69,152 | 69,982 | 65,713 | 67,750 | | 同比（%） | 69.73 | (1.83) | 1.20 | (6.10) | 3.10 | | 归母净利润（百万元） | 2,529 | 2,546 | 2,799 | 3,021 | 3,321 | | 同比（%） | (32.41) | 0.66 | 9.94 | 7.95 | 9.92 | | EPS-最新摊薄（元/股） | 0.81 | 0.82 | 0.90 | 0.97 | 1.07 | | P/E（现价&最新摊薄） | 12.29 | 12.21 | 11.11 | 10.29 | 9.36 | 2024 年报点评：销售排名稳步提升，业绩实 现逆市增长 买入（维持） [Table_Tag] [Table_ ...

证券研究报告·公司点评报告·房地产开发 滨江集团（002244） 2024 年报点评：销售排名稳步提升，业绩实 现逆市增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 70,443 | 69,152 | 69,982 | 65,713 | 67,750 | | 同比（%） | 69.73 | (1.83) | 1.20 | (6.10) | 3.10 | | 归母净利润（百万元） | 2,529 | 2,546 | 2,799 | 3,021 | 3,321 | | 同比（%） | (32.41) | 0.66 | 9.94 | 7.95 | 9.92 | | EPS-最新摊薄（元/股） | 0.81 | 0.82 | 0.90 | 0.97 | 1.07 | | P/E（现价&最新摊薄） | 12.29 | 12.21 | 11.11 | 10.29 | 9.36 | [Table_Tag] [Table_ ...

