PDH(SH:600048) KAIYUAN SECURITIES·2024-08-09 10:00Investment Rating - The investment rating for Poly Developments is maintained at "Buy" [2][9]. Core Views - The company has shown a recovery in land acquisition intensity, with nearly 60% of the total land acquisition amount concentrated in first-tier cities. The sales data decline is narrowing, and the company is expected to benefit from relaxed real estate policies and an optimized industry landscape [2][3]. - The company’s revenue for the first half of 2024 is reported at 139.27 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders decreased by 38.6% to 7.51 billion yuan [2][3]. - The company remains the top seller in the industry, with a total contracted area of 1,099.2 million square meters from January to July 2024, reflecting a year-on-year decline of 29.6% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 139.27 billion yuan, up 1.6% year-on-year, but the net profit attributable to shareholders fell by 38.6% to 7.51 billion yuan, with basic earnings per share at 0.63 yuan, down 38.2% [2][3]. - The revenue growth is attributed to a slight increase in project turnover, while profit decline is due to market downturns and pressure on project turnover gross margins [2][3]. Sales and Land Acquisition - In July 2024, the company signed contracts for an area of 1.45 million square meters, down 18.9% year-on-year, with a contract amount of 25.32 billion yuan, also down 18.3% [2][3]. - From January to July 2024, the total contracted area was 1,099.2 million square meters, a decrease of 29.6%, with a total contract amount of 198.65 billion yuan, down 25.8% [2][3]. - The company acquired 7 plots of land in July 2024, with a total construction area of 466,000 square meters and a land payment of 14.75 billion yuan, achieving a monthly land acquisition intensity of 58.3% [2][3]. Financing and Debt Structure - The company successfully issued bonds totaling 32.75 billion yuan in the first seven months of 2024, maintaining a low interest rate of no more than 3.2% [2][3]. - As of Q1 2024, the company had a cash balance of 129.55 billion yuan, with total assets and net assets showing slight changes compared to the end of 2023 [2][3].