C&D INTL GROUP(01908) 开源证券·2025-03-30 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable performance in revenue recognition with an increase in gross profit margin despite a slight decline in profit mainly due to impairment losses [6][7] - The company is expected to recover its profitability quickly, supported by a high proportion of new land reserves and a steady increase in market share [6] - The company’s sales ranking has improved against industry trends, focusing on acquiring quality land in core cities [8] Financial Performance - For 2024, the company reported revenue of 1429.9 billion yuan, a year-on-year increase of 6.4%, while net profit was 48.0 billion yuan, a decrease of 4.6% [7] - The gross profit margin for 2024 was 13.3%, an increase of 2.2 percentage points year-on-year [7] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 2.85, 3.08, and 3.15 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.7, 5.3, and 5.2 times [6][10] Market Position and Strategy - The company achieved a sales amount of 1335 billion yuan in 2024, ranking 7th in the industry, with a focus on high-quality land in first and second-tier cities [8] - The company’s land acquisition in 2024 amounted to 556 billion yuan, with a land acquisition intensity of 41.6% and an equity ratio of 80% [8] - As of the end of 2024, the total value of the company’s land reserves was 2210 billion yuan, with a high proportion of new land acquired since 2022 [8] Property Management - The company’s property management segment is stable, with a contracted area of 1.09 billion square meters and a collection rate of 94% [9] - The average financing cost has decreased to 3.56%, reflecting a 19 basis point reduction year-on-year [9]