PDH(600048)2025-05-30 00:25Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. 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. The company has ample land reserves and is actively optimizing its assets by revitalizing inefficient inventory. The downward pressure from the cycle has already been reflected in performance, and there is limited room for significant declines in the future. The company emphasizes shareholder returns and market value management, continuously consolidating its leading position in the industry, with considerable room for valuation recovery [2][4][8]. Summary by Relevant 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 [4]. Company Performance - In the first four months of 2025, the company achieved sales of 87.6 billion yuan (down 8.7%) and an area of 4.31 million square meters (down 22.2%), with an average price of 20,300 yuan per square meter (up 17.3%). The company remains the industry leader in sales [8]. Investment Expansion - The company has been actively expanding its investment, with land acquisition amounting to 30.8 billion yuan (up 318.0%) and an area of 1.46 million square meters (up 114.5%) in the first four months of 2025. The average price of land acquired was 21,200 yuan per square meter (up 94.9%) [8]. Financial Outlook - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 4.9 billion, 4.8 billion, and 5.6 billion yuan, respectively, corresponding to P/E ratios of 19.9, 20.3, and 17.3 times [8].