CSSD(SH:601512) KAIYUAN SECURITIES·2025-08-28 14:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in revenue and profit, with stable progress in park operations and a high occupancy rate in its district park [7][9] - The gross margin has slightly declined, but the overall business operation remains robust, supported by the industrial investment fund [7] - The company maintains its profit forecast for 2025-2027, expecting net profits of 830 million, 900 million, and 1.02 billion respectively, with corresponding EPS of 0.55, 0.60, and 0.68 [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.104 billion, a year-on-year increase of 39.19%, and a net profit attributable to shareholders of 592 million, up 5.32% [8] - The gross margin and net margin were reported at 44.46% and 32.63%, respectively, reflecting a decline of 17.50 percentage points and 8.59 percentage points year-on-year [8] - The increase in revenue is primarily attributed to the growth in land development business [8] Park Development and Occupancy - As of the first half of 2025, the company has developed approximately 3 million square meters of district park area, with an operational area of about 2.25 million square meters and an overall occupancy rate of approximately 81% [9] - In the Suzhou Industrial Park, the occupancy rate is notably higher at around 92%, providing strong support for the innovative development of park enterprises [9] Investment Fund Activities - By June 2025, the company has committed to 52 external market-oriented funds with a total investment of approximately 4.4 billion, facilitating 123 investment projects in parks [10] - The projects include over 300 national-level technology innovation projects and 34 listed or approved projects [10]