PDH(SH:600048) Dongguan Securities·2025-04-30 07:11Investment Rating - The report maintains a "Hold" rating for Poly Developments (600048) [2][8] Core Insights - The company reported a significant decline in performance due to industry cyclical downturns, with total revenue of 311.67 billion yuan in 2024, down 10% year-on-year, and a net profit of 5.00 billion yuan, down 58.6% year-on-year [7][8] - Despite the decline in sales volume and revenue, the company remains the industry leader, with a sales amount of 323.03 billion yuan, maintaining its position for two consecutive years [7][8] - The company has been actively acquiring land, with a total land price of 68.3 billion yuan in 2024, ranking second in the industry, and optimizing its land reserve structure [7][8] Financial Performance Summary - In 2024, the company achieved a gross profit margin of 14%, a decrease of 2 percentage points from the previous year, but the decline was narrowed by 4 percentage points [7] - The company’s total liabilities decreased by 5.4 billion yuan to 348.8 billion yuan, with a debt-to-asset ratio of 74.3%, down 2.2 percentage points year-on-year [7][8] - The forecast for earnings per share (EPS) for 2025 and 2026 is 0.48 yuan and 0.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17 times and 15 times [8][9]