PDH(SH:600048) Shenwan Hongyuan Securities·2025-10-22 08:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance decline was lower than expected, with a focus on gradually restoring land acquisition efforts [7] - Despite a challenging real estate market, the company remains resilient in sales, maintaining the top position in the industry [7] - The company has a strong financial position with high cash recovery rates and favorable financing advantages [7] Financial Summary - For the first three quarters of 2025, total revenue was 173.72 billion yuan, a year-on-year decrease of 5.0% [7] - The net profit attributable to the parent company was 1.93 billion yuan, down 75.3% year-on-year [7] - The company’s gross margin for the period was 13.4%, a decrease of 2.5 percentage points year-on-year [7] - The company’s cash recovery rate was 96%, with cash and cash equivalents amounting to 122.6 billion yuan [7] - The company’s land acquisition amount reached 60.3 billion yuan, an increase of 45.3% year-on-year [7] Earnings Forecast - Revenue projections for 2025 are estimated at 274.27 billion yuan, with a year-on-year decline of 12.0% [6] - The forecasted net profit for 2025 is 1.52 billion yuan, reflecting a significant decrease of 69.7% year-on-year [6] - The projected earnings per share for 2025 is 0.13 yuan [6] Market Position - The company achieved a sales amount of 201.73 billion yuan in Q3 2025, a decrease of 16.5% year-on-year, but still leading the industry [7] - The company’s land bank remains robust, with a total of 45.16 million square meters of land available for development [7]