PDH(SH:600048) KAIYUAN SECURITIES·2025-06-10 07:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][22] Core Views - The company maintains its leading position in the industry despite a decline in sales figures, with a focus on high-energy cities [6][7] - The company’s sales amount and area have decreased year-on-year, but it remains the top seller in the industry [7][8] - The company has a strong land acquisition strategy, with over 90% of land purchases in first and second-tier cities [8] - The financial outlook remains stable, with projected net profits for 2025-2027 at 5.678 billion, 6.560 billion, and 7.505 billion yuan respectively [6][10] Summary by Sections Sales Performance - In May 2025, the company achieved a signed sales amount of 28.512 billion yuan, a year-on-year decrease of 19.26%, and a signed area of 1.3041 million square meters, down 16.93% [7] - For the first five months of 2025, the total signed sales amount was 116.161 billion yuan, a decrease of 11.54%, with a total area of 5.612 million square meters, down 24.96% [7] Land Acquisition - In May 2025, the company acquired 6 land parcels with a total building area of 500,900 square meters and a total land price of 10.265 billion yuan [8] - From January to May 2025, the company acquired 21 land parcels, with a total building area of 1.957 million square meters and corresponding land payments of 41.97 billion yuan [8] Financing - The company has maintained smooth financing channels, raising a total of 9.457 billion yuan in the public market from January to May 2025 [9] - In May 2025, the company issued its second tranche of medium-term notes amounting to 3 billion yuan with a coupon rate of 2.15% [9] Financial Projections - The company’s projected revenue for 2025 is 269.09 billion yuan, with a year-on-year decrease of 13.7% [10] - The projected earnings per share (EPS) for 2025 is 0.47 yuan, with a price-to-earnings (P/E) ratio of 17.2 times [10][19]