C&D INC.(SH:600153) KAIYUAN SECURITIES·2024-10-31 06:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's real estate business revenue has grown, and the dual main business operations are resonating synergistically. Despite a decline in overall revenue and profit, the company maintains a stable operational status [3][4]. - The company expects a gradual recovery in its financial performance, with projected net profits for 2024-2026 being 50.5 billion, 64.3 billion, and 78.0 billion respectively, indicating a long-term positive outlook [3][4]. Financial Performance Summary - For the first nine months of 2024, the company achieved operating revenue of 502.14 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.06 billion, down 83.43% year-on-year [3][4]. - The supply chain business reported revenue of 414.67 billion, a decline of 22.22%, while the real estate business saw revenue of 81.37 billion, an increase of 26.03% [4]. - The company's gross margin for the first three quarters was 4.37%, an increase of 1.32 percentage points year-on-year, while the net margin was 0.53%, a decrease of 1.98 percentage points year-on-year [4]. Earnings Forecast and Valuation Metrics - The earnings per share (EPS) for 2024-2026 are projected to be 1.68, 2.14, and 2.60 respectively, with corresponding price-to-earnings (P/E) ratios of 5.6, 4.4, and 3.6 [3][4]. - The company’s total revenue is expected to recover slightly in 2024, with a forecast of 789.74 billion, followed by growth to 835.62 billion in 2025 and 884.42 billion in 2026 [6][7].