PDH(SH:600048) Dongxing Securities·2025-05-12 01:41Investment Rating - The report maintains a "Recommended" rating for the company, Poly Developments [5] Core Insights - The company reported a total revenue of 311.67 billion yuan for 2024, a year-on-year decline of 10.2%, and a net profit attributable to shareholders of 5.00 billion yuan, down 58.6% year-on-year. For Q1 2025, revenue was 54.27 billion yuan, up 9.1% year-on-year, while net profit was 1.95 billion yuan, down 12.3% year-on-year [1][4] - The company is focusing on deepening its presence in core cities, with sales in 28 key cities expected to account for 90% of total sales in 2024, an increase of 2 percentage points year-on-year. The average price of newly acquired land has significantly increased from 7,300 yuan per square meter in 2021 to 16,900 yuan per square meter in 2024 [2] - The company has seen a decrease in financing costs, with the comprehensive cost of interest-bearing liabilities dropping to 2.92% in 2024, a decrease of 22 basis points year-on-year. The approval of an 8.5 billion yuan convertible bond further enhances its financing capabilities [3] Financial Performance Summary - The company's projected revenues for 2025, 2026, and 2027 are 285.99 billion yuan, 267.67 billion yuan, and 271.78 billion yuan, respectively, indicating a continued decline in revenue [4] - The net profit for 2025 is projected to be 4.59 billion yuan, with a slight recovery expected in 2027 to 6.11 billion yuan [4] - The earnings per share (EPS) are forecasted to be 0.39 yuan in 2025, 0.38 yuan in 2026, and 0.51 yuan in 2027 [4]