C&D INTL GROUP(01908) 开源证券·2025-03-30 02:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] 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][8] Financial Performance - For the year 2024, the company reported revenue of 142.99 billion HKD, a year-on-year increase of 6.4%, while the net profit was 4.80 billion HKD, a decrease of 4.6% [7][10] - The gross profit margin improved to 13.3%, up by 2.2 percentage points year-on-year [7][10] - The company plans to distribute a dividend of 1.2 HKD per share, maintaining a dividend payout ratio of 52% [7] Market Position and Strategy - In 2024, the company achieved sales of 133.5 billion HKD, ranking 7th in the industry, with a focus on acquiring quality land in core cities [8] - The company’s land acquisition amounted to 55.6 billion HKD, with a land acquisition intensity of 41.6% and a focus on first and second-tier cities [8] Future Projections - The company’s projected net profits for 2025-2027 are 5.30 billion, 5.73 billion, and 5.86 billion HKD respectively, with corresponding EPS of 2.85, 3.08, and 3.15 HKD [6][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 5.7, 5.3, and 5.2 times [6][10]