\u3000\u3 China Vanke Co.Ltd(000002) 244 Hangzhou Binjiang Real Estate Group Co.Ltd(002244) )
Zhejiang is a leading private enterprise in the region, growing against the trend and making a new journey
Hangzhou Binjiang Real Estate Group Co.Ltd(002244) was founded in 1992 and headquartered in Hangzhou. Over the past three decades, the company has been based on quality and centered on brand, developed layout, worked deeply and carefully, continuously improved the management and operation system, achieved record performance, and gradually became a leading real estate enterprise in the Yangtze River Delta.
Penetrate the industry cycle and pay equal attention to scale and quality
From 2017 to 2021, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) full caliber sales CAGR was 28.78%, maintaining rapid growth. In 2021, in the environment of weak overall sales in the industry, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) achieved full caliber sales of 169.13 billion yuan, with a year-on-year increase of 24.03%, ranking No. 22 in the national real estate enterprise ranking of Kerui.
Active investment, abundant soil reserves and steady progress in the layout of deep cultivation
Since 2018, Hangzhou Binjiang Real Estate Group Co.Ltd(002244) accelerated the pace of expansion, held a positive attitude towards land acquisition, maintained the land acquisition sales ratio at more than 40%, and the number of new land reserve projects has increased year by year. In the first half of 2021, the company acquired 21 parcels of land, with a land acquisition amount of 44.49 billion yuan, a land acquisition sales ratio of 50.6%, and a positive attitude towards land acquisition. In terms of regional distribution, the construction area of the company’s soil storage capacity in Hangzhou is 8.65 million square meters, accounting for 52.53%; The construction area of soil storage capacity in Zhejiang Province (except Hangzhou) is 5.8392 million square meters, accounting for 35.46%; The construction area of soil storage outside Hangzhou province is 3611400 square meters, accounting for 21.93% Hangzhou Binjiang Real Estate Group Co.Ltd(002244) 2021 continue to consolidate the strategic layout of “three provinces and one city”.
Profit forecast and investment suggestions
Hangzhou Binjiang Real Estate Group Co.Ltd(002244) focuses on Hangzhou and Zhejiang, with good sales performance and high-quality soil storage. At the same time, under the background of frequent credit risks in the industry, the company has high financial security and obvious financing advantages. Due to the continuous rapid growth of the company’s sales and the acceleration of project carry over, we raised the forecast of the company’s revenue of 35.1/43.4 billion yuan in 21-22 to 40.9/51.9 billion yuan, increased the forecast of 23-year revenue to 63.9 billion yuan, and raised the company’s EPS of 0.5% in 21-22 years 88 / 1.08 yuan is predicted to be 0.90/1.14 yuan, and the prediction of 23-year EPS is 1.32 yuan, corresponding to the closing price of 6.57 yuan / share on March 9, 2022. It is expected that the PE from 2021 to 2023 will be 7.29/5.78/4.99, maintaining the “overweight” rating of the company.
Risk tips
Tightening of real estate policy; The sales performance is lower than expected; The profit margin is lower than expected.
