CSSD(SH:601512) Huachuang Securities·2025-09-04 12:53Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.44 yuan [2][7]. Core Views - The company has seen a recovery in land transfer income and is steadily advancing its business transformation. The significant revenue growth in the first half of 2025 is primarily driven by land development, although the corresponding costs have also increased significantly [7][8]. - The company is recognized for its strong ability in attracting investment and has a favorable location for industrial parks, which enhances business stability as it transitions into park operations and green utilities [7][8]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 2.104 billion yuan, a year-on-year increase of 39.19%, and a net profit attributable to the parent company of 592 million yuan, up 5.32% year-on-year [7]. - The revenue from park development and operations, green utilities, and other segments reached 1.66 billion yuan, 360 million yuan, and 90 million yuan respectively, with year-on-year growth rates of 44%, 22%, and 30% [7]. - The gross profit margins for these segments were 48.8%, 24.82%, and 43.41%, reflecting changes of -26.98, +11.26, and +4.07 percentage points year-on-year [7]. Business Segment Insights - The leasing income from the company's parks showed stable growth, with a revenue of 410 million yuan in the first half of 2025, a 3.8% increase year-on-year, maintaining a gross margin of 61% [7]. - The company has cumulatively developed approximately 3 million square meters of park area, with an operational area of about 2.25 million square meters and an overall occupancy rate of around 81% [7]. - The green utilities segment reported a revenue of 360 million yuan, a 22% increase year-on-year, with a steady expansion in distributed photovoltaic power station assets [7]. Financial Projections - The company is projected to have total revenues of 2.685 billion yuan in 2024, increasing to 2.922 billion yuan in 2025, with a compound annual growth rate of 8.8% [3][8]. - The net profit attributable to the parent company is expected to rise from 637 million yuan in 2024 to 707 million yuan in 2025, reflecting an 11% year-on-year growth [3][8]. - Earnings per share (EPS) are forecasted to be 0.43 yuan in 2024, increasing to 0.47 yuan in 2025, and further to 0.52 yuan in 2026 [3][8].