C&D INC.(SH:600153) GOLDEN SUN SECURITIES·2025-04-17 01:23Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's real estate business is experiencing short-term impairment, leading to a significant decline in 2024 performance, with a projected revenue of 701.3 billion and a net profit of 2.95 billion, down 77.5% year-on-year [1][4] - The supply chain operations remain stable, with a revenue of 508.94 billion, although net profit decreased by 11.3% [3][4] - The company is increasing its cash dividend payout ratio to 70%, resulting in a dividend yield of approximately 7% based on the closing price [1][4] Summary by Sections Real Estate Business - The real estate segment generated revenue of 184.6 billion, up 10.1% year-on-year, with a gross margin of 13.8% [2] - The company made provisions for inventory impairment totaling 37.1 billion, contributing to a net profit of 3.4 billion, an increase of 79.3% [2] - Total sales amount decreased by 30.4% to 159.7 billion, but the company improved its sales ranking to 7th in the industry [2] Supply Chain Operations - The supply chain operations reported revenue of 508.94 billion, down 14.2%, with a net profit of 3.51 billion [3] - The decline in net profit was primarily due to the absence of one-time gains from previous years [3] - The operational volume of major commodities exceeded 220 million tons, reflecting an increase of nearly 8% [3] Financial Projections - The company forecasts revenues of 699.8 billion, 709.4 billion, and 714.5 billion for 2025, 2026, and 2027 respectively, with net profits of 4.1 billion, 4.5 billion, and 4.9 billion [4][5] - The projected EPS for the next three years is 1.39, 1.53, and 1.65 [4][5] - The P/E ratios are expected to be 7.5, 6.8, and 6.3 for the same period [4][5]