C&D INC.(600153) 国盛证券·2024-12-18 09:54Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company plans to acquire a 10% stake in Jianfa Real Estate for approximately 3.066 billion RMB, enhancing its profitability and fulfilling historical commitments from the controlling shareholder [2][3]. - The acquisition is expected to increase the company's net profit by approximately 4.5 billion RMB based on 2023 figures, representing 12.6% of the company's net profit after excluding reorganization gains [3]. - The company aims to distribute dividends of no less than 30% of its annual profit, resulting in a projected dividend yield of 6.9% for 2024-2025 [3]. Financial Summary - The company reported a revenue of 763.68 billion RMB in 2023, with a projected decline to 690.96 billion RMB in 2024, followed by a slight recovery in 2025 to 712.49 billion RMB [5][12]. - The net profit for 2023 was 13.10 billion RMB, with expectations of a significant drop to 3.18 billion RMB in 2024, before recovering to 3.98 billion RMB in 2025 [5][12]. - The earnings per share (EPS) are projected to be 1.08 RMB in 2024, increasing to 1.35 RMB in 2025 and 1.52 RMB in 2026 [5][12]. - The company’s price-to-earnings (P/E) ratio is expected to be 9.4 in 2024, decreasing to 6.7 by 2026, indicating potential value for investors [5][12].