Binjiang Group(002244) 国盛证券·2025-04-27 10:23Investment 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].