建发国际（1908 HK）：买入：从厦门的金发姑娘条件中获益

Investment Rating - The report maintains a "Buy" rating for C&D International with an unchanged target price (TP) of HKD 21.20, implying a 57% upside from the current share price of HKD 13.54 [4][6][10]. Core Insights - C&D International is positioned to benefit from the revitalization of Xiamen's housing market, characterized by increasing sales volumes, declining inventory, and stabilizing new home prices. This marks a recovery from a significant sales decline of 29% year-on-year in 2024 due to market weakness [1][2]. - The implementation of Xiamen's advanced home purchase voucher scheme is expected to stimulate demand and alleviate inventory pressure, contributing to 40% of the gross floor area (GFA) sold in the primary market from October 2024 to February 2025 [2][10]. - C&D's strategic landbank investments in Xiamen, totaling RMB 19 billion for six sites in 2024, provide a competitive supply advantage as market sentiment improves [3][10]. Summary by Sections Investment Rating - Buy rating maintained with a target price of HKD 21.20, reflecting a 57% upside potential [4][6]. Market Conditions - Xiamen's property market is experiencing "goldilocks" conditions with increasing sales volumes and declining inventory, which is expected to benefit C&D International [1][2]. Policy Impact - The new home purchase voucher scheme in Xiamen is effectively stimulating demand and reducing inventory pressure, with significant contributions to sales in the primary market [2][10]. Land Acquisition Strategy - C&D's counter-cyclical land acquisitions in Xiamen position the company favorably against competitors, enhancing its market presence as sentiment improves [3][10]. Financial Projections - The financial outlook includes projected property sales of RMB 138.623 billion for 2024, with a slight decrease expected in subsequent years, followed by a recovery [11][12].