2023年12月，滨江集团（002244.SZ）董事长戚金兴给滨江集团制定了"主动卧倒、匍匐前进"的八字战 略方针。2024年年底，戚金兴在媒体恳谈会上直言，2024年是滨江集团成立32年来最令人满意的一 年。"滨江受的只是轻伤，而很多房企受了重伤。" 展望2025年，戚金兴表示，"去年我们匍匐前进，今年已经做好站起来的准备。"至于准备何时站起来， 他举例说："因为我住在钱塘江边，很多人问我钱塘江的潮水什么时候最大？要具备三个条件：时间 对，八月潮水最大；上游水位高；再加上有东风。" TOP10唯一民营房企，交付数量创历史新高 戚金兴的满意，来自滨江集团去年多方面不俗的表现。尽管2024年的房地产市场依然是"风高浪急"，但 对滨江集团而言，"沧海横流，方显英雄本色"。 付项目：海潮望月城 4月25日，滨江集团披露2024年年报。据年报显示，2024年公司实现销售额1116.3亿元，位列克而瑞行 业销售排名第9位，首次进入克而瑞全国房企TOP10阵营，排名较2023年提升2位，同时也成为TOP10中 唯一的民营房企。在大本营杭州，公司已经连续7年荣获杭州市场销售冠军。 业绩方面，2024年滨江集团实现营业收入6 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 69.15 billion yuan in 2024, a year-on-year decrease of 1.8%, but managed to grow its net profit attributable to shareholders by 0.7% to 2.55 billion yuan, primarily due to a significant reduction in impairment losses and lower expense ratios [1][3]. - The company ranked 9th in sales among real estate firms, marking a 2-position improvement from the previous year, and is the only private enterprise in the top 10 [2]. - The company has focused its land acquisition strategy on high-quality locations, particularly in Hangzhou, where it holds a 37% market share [2][3]. Financial Performance - The company reported a gross margin of 12.5% in 2024, down 4.2 percentage points year-on-year, while the net profit margin was 3.7% [1][5]. - The company reduced its interest-bearing debt to 37.43 billion yuan, a decrease of 9.8% year-on-year, with a net debt ratio of 57% [3][5]. - The financing cost decreased to 3.4% in 2024, down 0.8 percentage points from the previous year, with plans to further reduce it to below 3.3% in 2025 [3][5]. Sales and Land Acquisition - The company’s total sales for 2024 were 111.63 billion yuan, a decrease of 27.3% year-on-year, but it aims for sales of around 100 billion yuan in 2025 [2]. - The company acquired 23 plots of land in 2024, with 22 located in Hangzhou, maintaining a rational investment strategy despite a decrease in land acquisition volume [2][3]. Future Projections - The company expects revenues of 70.83 billion yuan in 2025, with net profits projected to reach 2.79 billion yuan [3][5]. - The report forecasts earnings per share (EPS) of 0.90 yuan for 2025, with a price-to-earnings (P/E) ratio of 11.2 times based on the current stock price [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Insights - The company achieved a revenue of 69.152 billion RMB in 2024, a year-on-year decrease of 1.83%, while the net profit attributable to shareholders was 2.546 billion RMB, reflecting a slight increase of 0.66% [2][3] - The company's gross margin decreased to 12.54% in 2024 from 16.76% in 2023, primarily due to the settlement of low-margin projects from 2020-2021, with expectations for gradual recovery as higher-margin projects from 2022-2024 are recognized [3] - The company ranked 9th in the industry sales ranking, entering the top 10 for the first time, and is the only private real estate company in this group [3] - The company's interest-bearing debt decreased to 30.5 billion RMB, and cash and cash equivalents increased to 32.7 billion RMB, marking the first time cash exceeds debt [4] - The company focused its investments in Hangzhou, with land reserves in the city increasing to 70% of total land holdings, enhancing its future growth prospects [4] Financial Performance Summary - The company’s revenue for 2024 is projected to decline slightly in the following years, with estimates of 68.518 billion RMB in 2025 and 68.050 billion RMB in 2026 [9] - The net profit is expected to grow significantly in the coming years, with projections of 3.050 billion RMB in 2025, 3.558 billion RMB in 2026, and 4.037 billion RMB in 2027, reflecting year-on-year growth rates of 19.81%, 16.65%, and 13.48% respectively [9][5] - The average price-to-earnings (P/E) ratio for the company is projected to be 10.2x in 2025, 8.7x in 2026, and 7.7x in 2027, indicating a favorable valuation [5] Market Position and Strategy - The company is strategically focused on the Hangzhou market, which is characterized by high demand and resilience, positioning it to benefit from future sales and investment opportunities [5] - The company’s land acquisition strategy has led to a significant market share in Hangzhou, with a 37% share in the local land market [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is recognized as a benchmark enterprise for quality housing, demonstrating sustained high-quality growth [6] - The company has a strong market position in Hangzhou, with significant sales performance and a focus on land acquisition in the region [6] - Financial forecasts indicate a slight decline in revenue but an increase in net profit over the next few years, reflecting operational resilience [5][6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 70,443 million, with a year-on-year growth rate of 69.7%. However, a decline to 65,708 million is expected in 2025, representing a -5.0% change [5][7] - The net profit attributable to the parent company is forecasted to increase from 2,546 million in 2024 to 2,810 million in 2025, reflecting a growth rate of 10.4% [5][7] - The company maintains a healthy gross margin of 12.5% in 2024, with expectations for slight improvements in subsequent years [5][6] Sales and Market Position - In 2024, the company achieved sales of 1,116 million, with an average selling price of 47,000 per square meter, significantly higher than the industry average [6] - The company plans to maintain its sales target at around 1,000 million for 2025, aiming to stay within the top 15 nationally [6] - The company has increased its market share in Hangzhou from 25% in 2023 to 38% in 2024, indicating strong competitive positioning [6] Land Acquisition and Debt Management - The company acquired land worth 448 million in 2024, with a focus on the Hangzhou market, which accounted for 97% of total acquisitions [6] - The company has successfully reduced its interest-bearing debt, with a financing cost decreasing to 3.4% [6] - The company plans to further decrease its interest-bearing debt to below 30 billion by 2025, ensuring financial stability [6]

