PDH(SH:600048)2024-08-21 06:38Investment Rating - The report assigns a "Recommended" rating to the company [3]. Core Insights - The company reported a slight revenue increase of 1.66% year-on-year for the first half of 2024, achieving a total revenue of 139.25 billion yuan, while the net profit attributable to shareholders decreased by 39.29% to 7.42 billion yuan [1][2]. - The decline in net profit is attributed to a lower gross margin of 16.02%, down 5.24 percentage points from the previous year, and an increase in minority shareholder losses [1]. - The company has maintained a cautious investment pace, adding 12 new projects with a total land price of 12.6 billion yuan, achieving a high equity ratio of 86.51% [2]. - The sales volume decreased by 31.01% to 9.54 million square meters, while the sales amount fell by 26.81% to 173.34 billion yuan, indicating a focus on price increases with an average selling price of 18,165 yuan per square meter, up 6.09% year-on-year [1][2]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 139.25 billion yuan, with a net profit of 7.42 billion yuan and an EPS of 0.62 yuan per share [1]. - The gross margin for H1 2024 was 16.02%, reflecting market pressures and project pricing challenges [1]. - The company’s total cash on hand was 146.4 billion yuan, with a cash-to-short-term debt ratio of 1.22, indicating strong liquidity [8]. Sales and Market Position - The company achieved a sales amount of 173.34 billion yuan, maintaining the top position in the industry, with a sales equity ratio of 76.73% [1][2]. - The company has a market share of 7.1% in its 38 core cities, where 89% of its sales are concentrated [1]. Future Outlook - The company plans to issue 9.5 billion yuan in convertible bonds to finance 15 projects and supplement working capital, while maintaining a low financing cost of 2.93% [8]. - Forecasts for net profit attributable to shareholders for 2024-2026 are 11.17 billion yuan, 11.73 billion yuan, and 12.50 billion yuan, respectively, with corresponding EPS of 0.93 yuan, 0.98 yuan, and 1.04 yuan [8].