PDH(SH:600048) Changjiang Securities·2025-05-29 12:44Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The successful issuance of 8.5 billion yuan in 6-year convertible bonds indicates that the company's intrinsic value is gradually being recognized, with ample land reserves and ongoing efforts to optimize assets [2][6]. - The company is focusing on shareholder returns and market capitalization management, reinforcing its leading position in the industry, and there remains significant room for valuation recovery [2][6]. Summary by Sections Event Description - The company successfully issued 8.5 billion yuan in 6-year convertible bonds with a first-year coupon rate of 2.20%, increasing by 0.05% each subsequent year [6]. Event Commentary - The excellent pricing of the convertible bonds reflects high investor confidence in the company's asset revaluation and leadership position, with a subscription amounting to 35.67 billion yuan, indicating a subscription multiple of 4.20x [6]. - The company achieved sales of 87.6 billion yuan in the first four months of 2025, a decrease of 8.7%, while the average price per square meter increased by 17.3% to 20,300 yuan [6]. - The company actively expanded its land reserves, with a land acquisition amount of 30.8 billion yuan, a significant increase of 318.0% [6]. - The company emphasizes shareholder returns, having completed a 1 billion yuan buyback and plans for mid-term dividends, showcasing its commitment to market capitalization management [6]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 4.9 billion, 4.8 billion, and 5.6 billion yuan, respectively, with corresponding P/E ratios of 19.9, 20.3, and 17.3 [6].