C&D INC.(600153) 开源证券·2024-12-18 09:27Investment Rating - The investment rating for the company is "Buy" (maintained) [5][9]. Core Views - The company's revenue growth in the real estate sector and the synergy from dual business operations are highlighted as key strengths. The acquisition of a 10% stake in Jianfa Real Estate for 3.066 billion yuan is expected to enhance profitability and investor confidence due to a commitment to distribute at least 30% of the annual profit to shareholders [9][10]. - The company maintains a stable operational performance, with projected net profits for 2024-2026 being 5.05 billion, 6.43 billion, and 7.80 billion yuan respectively, and corresponding EPS of 1.68, 2.14, and 2.60 yuan [9][10]. Financial Summary - The company's total revenue for 2023 is projected at 763.68 billion yuan, a decrease of 8.3% year-on-year, with a recovery expected in 2024 with a growth of 3.4% [7]. - The net profit for 2023 is expected to be 13.10 billion yuan, a significant increase of 108.8% from the previous year, but a sharp decline of 61.5% is anticipated for 2024 [7]. - The gross margin is projected to be 4.2% in 2024, with a net margin of 0.6% [7]. - The company's P/E ratio is expected to be 6.1 in 2024, decreasing to 3.9 by 2026, indicating a potentially undervalued stock [7][9].