C&D INC.(600153)2024-11-04 07:21Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company has decided to withdraw its share placement application, which is seen as beneficial for the company's valuation recovery and shareholder interests. The decision was made after careful consideration of internal and external factors [5]. - The company's financial position remains strong, with a cash balance of 91.4 billion yuan as of Q3 2024, despite a year-on-year decrease of 5%. The asset-liability ratio stands at 64% when excluding pre-receipts, and the net debt ratio is 31% [5]. - In the real estate sector, the company reported a revenue of 81.37 billion yuan for Q1-Q3 2024, a year-on-year increase of 26%, but a net profit decline of 21.2%. The gross profit margin for the real estate division is 12.4%, down by 1.2 percentage points [5]. - The supply chain segment experienced a revenue decline of 22% year-on-year, with a net profit decrease of 10%. The gross profit margin for this segment is 2.0%, showing a slight improvement [5]. Summary by Sections Market Data - Closing price as of November 1, 2024, is 9.57 yuan, with a one-year high of 11.56 yuan and a low of 7.00 yuan. The price-to-book ratio is 0.5, and the dividend yield is 7.31% [2]. Financial Data - As of September 30, 2024, the company's net asset value per share is 18.71 yuan, with a total share capital of 2,947 million shares [3]. Revenue and Profit Forecast - The total revenue for 2024 is projected at 691.25 billion yuan, with a year-on-year decrease of 9.5%. The net profit is expected to be 3.218 billion yuan, reflecting a significant decline of 75.4% [6][7]. Profitability Metrics - The company’s return on equity (ROE) is projected to be 5.6% in 2024, with a price-to-earnings ratio of 9 [6]. Shareholder Returns - The report highlights a high dividend yield of 7.5%, indicating attractive returns for shareholders [5].