PDH(SH:600048)2024-10-31 03:09Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company reported a slight decline in revenue for the first three quarters of 2024, achieving an operating income of 182.77 billion yuan, a year-on-year decrease of 5.06%. The net profit attributable to shareholders was 7.81 billion yuan, down 41.23% year-on-year, with basic earnings per share of 0.66 yuan, a decrease of 40.79% [2][5] - The decline in net profit was attributed to a higher drop in profit margins compared to revenue, with a gross margin of 15.92%, down 3.45 percentage points from the previous year. The company's equity ratio also decreased significantly, impacting net profit [2][5] - The company maintained a high equity ratio in its investments, with a land acquisition amounting to 41.5 billion yuan and an average land price of 18,610 yuan per square meter. The equity ratio for newly acquired land was 86.87% [2][5] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 182.77 billion yuan, down 5.06% year-on-year. The net profit attributable to shareholders was 7.81 billion yuan, a decline of 41.23% year-on-year, with earnings per share of 0.66 yuan, down 40.79% [2][5] Cost and Margin Analysis - The gross margin for the first three quarters of 2024 was 15.92%, a decrease of 3.45 percentage points compared to the same period last year. The decline in net profit was more pronounced than the revenue drop due to increased costs and a higher proportion of minority shareholders' profit [2][5] Sales Performance - The company sold 13.5 million square meters in the first three quarters of 2024, a year-on-year decrease of 29.66%. The sales amount was 241.69 billion yuan, down 27.89%, with an average selling price of 17,908 yuan per square meter, an increase of 2.51% year-on-year [2][5] Investment and Land Acquisition - The company focused on maintaining a high equity ratio in its investments, acquiring land in 38 core cities, with 99% of the total acquisition amount concentrated in these areas. The total land area acquired was 2.23 million square meters, with a total acquisition cost of 41.5 billion yuan [2][5] Financial Health - As of the end of the third quarter of 2024, the company's asset-liability ratio was 74.89%, a decrease of 1.66 percentage points from the end of 2023. The company had cash and cash equivalents of 127.4 billion yuan and successfully issued 500 million yuan in medium-term notes at a low interest rate of 2.65% [2][5]