PDH(SH:600048) Dongguan Securities·2025-08-26 08:00Investment Rating - The report maintains a "Hold" rating for Poly Developments (600048) with an expected basic earnings per share of 0.43 yuan for 2025, corresponding to a PE ratio of approximately 19.3 times [6][8]. Core Insights - Poly Developments reported a total revenue of 1168.57 billion yuan for the first half of 2025, a year-on-year decrease of 16.08%, with a net profit attributable to shareholders of 27.11 billion yuan, down 63.47% year-on-year [5]. - The company remains a leader in the industry with a contracted sales amount of 1451.71 billion yuan, despite a 16.25% year-on-year decline [5]. - The company's financial management is robust, with an improved cash flow and reduced financing costs, as evidenced by a net cash inflow from operating activities of 160.17 billion yuan [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 1168.57 billion yuan, a decrease of 16.08% year-on-year, and a net profit of 27.11 billion yuan, down 63.47% year-on-year. The basic earnings per share were 0.23 yuan, reflecting a decline of 63.4% [5]. - The second quarter alone saw a revenue of 625.85 billion yuan, a decrease of 30.07% year-on-year, with a net profit of 7.60 billion yuan, down 85.38% [5]. Sales and Market Position - The company achieved a contracted sales amount of 1451.71 billion yuan, maintaining its leading position in the industry, although this represents a 16.25% decrease year-on-year. The average contracted price increased to 20,300 yuan per square meter [5]. - The sales recovery rate was 100%, an increase of 15 percentage points year-on-year, with a sales recovery rate of 65.3%, up 9 percentage points year-on-year [5]. Debt and Financing - As of mid-2025, the company's asset-liability ratio was 73.53%, with a net liability ratio of 59.64%, both showing improvements from the beginning of the year [5]. - The company successfully issued a cash-type convertible bond of 8.5 billion yuan with a 6-year term and a comprehensive cost of 2.32%, further reducing financing costs [5].