PDH(SH:600048) Xin Lang Cai Jing·2025-04-30 00:22Core Insights - The company reported a revenue of 311.67 billion yuan for 2024, a year-over-year decrease of 10.1%, and a net profit attributable to shareholders of 5 billion yuan, down 58.6% year-over-year [1][3] - In Q1 2025, the company achieved a revenue of 54.27 billion yuan, reflecting a year-over-year increase of 9.1%, while the net profit attributable to shareholders was 1.95 billion yuan, down 12.27% year-over-year [1][4] Revenue and Sales Performance - The company maintained its leading sales position, achieving a total sales amount of 323 billion yuan in 2024, a decrease of 23.5% year-over-year, with a sales area of 17.97 million square meters, down 24.7% year-over-year [1] - The average sales price per square meter was 17,980 yuan, an increase of 1.6% year-over-year [1] - The company focused on depleting existing projects, successfully liquidating 10.78 million square meters of inventory from projects acquired before 2022, resulting in a reduction of over 20% in the area of projects on hand [1] Land Acquisition and Investment Strategy - The company optimized its land reserve structure, with a total land acquisition cost of 68.3 billion yuan in 2024, ranking second in the industry [2] - From 2022 to 2024, the total land acquisition cost reached nearly 400 billion yuan, with a total value of approximately 735 billion yuan, leading the industry [2] - In 2024, 99% of the investment was concentrated in 38 core cities, with 74% in key areas of first-tier cities [2] Financial Performance and Cost Management - The decline in revenue was attributed to a decrease in the delivery scale of real estate projects, with a gross profit margin of 13.9% in 2024, down from 16.0% in 2023 [3] - The company recorded asset impairment losses of 5.06 billion yuan in 2024, alongside credit impairment losses of 670 million yuan [3] - The company achieved a sales collection of 327.7 billion yuan, with a collection rate exceeding 100% [3] Debt and Financing - As of the end of 2024, the company's interest-bearing debt was reduced by 5.4 billion yuan to 348.8 billion yuan, marking two consecutive years of debt reduction [4] - The comprehensive cost of new interest-bearing debt decreased by 22 basis points to 2.92%, while the overall financing cost dropped by 46 basis points to 3.1%, both reaching historical lows [4] Future Outlook - The company is expected to maintain its leading position, with projected revenues of 288.29 billion yuan, 273.01 billion yuan, and 262.64 billion yuan for 2025-2027, and net profits of 5.51 billion yuan, 6.18 billion yuan, and 6.81 billion yuan respectively [4]