PDH(SH:600048) Changjiang Securities·2026-01-23 01:43Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company's performance is under short-term pressure due to cyclical challenges, but with ample unrecognized resources and high-quality land reserves gradually being recognized, there is potential for significant profit elasticity once the cycle stabilizes [2][7] - The company remains the industry leader in sales, with proactive investment expansion and a focus on optimizing land reserve quality [2][7] - The expectation of policy easing amid cyclical pressures suggests a potential valuation recovery for this state-owned enterprise [2][7] Financial Performance Summary - In 2025, the company achieved revenue of 308.3 billion yuan, a decrease of 1.1%, and a net profit attributable to shareholders of 1.03 billion yuan, down 79.5%. The non-recurring net profit was 630 million yuan, down 85.2% [7][8] - The company’s sales amounted to 253 billion yuan, a decline of 21.7%, with a sales area of 12.35 million square meters, down 31.2%, and an average price of 20,500 yuan per square meter, up 13.9% [7][8] - The company successfully issued 8.5 billion yuan in convertible bonds with a low coupon rate of 2.20%, reflecting strong investor confidence in its value [7][8] Future Outlook - The company is expected to achieve net profits of 1.2 billion yuan and 1.8 billion yuan in 2026 and 2027, respectively, with corresponding P/E ratios of 65x and 43x [7][8] - The company is actively optimizing its land reserve structure and has increased its land acquisition budget to 79.1 billion yuan, up 15.9% [7][8]