C&D INC.(SH:600153) KAIYUAN SECURITIES·2025-09-02 13:20Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][15] Core Views - The company reported a year-on-year contraction in revenue and profit, but maintained a high collection ratio, indicating stable overall operations and a positive long-term outlook [6][7] - The company’s dual business operations are expected to synergize and enhance overall performance, with profit forecasts for 2025-2027 remaining unchanged [6][7] - The current stock price corresponds to estimated net profits of 40.1 billion, 45.1 billion, and 50.5 billion for 2025, 2026, and 2027 respectively, with EPS values of 1.4, 1.6, and 1.7, leading to P/E ratios of 7.8, 6.9, and 6.2 [6][9] Financial Performance Summary - For the first half of 2025, the company achieved total operating revenue of 315.32 billion, a decrease of 1.16% year-on-year, and a net profit attributable to shareholders of 0.841 billion, down 29.87% year-on-year [7][9] - The company’s gross margin and net margin were 4.21% and 0.18%, respectively, reflecting declines of 0.57 percentage points and 0.34 percentage points year-on-year [7] - The company’s asset-liability ratio stood at 74.32%, with a current ratio of 1.35 and a quick ratio of 0.63 [7] Sales and Collection Performance - The real estate segment reported a contract sales amount of 82.94 billion, an increase of 11.67% year-on-year, with a collection ratio of 95%, maintaining a high level [8] - The subsidiary achieved contract sales of 70.83 billion, up 7.31% year-on-year, while another subsidiary reported a contract sales increase of 29.19% [8]