PDH(SH:600048) Guolian Minsheng Securities·2026-01-20 15:09Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Insights - The company is experiencing a decline in profits due to industry fluctuations, with a projected total profit of 9.72 billion yuan for 2025, a year-on-year decrease of 37.59% [1][2]. - The company's sales remain the highest in the industry, with a signed sales amount of 253 billion yuan in 2025, despite a year-on-year decrease of 21.67% [3]. - The company has announced a three-year shareholder return plan, committing to annual cash dividends of no less than 40% of the net profit attributable to shareholders [4]. Financial Performance Summary - The company's expected revenue for 2025 is 308.26 billion yuan, a slight decrease of 1.09% year-on-year [1][6]. - The net profit attributable to shareholders is expected to be 1.03 billion yuan in 2025, reflecting a significant decline of 79.49% compared to the previous year [1][6]. - The projected earnings per share (EPS) for 2025 is 0.09 yuan, with expected growth rates of -79.5% for 2025, +67.9% for 2026, and +63.0% for 2027 [5][6].