PDH(SH:600048) Changjiang Securities·2025-07-15 10:12Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - Short-term performance is under pressure, but there is a long-term focus on valuation recovery. The cyclical pressure continues to suppress short-term performance, but the company is expected to maintain a certain scale in the future. The excellent pricing of convertible bonds indicates that the company's intrinsic value is gradually being recognized. The company has ample land reserves and is actively revitalizing inefficient inventory, accelerating asset optimization, and consolidating its leading position in the industry, with long-term valuation expected to recover [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 116.8 billion yuan, a decrease of 16.1%. The total profit was 9.9 billion yuan, down 29.6%, and the net profit attributable to shareholders was 2.7 billion yuan, a decline of 63.1% [6]. Market Position - The company remains the industry leader with a sales amount of 145.2 billion yuan in the first half of 2025, down 16.2%, and a sales area of 7.14 million square meters, down 25.2%. The average price per square meter increased by 12.0% to 20,300 yuan. The company actively expanded its investment, acquiring land worth 50.9 billion yuan, an increase of 303.7% [6][11]. Debt and Capital Structure - The company successfully issued 8.5 billion yuan in convertible bonds with a first-year coupon rate of 2.20%, indicating strong investor confidence in the company's asset revaluation and leading position. The successful issuance of long-term convertible bonds further optimizes the company's debt structure [6][11]. Future Outlook - Despite the cyclical downturn affecting short-term performance, the company is expected to maintain a certain scale. The projected net profits for 2025, 2026, and 2027 are 4.3 billion yuan, 4.3 billion yuan, and 5.0 billion yuan, respectively, with corresponding P/E ratios of 22.4, 22.9, and 19.4 [6][11].