C&D INC.(600153) 申万宏源·2024-12-18 07:38Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to acquire a 10% stake in Jianfa Real Estate for 3.1 billion yuan, enhancing its asset concentration and profitability, with expectations for further acquisitions of remaining shares [4] - The company has announced a high dividend plan, committing to a minimum of 0.7 yuan per share for 2024 and 2025, resulting in an attractive dividend yield of approximately 6.9% [4] - The real estate segment continues to improve its sales ranking, focusing on first and second-tier cities, while the supply chain business shows steady contributions to performance and cash flow [4] Financial Summary - For 2024, the company expects total revenue of 691.25 billion yuan, a decrease of 9.5% year-on-year, with a projected net profit of 3.22 billion yuan, down 75.4% [5] - The company’s revenue for the first three quarters of 2024 is reported at 502.14 billion yuan, reflecting a year-on-year decline of 16.1% [5] - The company’s return on equity (ROE) is projected to be 5.6% in 2024, with a price-to-earnings (PE) ratio of 9 [5]