Binjiang Group(002244) 申万宏源证券·2025-04-27 02:41Investment 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]