C&D INTL GROUP(HK:01908) 智通财经网·2026-01-28 02:07Core Viewpoint - CICC has downgraded the profit forecast for Jianfa International Group for 2025 and 2026 by 33% and 30% to CNY 3.16 billion and CNY 3.56 billion respectively, while introducing a forecast for 2027 at CNY 4.12 billion [1] Group 1 - The company is expected to see a year-on-year decline of over 20% in profit for 2025, with estimated core net profit dropping by 26% to CNY 3.16 billion due to pressure from inventory impairment [2] - The company's total sales for 2025 are estimated to decrease by 9% to CNY 122.8 billion, with a stable ranking as the 7th among the top 100 companies [3] - The company has a strong land acquisition intensity of 63% for the period from January to November 2025, significantly higher than the average of 40% for major real estate firms [3] Group 2 - The company's gross profit margin is expected to stabilize before its peers, with over CNY 10 billion in asset impairments confirmed in the first half of 2025, representing 4.1% of the net inventory at the end of that period [4] - The company maintains a prudent approach to impairment provisions, leading to an adjustment in the overall impairment estimate and a downward revision of profit forecasts [4] - The company is anticipated to benefit from a concentrated release of impairments, which may enhance future performance resilience [4]