研報掘金丨平安證券:濱江集團屬優質民企翹楚,維持“推薦”評級
平安證券研報指出,濱江集團2025H1業績高增,投銷穩步向前。利潤高增主要系2025H1交付樓盤體量較上年同期增加。受上年H1結轉規模較小、2025H1結轉規模增加影響,2025H1利潤增速較高。2025Q1毛利率僅爲10.99%,延續探底,但我們認爲隨着前期拿地毛利較低的項目逐漸完成結轉,疊加公司計提減值已相對充分,2025年利潤率仍有改善空間,後續業績有望“輕裝上陣”。拿地銷售保持行業前列,拿地遵循優質原則:根據克而瑞、中指院數據,公司2025H1全口徑拿地金額位居行業前五,全口徑銷售數據(527.5億元)位居行業前十,保持較高投資強度。2025年戰略規劃清晰,財務優勢持續強化。公司紮根優勢區域,在樓市低迷期及分化趨勢下,後續銷售去化具備可靠保障;同時公司秉承穩健經營與精細化管理,財務狀況良好,彰顯融資優勢與逆勢擴張實力,屬優質民企翹楚。維持“推薦”評級。
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