C&D INC.(600153) 国金证券·2024-12-20 00:38Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The acquisition of a 10% stake in Jianfa Real Estate for RMB 3.066 billion is expected to enhance the company's profitability and shareholder returns [3]. - The acquisition will increase the company's ownership in Jianfa Real Estate from 54.654% to 64.654%, thereby improving its earnings capacity and fulfilling historical commitments from Jianfa Group [3]. - The acquisition price reflects a reasonable valuation with a 7.48% premium over the assessed net asset value, indicating the company's commitment to protecting minority shareholders' interests [3]. - The company plans to implement a shareholder return plan, committing to distribute at least 30% of the annual distributable profits in cash for 2024 and 2025, with a minimum dividend of RMB 0.7 per share, resulting in an attractive dividend yield of 6.88% based on the closing price of RMB 10.18 per share on December 17 [4]. Financial Projections - The company is expected to see a significant increase in net profit from RMB 3.219 billion in 2024 to RMB 4.702 billion in 2026, with year-on-year growth rates of -75.4%, 34.0%, and 9.1% respectively [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 9.3x, 7.0x, and 6.4x, respectively, indicating potential value for investors [5]. - The company's revenue is projected to decline from RMB 679.618 billion in 2024 to RMB 750.507 billion in 2026, with growth rates of -11.01%, 8.12%, and 2.13% [9].