CSSD(601512) 开源证券·2024-08-28 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a decline in revenue and profit, with a year-on-year revenue drop of 20.9% to 1.511 billion yuan and a net profit decrease of 27.1% to 562 million yuan. However, the gross margin improved by 9.4 percentage points to 62.0%, while the net margin decreased by 6.2 percentage points to 41.2% [4] - The company is adjusting its profit forecasts due to market downturn impacts on park development, with expected net profits for 2024-2026 revised to 1.17 billion, 1.26 billion, and 1.40 billion yuan respectively [4] - The company's "one body, two wings" business model is expected to continue to enhance performance through synergistic development of emerging businesses [4] Revenue and Profit Summary - The company's revenue for 2024 is projected at 3.061 billion yuan, down 16.3% year-on-year, with net profit expected at 1.172 billion yuan, a decrease of 13.9% [7] - The gross margin is forecasted to be 47.1% in 2024, with a net margin of 43.5% [7] Operational Performance - As of mid-2024, the company has developed and operated over 250 square kilometers of industrial park area, attracting 39 projects to the Suzhou Industrial Park, totaling approximately 2,540 projects [5] - The company has achieved a comprehensive occupancy rate of over 90% for its self-owned properties and 64% for its district parks [5] Investment Activities - The company has committed to 51 funds with a total investment of nearly 4.35 billion yuan, facilitating 96 projects with a total investment of 64.1 billion yuan [6] - The company has directly invested in 38 technology projects totaling 570 million yuan, generating a total investment of 8.6 billion yuan [6] Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 0.78 yuan, with corresponding price-to-earnings (P/E) ratios of 8.5, 8.0, and 7.1 for 2024, 2025, and 2026 respectively [4][7]