Core Viewpoint - In 2024, Binhai Group reported a slight decline in revenue but an increase in net profit, demonstrating resilience in a challenging real estate market [2][4]. Financial Performance - The company achieved operating revenue of 69.152 billion yuan, a year-on-year decrease of 1.83% - The net profit attributable to shareholders was 2.546 billion yuan, up 0.66% year-on-year - The net profit after deducting non-recurring items was 2.430 billion yuan, an increase of 1.19% year-on-year - Basic earnings per share stood at 0.82 yuan [2]. Industry Context - National real estate development investment in 2024 was 10,028 billion yuan, down 10.6% year-on-year - Residential investment reached 7,604 billion yuan, a decline of 10.5% - New housing starts fell by 23.0%, with a total area of 73,893 million square meters - Sales of new commercial housing decreased by 12.9%, with residential sales down 14.1% [2]. Sales Performance - Binhai Group achieved sales of 111.63 billion yuan, ranking 9th in the industry according to CRIC, improving by 2 positions from 2023 - The company is the only private real estate enterprise in the top 10 and has been the sales champion in Hangzhou for seven consecutive years [2][3]. Project Delivery - In 2024, Binhai Group delivered a total of 52 projects, including 32 in Hangzhou and 20 in other cities, marking a historical high in delivery numbers [3]. Financial Health - As of the end of 2024, the company's interest-bearing liabilities were 30.5 billion yuan, down 5.5 billion yuan from the beginning of the year - The balance of monetary funds was 32.7 billion yuan, an increase of 10.47% - The average financing cost decreased to 3.4%, the largest drop in recent years [4]. Land Acquisition - Binhai Group acquired 23 plots of land in 2024, with a total investment of 44.85 billion yuan and a rights investment of 21.935 billion yuan - The company maintained a market share of 37% in land acquisition in Hangzhou, leading the market [4]. Future Strategy - For 2025, Binhai Group aims for sales exceeding 100 billion yuan, targeting to rank within the top 15 nationally - The company will continue to focus on its core real estate business while expanding into five additional sectors: services, leasing, hotels, elderly care, and industrial investment [6].

Group 1 - Binjiang Group (002244.SZ) released its 2024 annual report on April 26, 2025, indicating that as of April 25, 2025, 285 institutional investors disclosed holding A-shares of Binjiang Group, totaling 1.885 billion shares, which accounts for 60.58% of the total share capital [1] - The top ten institutional investors include Hangzhou Binjiang Investment Holding Co., Ltd., Industrial and Commercial Bank of China - Fortune Tianhui Selected Growth Mixed Securities Investment Fund (LOF), and several funds managed by Zhuhai Abama Asset Management, with the top ten investors holding a combined 53.39% of the shares [1] Group 2 - In the public fund sector, six funds increased their holdings compared to the previous period, including Xinhua Pan Resources Advantage Mixed Fund and Rongtong Industry Prosperity Mixed A/B, with the increase in holdings slightly rising [2] - Conversely, 40 public funds reduced their holdings compared to the previous quarter, with a reduction rate of 1.36%, including Southern CSI All Share Real Estate ETF and several other mixed funds [2] - A total of 218 new public funds were disclosed this period, including Southern CSI 500 ETF and Hai Futong Reform Driven Mixed Fund, while 37 funds were not disclosed compared to the previous quarter [2]

Core Viewpoint - Binjiang Group announced a cash dividend plan for 2024, proposing a distribution of 0.82 yuan per share (including tax), totaling 255 million yuan, which represents 10.02% of the company's net profit, marking the 17th cash distribution since its listing [2]. Financial Performance - For the fiscal year 2024, the company reported total revenue of 69.152 billion yuan, a year-on-year decrease of 1.83%, while net profit reached 2.546 billion yuan, reflecting a year-on-year increase of 0.66%. The basic earnings per share were 0.82 yuan, and the weighted average return on equity was 9.63% [2]. Dividend History - The company has a history of cash distributions since its listing, with the following notable distributions: - 2024: 0.82 yuan per share, 255 million yuan total, 0.98% dividend yield - 2023: 0.90 yuan per share, 280 million yuan total, 0.95% dividend yield - 2022: 2.50 yuan per share, 778 million yuan total, 2.91% dividend yield - 2021: 2.26 yuan per share, 703 million yuan total, 5.12% dividend yield [2]. Market Position - Among the 28 companies in the real estate sector that announced their 2024 dividend plans, Binjiang Group's cash distribution of 255 million yuan ranks lower compared to its peers, with China Merchants Shekou leading at 1.9353 yuan per share and a total of 1.74993 billion yuan [4].