C&D INTL GROUP(01908) 申万宏源证券·2025-03-28 06:13Investment Rating - The report maintains a "Buy" rating for the company [2][6][18] Core Views - The company's gross margin has rebounded from its lowest point, and it is actively acquiring land in core cities, with nearly 80% of new land reserves acquired since 2022 [6][5] - The company reported a 2024 revenue of HKD 142.99 billion, a year-on-year increase of 6.4%, with property development contributing 97% of total revenue [6][5] - The company has a strong financial position, maintaining green status on the three red lines, with a financing cost that has reached a new low [6][5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: HKD 134.43 billion - 2024: HKD 142.99 billion - 2025E: HKD 149.85 billion - 2026E: HKD 157.19 billion - 2027E: HKD 172.28 billion [5][7] - The net profit attributable to the parent company is forecasted as: - 2023: HKD 5.04 billion - 2024: HKD 4.80 billion - 2025E: HKD 5.06 billion - 2026E: HKD 5.33 billion - 2027E: HKD 5.88 billion [5][7] - The company’s earnings per share (EPS) are projected to be: - 2023: HKD 2.36 - 2024: HKD 2.21 - 2025E: HKD 2.33 - 2026E: HKD 2.45 - 2027E: HKD 2.71 [5][7] Sales and Land Acquisition - The company’s total sales for 2024 were HKD 133.5 billion, a decrease of 29.3% year-on-year, with a sales return rate of 102% [6][5] - The land acquisition amount for 2024 was HKD 55.6 billion, down 52% year-on-year, with a land acquisition to sales ratio of 42% [6][5] - The company’s land reserves as of the end of 2024 amounted to 12.43 million square meters, with a sellable value of HKD 221 billion [6][5] Dividend and Shareholder Returns - The company declared a dividend of HKD 1.2 per share for 2024, maintaining a high dividend payout ratio of 52% and a dividend yield of 7.2% [6][5]