PDH(SH:600048) Xiangcai Securities·2025-08-26 13:45Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company faced revenue and profit pressure in H1 2025, with total revenue of 1168.57 billion yuan (down 16.08% year-on-year) and a net profit attributable to shareholders of 27.11 billion yuan (down 63.47% year-on-year) [2][9] - Despite the challenges, the company is focusing on inventory reduction and land acquisition in core cities, maintaining a leading position in sales and land acquisition scale [3][4][9] - The company has successfully reduced costs, with sales and management expense ratios decreasing compared to the previous year, which supports its profitability recovery [9] Performance Summary - In H1 2025, the company recorded a turnover area of 900.3 million square meters (down 23.12% year-on-year) and a turnover revenue of 1051.43 billion yuan (down 17.72% year-on-year) [6] - The gross profit margin for real estate sales in H1 2025 was 14.88%, showing a recovery compared to the full year of 2024 [6] - The company achieved a sales area of 713.54 million square meters (down 25.2% year-on-year) and a sales amount of 1451.71 billion yuan (down 16.25% year-on-year) [6] Sales and Investment - The company is accelerating inventory clearance and focusing sales efforts on core cities, with a significant increase in land acquisition in H1 2025 [4][9] - The company ranked first in land acquisition amount and second in land acquisition area among peers [7] - The company has a total of 26 new projects in core cities with a total land price of 509 billion yuan [7] Financing - The company's interest-bearing debt cost continues to decline, with an asset-liability ratio of 73.53% at the end of H1 2025 [8] - The average cost of new interest-bearing debt decreased by 21 basis points to 2.71% [8] Financial Forecast - The company has slightly adjusted its net profit forecasts for 2025-2027, with expected profits of 51.7 billion yuan (previously 50.7 billion yuan), 58.5 billion yuan, and 65.6 billion yuan respectively [9]