PDH(SH:600048) KAIYUAN SECURITIES·2025-06-10 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains its leading position in the industry despite a decline in signed sales amount and area in May 2025. The company continues to focus on high-energy cities, with over 90% of land acquisitions in first and second-tier cities [6][7] - The profit forecast remains unchanged, with expected net profits for 2025-2027 at 5.68 billion, 6.56 billion, and 7.51 billion yuan respectively, corresponding to EPS of 0.47, 0.55, and 0.63 yuan [6][7] Summary by Relevant Sections Sales Performance - In May 2025, the company achieved a signed sales amount of 28.51 billion yuan, a year-on-year decrease of 19.26%, and a signed area of 1.30 million square meters, down 16.93% year-on-year. For the first five months of 2025, the total signed sales amount was 116.16 billion yuan, a decrease of 11.54%, with a total area of 561.2 thousand square meters, down 24.96% year-on-year [7][8] Land Acquisition - In May 2025, the company acquired 6 land parcels with a total construction area of 500.9 thousand square meters and a total land price of 10.26 billion yuan. From January to May 2025, the company acquired 21 parcels, with a total construction area of 1.95 million square meters and corresponding land payments of 41.97 billion yuan, a year-on-year decrease of 40.5% [8][9] Financing - The company has maintained smooth financing channels, with a total public market financing of 9.46 billion yuan from January to May 2025. In May 2025, the company issued its second tranche of medium-term notes for 3 billion yuan at a coupon rate of 2.15% [9] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 269.09 billion yuan, with a year-on-year decline of 13.7%. The projected net profit for 2025 is 5.68 billion yuan, with a year-on-year increase of 13.5%. The projected EPS for 2025 is 0.47 yuan, with a P/E ratio of 17.2 times [10][19]