PDH(SH:600048) Changjiang Securities·2024-10-30 02:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - Despite cyclical pressures, the company has competitive advantages in financing, land acquisition, and brand reputation, leading to significant short-term valuation flexibility [5]. - The company achieved revenue of 182.8 billion yuan, a decrease of 5.1%, and a net profit attributable to shareholders of 7.8 billion yuan, down 41.2% for the first three quarters of 2024 [3][4]. - The company plans to issue up to 9.5 billion yuan in convertible bonds, which is expected to enhance its financial strength and market share [5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a completion area of 20.62 million square meters, down 26.6%, with a settlement average price increase of 17.5% in H1 2024 [3]. - The comprehensive gross margin for Q1-Q3 2024 was 15.9%, a decrease of 3.5 percentage points compared to the previous year [3]. - The company’s sales amount for Q1-Q3 2024 was 241.7 billion yuan, down 27.9%, with a sales area of 13.5 million square meters, down 29.7% [4]. Investment and Land Acquisition - The company’s land acquisition amount for Q1-Q3 2024 was 41.5 billion yuan, down 61.6%, with a land acquisition area of 2.23 million square meters, down 65.9% [4]. - In Q3 2024, the company significantly increased its investment intensity, with a land acquisition amount of 28.9 billion yuan, 2.3 times that of the first half of the year [4]. Future Outlook - The company aims for a completion target of 34 million square meters in 2024, which is 16.1% lower than the actual completion in 2023 [3]. - The company has a relatively abundant pre-sale and potential transfer volume, with a pre-sale to annual settlement ratio of 1.10 for H1 2024 [3]. - The issuance of convertible bonds is expected to optimize the debt structure and enhance financial strength, positioning the company for future market opportunities [5].