PDH(SH:600048) KAIYUAN SECURITIES·2026-01-14 03:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company has adjusted its headquarters organizational structure to enhance management efficiency and effectiveness amid declining sales [6][9] - The company remains the industry leader in sales, with a strong focus on optimizing land reserves and maintaining open financing channels, resulting in a significant cost advantage [6][9] - Profit forecasts for the company are maintained, with expected net profits for 2025, 2026, and 2027 at 4.26 billion, 5.24 billion, and 6.41 billion respectively, translating to EPS of 0.36, 0.44, and 0.54 [6][10] Sales Performance - In December 2025, the company achieved a signed sales amount of 12.16 billion, a year-on-year decrease of 18.9%, with a total annual sales amount of 253.03 billion, down 21.7% [7] - The company maintained its leading position in sales, with an average sales price of 20,483 yuan per square meter, reflecting a year-on-year increase of 13.9% [7] Land Acquisition - The company acquired 10 plots of land in major cities such as Shanghai and Guangzhou in December 2025, with a monthly acquisition amount of 11.93 billion, up 18.4% year-on-year [8] - The total land acquisition amount for 2025 reached 77.13 billion, a year-on-year increase of 13.0%, with a land acquisition area of 4.572 million square meters, up 39.2% [8] Financial Summary - The company’s total revenue for 2023 is projected at 346.83 billion, with a decline expected in subsequent years, reaching 269.09 billion in 2025 and 225.90 billion in 2026 [10][14] - The gross profit margin is expected to decrease from 16.0% in 2023 to 13.1% in 2025, with a slight recovery to 14.1% in 2026 [14] - The net profit margin is projected to improve from 1.6% in 2024 to 2.3% in 2026 [14]