PDH(SH:600048) Shenwan Hongyuan Securities·2025-08-25 15:26Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance decline is in line with expectations, with a focus on land acquisition recovery and historically low financing costs. The company reported a 16.1% year-on-year decline in total revenue for H1 2025, with a net profit drop of 63.5% [7] - The company remains the industry leader in sales, with a total sales amount of 145.17 billion yuan in H1 2025, also down 16.25% year-on-year. The company has optimized its land reserve structure and expanded projects in key cities [7] - Financing costs have decreased to 2.89%, with a successful issuance of 8.5 billion yuan in convertible bonds, indicating a strong financing advantage [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 280.5 billion yuan, with a year-on-year decline of 10%. The net profit for 2025 is projected to be 5.128 billion yuan, reflecting a slight increase of 2.5% year-on-year [6][8] - The company’s gross profit margin is expected to stabilize around 14.3% for 2025, with a return on equity (ROE) of 2.5% [6] - The company’s financial metrics indicate a strong position, with a debt-to-asset ratio of 73.53% and a market capitalization of approximately 99.36 billion yuan [2][8]