CSSD(SH:601512) KAIYUAN SECURITIES·2024-10-29 07:15Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 28, 2024 [1]. Core Views - The company's revenue and profit have declined year-on-year, primarily due to a decrease in income from park development business, while gross margin has improved but net margin is under pressure. The report maintains a "Buy" rating, indicating confidence in the company's future performance despite current challenges [1]. Summary by Sections Financial Performance - For the first three quarters, the company achieved operating revenue of 1.986 billion yuan, a year-on-year decrease of 24.0%. The net profit attributable to shareholders was 656 million yuan, down 26.8%. In Q3 alone, revenue and net profit decreased by 32.4% and 57.4%, respectively. Basic earnings per share were 0.45 yuan, down 34.8%. Operating cash flow was 638 million yuan, with gross margin and net margin at 56.1% and 38.9%, respectively, reflecting an increase of 7.2 percentage points and a decrease of 7.7 percentage points year-on-year [1]. Business Development - The company has made significant progress in its industrial park development, with over 250 square kilometers of operational area and approximately 430 enterprises occupying its self-owned facilities, achieving an overall occupancy rate exceeding 90%. The company has also established 51 funds with a total subscription amount of nearly 4.35 billion yuan, facilitating 96 investment projects that have attracted a total investment of 64.1 billion yuan [1]. New Energy Initiatives - The company has successfully connected 179 MW of new energy generation capacity to the grid, primarily in the Yangtze River Delta region, providing renewable energy to over 400 quality enterprises. Additionally, the company announced plans to issue 2 billion yuan in corporate bonds with a maturity of no more than 10 years [1].