C&D INC.(600153) 太平洋·2024-12-30 03:03Investment Rating - The report maintains an "Accumulate" rating for the company [1][21]. Core Views - The company reported a total revenue of 502.1 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.058 billion, down 83.43% year-on-year [1]. - The company has increased its stake in its real estate subsidiary by 10%, which has been approved by the shareholders' meeting, enhancing its profitability for 2025 [7][8]. - The supply chain business is the main profit source for the company, with international revenue increasing from 10% in 2019 to 17% in 2023, indicating a positive trend in global expansion [8]. Summary by Sections Company Overview - The largest shareholder of the company is Jianfa Group, holding 46.03%, with the actual controller being the Xiamen State-owned Assets Supervision and Administration Commission [3]. Quarterly Performance - The company experienced a significant decline in performance, with a net profit of 2.058 billion for the first three quarters of 2024, a decrease of 83.43% year-on-year [1][18]. Subsidiary Equity Changes - The company plans to acquire an additional 10% stake in Jianfa Real Estate, increasing its consolidated share from 54.65% to 64.65% [7][8]. - The equity assessment value of Jianfa Real Estate is estimated at 30.663 billion for the 10% stake [7]. Dividend and Shareholder Returns - The company has established a shareholder return plan, committing to distribute at least 30% of the annual profit attributable to shareholders as cash dividends, with a minimum dividend of 0.7 yuan per share [7][8]. Future Outlook - The supply chain sector is expected to benefit from China's dual circulation strategy, with the company expanding its global operations and establishing business relationships in over 170 countries [8]. - The report expresses optimism about the company's supply chain strategy and the manageable risks in the real estate sector, leading to a continued "Accumulate" recommendation [8].