PDH(SH:600048) Huachuang Securities·2024-10-30 08:48Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 13 yuan, compared to the current price of 10.62 yuan [1][3]. Core Insights - The company reported a revenue of approximately 182.77 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.08%, and a net profit attributable to shareholders of about 7.81 billion yuan, down 41.23% year-on-year [1]. - The decline in profit was faster than the revenue drop, primarily due to market downturns and pressure on prices, leading to a gross margin of 16%, which is a decrease of 3.5 percentage points compared to the same period last year [1]. - The company has been actively acquiring quality land reserves, with a land investment intensity of 17%, and has secured 24 plots of land with a total land price of 41.5 billion yuan [2]. - The company plans to issue convertible bonds totaling no more than 9.5 billion yuan to enhance liquidity, with the funds allocated for 15 real estate development projects in cities like Beijing and Shanghai [3]. Financial Summary - For 2024, the company is projected to have total revenue of 329.51 billion yuan, a decrease of 5.0% year-on-year, and a net profit of 90.07 billion yuan, down 25.4% year-on-year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.75 yuan, with a price-to-earnings (P/E) ratio of 14 [4]. - The company’s total assets are projected to reach 1,469.05 billion yuan by 2024, with a debt-to-asset ratio of 76.0% [4].