PDH(SH:600048) Ping An Securities·2025-02-27 00:11Group 1: Company Insights - The company announced a valuation enhancement plan, aiming to boost confidence through various means such as mid-term dividends and share buybacks [2][8] - The company plans to maintain its leading sales position, achieving a sales amount of 323 billion yuan in 2024, with a focus on core cities for new project expansions [9] - The earnings per share (EPS) forecasts for 2024-2026 are projected at 0.42 yuan, 0.46 yuan, and 0.54 yuan, with corresponding price-to-earnings (PE) ratios of 19.9x, 18.3x, and 15.3x [2][9] Group 2: Industry Insights - The oil market is experiencing a phase of inventory accumulation in the U.S., while refined oil shows slight inventory reduction; overall demand for crude oil remains weak [3][12] - OPEC+ is considering delaying planned monthly supply increases, which may support oil prices in the short term despite geopolitical tensions easing [3][12] - The average Brent oil price is expected to be around $75 per barrel in the first half of 2025, reflecting a year-on-year decline of approximately $6.64 per barrel [3][12]