C&D INC.(SH:600153) Haitong Securities·2024-09-18 03:12Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Insights - The company reported a revenue of 319.015 billion yuan for the first half of 2024, a decrease of 16.80% year-on-year, and a net profit attributable to shareholders of 1.199 billion yuan, down 37.67% year-on-year, primarily due to losses from subsidiaries [6][9] - The supply chain operations segment generated revenue of 263.569 billion yuan, a decline of 24.81% year-on-year, with a net profit of 1.421 billion yuan, down 15.07% year-on-year, affected by macroeconomic conditions and fluctuations in commodity prices [6][9] - The real estate segment achieved revenue of 51.221 billion yuan, an increase of 55.63% year-on-year, but the net profit was 0.155 billion yuan, down 38.02% year-on-year, mainly due to inventory impairment provisions [6][9] - The company maintained a high collection rate of approximately 97% for sales, with significant sales occurring in first- and second-tier cities [6][9] Financial Summary - Total assets as of June 30, 2024, were 902.309 billion yuan, with net assets of 229.177 billion yuan [6][9] - The operating cash flow was negative at -22.112 billion yuan, a decline of 194.56% year-on-year, primarily due to reduced sales collections in the real estate sector and increased land payment amounts [6][9] - The company’s EPS for 2024 is projected to be 1.25 yuan, with a valuation range of 259-295 billion yuan, corresponding to a reasonable value range of 8.77-10.03 yuan per share [7][16]