PDH(SH:600048) Zheng Quan Zhi Xing·2025-07-14 16:29Core Viewpoint - Poly Developments and Holdings Group Co., Ltd. is issuing convertible bonds to specific investors, maintaining a credit rating of AAA with a stable outlook, supported by strong shareholder backing and a solid financial policy [2][24]. Financial Overview - Total assets as of 2022 were 1,470.46 billion, decreasing to 1,436.91 billion in 2023 and projected to be 1,335.11 billion in 2024 [5]. - Total liabilities decreased from 1,148.27 billion in 2022 to 1,099.89 billion in 2023, with a further decline to 992.58 billion expected in 2024 [5]. - Net profit for 2022 was 27.01 billion, dropping to 17.90 billion in 2023, with a forecast of 9.74 billion for 2024 [5]. - EBITDA for 2022 was 41.83 billion, decreasing to 32.80 billion in 2023, with a projected 22.47 billion for 2024 [5]. Industry Position - The company is a major platform for the Poly Group in real estate development, benefiting from strong brand recognition and market position [4][8]. - Despite a 23.49% decline in sales in 2024, the company maintained its leading industry position, ranking first in total sales for two consecutive years [12][22]. - The company focuses on core urban areas for land reserves, with a total building area of 125.74 million square meters as of the end of 2024 [12]. Risk Factors - The real estate industry faces challenges such as market demand fluctuations and project management pressures, particularly in areas with significant market downturns [4][6]. - The company is actively working on optimizing its land use through various strategies, including land conversion and withdrawal, to mitigate risks associated with unsold inventory [12][22]. Financing and Cash Flow - The company primarily relies on bank loans for financing, with a comprehensive financing cost decreasing to 3.1% by the end of 2024 [12][22]. - As of the end of 2024, the company had a total bank credit limit of 750 billion, with 314.9 billion remaining unused, indicating strong liquidity [15][22]. Future Outlook - The company anticipates a slight decline in real estate sales and investment in 2025, with revenue expected to decrease marginally [18][20]. - The overall economic environment is projected to improve, with supportive policies expected to bolster the real estate sector [8][9].