C&D INC.(600153)2024-09-02 06:45Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has declined, with a stable growth in sales ranking despite a significant drop in revenue and net profit [6] - The real estate division has seen a profit margin at its lowest, yet the sales ranking continues to improve [6] - The supply chain division's revenue has decreased, but profitability is stabilizing due to strategic focus [6] Summary by Sections Market Data - Closing price as of August 30, 2024: 7.29 CNY - Market capitalization: 21,138 million CNY - Price-to-book ratio: 0.4 - Dividend yield: 9.60% [3][4] Financial Performance - H1 2024 revenue: 319.01 billion CNY, down 16.8% YoY - H1 2024 net profit: 1.20 billion CNY, down 37.7% YoY - H1 2024 earnings per share: 0.33 CNY, down 41.1% YoY - Comprehensive gross margin: 4.8%, up 2.0 percentage points YoY [6][8] Business Segments Real Estate - H1 2024 revenue: 51.2 billion CNY, up 55.6% YoY - H1 2024 net profit: 1.6 billion CNY, down 1.9% YoY - Sales amount: 74.27 billion CNY, down 40.3% YoY, with a collection rate of 97% [6] Supply Chain - H1 2024 revenue: 263.6 billion CNY, down 24.8% YoY - H1 2024 net profit: 14.1 billion CNY, down 11.0% YoY - International business accounted for approximately 40% of supply chain operations [6] Investment Analysis - The company is expected to face challenges in the real estate sector, but its overall performance remains positive with a stable dividend yield [6] - The forecast for net profit for 2024-2026 has been adjusted to 3.83 billion, 4.07 billion, and 4.25 billion CNY respectively, reflecting a significant decrease from previous estimates [6][8]