C&D INC.(SH:600153) KAIYUAN SECURITIES·2025-04-17 05:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a contraction in revenue scale, but it is enhancing returns to protect shareholder interests. The overall operational situation remains stable with synergistic effects from dual main business operations [5][6] - Due to increased volatility in the real estate market and heightened uncertainty in sales digestion, the profit forecasts for 2025-2026 have been revised downwards, with new projections for 2027 introduced. Expected net profits for 2025-2027 are 40.1 billion, 45.2 billion, and 50.6 billion respectively [5][6] - The company is committed to a profit distribution plan that ensures at least 30% of the distributable profits are paid out in cash each year, with a minimum dividend of 0.7 yuan per share, resulting in an approximate dividend yield of 7% [7] Financial Summary - In 2024, the company achieved total operating revenue of 701.30 billion yuan, a year-on-year decrease of 8.17%. The net profit attributable to shareholders was 2.95 billion yuan, down 77.52% year-on-year [6][8] - The company's gross margin and net margin were 5.87% and 0.83% respectively, with year-on-year changes of +1.51 percentage points and -1.38 percentage points [6] - The asset-liability ratio stood at 70.29%, with a current ratio of 1.45 and a quick ratio of 0.63 [6] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 1.36, 1.53, and 1.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.4, 6.6, and 5.9 [5][8] - The company’s revenue is expected to show a slight recovery in 2025 with a year-on-year growth of 1.6%, followed by a growth of 5.0% in both 2026 and 2027 [8]