C&D INTL GROUP(01908) 平安证券·2025-03-29 14:12Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company is expected to benefit from the release of high-quality residential demand, with a projected revenue of 1429.9 billion yuan in 2024, representing a year-on-year growth of 6.4%. However, the net profit is forecasted to decline by 4.6% to 48 billion yuan [3][6]. - The company has a healthy land reserve structure and is actively expanding its land acquisition, ranking first among the top 50 real estate companies in terms of land acquisition sales amount and area in 2024 [6][7]. - The company has maintained a stable dividend payout, with a dividend of 1.2 HKD per share, resulting in a dividend rate of 52% based on net profit after deducting perpetual bond interest [6][7]. Financial Summary - Revenue and Profit Forecast: - 2024 Revenue: 1429.9 billion yuan, up 6.4% YoY - 2024 Net Profit: 48 billion yuan, down 4.6% YoY - Projected revenue growth rates for 2025-2027 are 5.8%, 5.2%, and 4.7% respectively [5][11]. - Profitability Metrics: - Gross Margin: 13.3% in 2024, up 2.2 percentage points YoY - Net Margin: 4.5% in 2024 - Return on Equity (ROE): 12.8% in 2024, declining gradually to 10.1% by 2027 [5][11]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to be 6.3 for 2024, decreasing to 5.9 by 2027 - Price-to-Book (P/B) ratio is expected to decline from 0.8 in 2024 to 0.6 in 2027 [5][11]. Operational Insights - The company has a total land reserve value of 2210 billion yuan, with approximately 80% of the projects acquired since 2022 [6][7]. - The company is focusing on enhancing its core product offerings, particularly in competitive markets like Hangzhou, where it has established several benchmark projects [6][7].