CSSD(601512) 开源证券·2025-04-23 07:56Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit have declined due to a downturn in the park development business, but the operational quality of the park has improved, maintaining a high occupancy rate [5][7] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 830 million, 900 million, and 1.02 billion yuan respectively for these years [5] - The company is focusing on business synergy and enhancing operational quality, with emerging businesses expected to contribute positively to performance [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.685 billion yuan, a year-on-year decrease of 26.6%, and a net profit of 637 million yuan, down 53.2% [6] - The operating cash flow was 1.109 billion yuan, a decline of 37.1% year-on-year [6] - The gross margin and net margin were 50.4% and 23.2%, respectively, reflecting a decrease of 0.4 percentage points and 18.6 percentage points [6] - The company plans to distribute a cash dividend of 1.28 yuan per 10 shares, with a payout ratio of approximately 30.1% [6] Business Segment Performance - The park development business generated revenue of 1.855 billion yuan in 2024, down 35.0%, but the gross margin improved by 5.5 percentage points to 63.9% [7] - The company has developed and operated over 250 square kilometers in the integrated city-industry park, attracting approximately 2,570 projects in 2024 [7] - The occupancy rate of the park has increased to 89%, with over 93% occupancy in the Suzhou Industrial Park [7] Emerging Business Development - The green development business generated revenue of 689 million yuan in 2024, an increase of 5.9%, although the gross margin decreased by 2.6 percentage points to 16.4% [8] - The company has invested in 51 funds with a total commitment of nearly 4.3 billion yuan and has directly invested in 40 technology projects totaling 588 million yuan [8] Financial Projections - The company expects revenue to recover to 2.824 billion yuan in 2025, with a projected growth of 5.2% [9] - The net profit is anticipated to rise to 826 million yuan in 2025, reflecting a year-on-year increase of 29.7% [9] - The earnings per share (EPS) are projected to be 0.55 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.3 times [9]