C&D INTL GROUP(HK:01908) Zhi Tong Cai Jing·2025-08-25 02:45Core Viewpoint - CICC maintains its 2025 profit forecast for Jianfa International Group (01908) while slightly raising the 2026 profit forecast by 2% to 5.1 billion HKD, reflecting year-on-year growth of 10% and 8% respectively. The target price is raised by 7% to 21.4 HKD, indicating an upside potential of 16% based on market risk preference adjustments [1]. Group 1 - The company's 1H25 performance slightly exceeded market expectations, with revenue increasing by 4% to 34.2 billion HKD and net profit rising by 12% to 910 million HKD, primarily due to improvements in settlement gross margin and equity ratio [2]. - The company acquired 26 new land parcels in the first half of 2025, with total land payments amounting to 49.5 billion HKD, achieving a land acquisition intensity of 70%, significantly higher than the industry average [3]. - The company maintains a healthy financial position, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 4.1 times, while the average financing cost has decreased to a historical low of 3.17% [4]. Group 2 - The company is expected to maintain its steady sales ranking, moving up one position to sixth place in total sales amount for 1H25, with an estimated total supply of 160 to 170 billion HKD [5]. - The overall performance for the year is projected to show steady growth, supported by a robust pipeline of unsold inventory and a favorable settlement resource volume, which is 1.6 times the predicted revenue for 2025 [6].