PDH(SH:600048) KAIYUAN SECURITIES·2024-10-10 09:00Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company achieved excellent performance during the National Day holiday, with nearly 70% of land acquisition in first-tier cities this year [2] - The company maintains its sales ranking at the top of the industry, with a cumulative project average price increasing year-on-year [2] - The company’s profit forecast remains unchanged, with expected net profits for 2024-2026 at 13.2 billion, 14.25 billion, and 15.16 billion yuan respectively [2] Summary by Relevant Sections Company Overview - Poly Development (600048.SH) reported a total market value of 118.388 billion yuan and a current stock price of 9.89 yuan [2] - The company’s sales area for September 2024 was 124.98 million square meters, a year-on-year decrease of 36.36% [2][8] Land Acquisition - In September 2024, the company acquired four land parcels for a total price of 13.75 billion yuan, with an average floor price of 23,899 yuan per square meter [2] - Year-to-date, the company has acquired 24 parcels with a total building area of 2.23 million square meters, corresponding to land payments of 39.72 billion yuan, representing a year-on-year decrease of 65.9% [2] Sales Performance - During the National Day period, the company achieved over 100,000 customer visits and a total transaction amount of 26 billion yuan [2] - The company’s project sales average price in September 2024 was 16,735.48 yuan per square meter, down 8.75% year-on-year [2] Financial Summary - The company’s expected revenue for 2024 is 38.3164 billion yuan, with a year-on-year growth of 10.5% [3] - The expected net profit for 2024 is 13.195 billion yuan, reflecting a year-on-year increase of 9.3% [3] - The company’s EPS for 2024 is projected to be 1.10 yuan, with a P/E ratio of 9.0 times [3][10]