CSSD(601512) 华创证券·2024-09-04 12:41Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.69 yuan [1][2]. Core Views - The company reported a revenue of 1.511 billion yuan for the first half of 2024, a year-on-year decrease of 20.88%, and a net profit attributable to shareholders of 562 million yuan, down 27.14% year-on-year. The decline in revenue is primarily due to a reduction in land transfer area, particularly with no residential land sales in the Suzhou Industrial Park's Xietang project during the first half of the year [2]. - Despite the revenue decline, the company is actively developing its park operations, with leasing revenue reaching 397 million yuan, an increase of 11% year-on-year. The company benefits from a strong location advantage and effective investment attraction capabilities, ensuring stable growth in property leasing income [2]. - The company's main business of park development and operation is supported by its green utilities and industrial investments, which are progressing steadily. As of the first half of 2024, the company has connected 179 MW of new photovoltaic power stations to the grid, with a total of 653 MW of distributed photovoltaic power stations connected, achieving 32.7% of its 2 GW target [2]. Financial Summary - For 2024, the company is projected to have total revenue of 3.246 billion yuan, a decrease of 11.2% compared to 2023, with a net profit of 1.085 billion yuan, down 20.3% [3]. - The earnings per share (EPS) for 2024 is estimated at 0.72 yuan, with a price-to-earnings (P/E) ratio of 9 [3]. - The company’s total assets are projected to reach 37.435 billion yuan by 2024, with a debt-to-asset ratio of 47% [4].