CMSK(SZ:001979) Ping An Securities·2025-08-29 02:55Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Insights - The company achieved a stable revenue growth with a total revenue of 514.9 billion yuan in the first half of 2025, reflecting a year-on-year increase of 0.4%, and a net profit of 14.5 billion yuan, up by 2.2% [3][6]. - The gross margin improved to 14.4%, an increase of 2.4 percentage points year-on-year, indicating better profitability [6]. - The company secured 16 land parcels in the first half of 2025, with a total construction area of approximately 1.67 million square meters and a total land price of about 35.3 billion yuan [6]. - The company maintains a strong cash flow position with total cash of 87.76 billion yuan and a debt structure that remains stable, with a debt-to-asset ratio of 63.1% excluding pre-receivables [6]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are estimated at 0.54 yuan, 0.59 yuan, and 0.63 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16.9, 15.3, and 14.5 [6][8]. - The net profit is expected to recover to 4.86 billion yuan in 2025, with a growth rate of 20.3% [6][8]. - The company’s total assets are projected to decrease from 860.31 billion yuan in 2024 to 683.23 billion yuan in 2027, while total liabilities are expected to decline from 573.56 billion yuan to 383.54 billion yuan over the same period [8][9].