PDH(SH:600048) Bank of China Securities·2025-04-30 11:09Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company, as a leading state-owned enterprise, maintains the largest sales scale in the industry, with a continuously optimized land reserve structure and reduced burden from existing assets. There is significant room for market share growth amid an improving competitive landscape. The company has multiple financing channels and a steady inflow of operating cash flow, laying a solid foundation for future stable operations. The company is also actively formulating valuation enhancement plans to boost market confidence [6][8]. Financial Performance Summary - In 2024, the company achieved total revenue of RMB 3116.7 billion, a year-on-year decrease of 10.2%. The net profit attributable to shareholders was RMB 50.0 billion, down 58.6% year-on-year. In Q1 2025, the company reported total revenue of RMB 542.7 billion, reflecting a year-on-year increase of 9.1%, while the net profit attributable to shareholders was RMB 19.5 billion, down 12.3% year-on-year [5][15][20]. Sales and Market Position - In 2024, the company achieved sales of RMB 3230 billion, a decrease of 23.5% year-on-year, maintaining its position as the industry leader. The sales area was 17.97 million square meters, down 24.7% year-on-year, with an average sales price of RMB 18,000 per square meter, up 1.6% year-on-year. The sales equity ratio was 78.8%, an increase of 6.4 percentage points year-on-year [8][27][31]. Land Acquisition and Development - In 2024, the company’s land acquisition amounted to RMB 683 billion, a decrease of 58.1% year-on-year, with an acquisition intensity of 21%, down 18 percentage points year-on-year. The equity acquisition amount was RMB 602 billion, with an equity acquisition ratio of 88%, the highest in nearly a decade [38][40][42]. Debt and Cash Flow Management - As of the end of 2024, the company had interest-bearing liabilities of RMB 348.8 billion, a decrease of 1.5% year-on-year. The company’s cash flow from operating activities was RMB 63 billion, although it decreased by 55.1% year-on-year due to reduced sales collections. The company has maintained positive operating cash flow for seven consecutive years [14][26][29][34].