PDH(SH:600048)2024-05-01 05:30Investment Rating - The investment rating for Poly Developments (Stock Code: 600048) is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 49.749 billion yuan in Q1 2024, a year-on-year increase of 24.51%, while the net profit attributable to shareholders was 2.224 billion yuan, a year-on-year decrease of 18.28% [2] - The decline in profit was primarily due to a decrease in gross margin, which was 18.64% in Q1 2024, down 3.23 percentage points from the same period last year, and a higher proportion of minority shareholders' losses, which accounted for 43.46% of net profit, an increase of 11.59 percentage points year-on-year [2] - The company focused on acquiring land in high-capacity cities, adding four new projects in Q1 2024, with a total land price of 5.029 billion yuan and a floor price of 8,501 yuan per square meter [2] - The company maintained a strong cash position with a cash balance of 129.554 billion yuan at the end of Q1 2024, and a comprehensive cash recovery rate of 91.53% [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 12.623 billion yuan, 13.105 billion yuan, and 13.429 billion yuan, respectively, with corresponding EPS of 1.05 yuan, 1.09 yuan, and 1.12 yuan, and PE ratios of 8.45X, 8.14X, and 7.94X [2] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 49.749 billion yuan, a 24.51% increase year-on-year, while the net profit was 2.224 billion yuan, down 18.28% year-on-year [2] - The overall gross margin for Q1 2024 was 18.64%, a decrease of 3.23 percentage points compared to the same period last year [2] - The sales area in Q1 2024 was 3.6687 million square meters, a decrease of 41.84% year-on-year, with a sales amount of 62.984 billion yuan, down 44.81% year-on-year [2] Land Acquisition and Development - The company added four new projects in Q1 2024, located in Tianjin, Xi'an, and Taiyuan, all in high-capacity cities, with a total land area of 590,000 square meters [2] - The total land price for these projects was 5.029 billion yuan, with a floor price of 8,501 yuan per square meter [2] - The company maintained a high equity ratio in land acquisition, with 92.9% equity in the new projects [2] Cash Flow and Financing - The company reported a cash balance of 129.554 billion yuan at the end of Q1 2024, indicating a strong cash position [2] - The comprehensive cash recovery rate for the quarter was 91.53%, reflecting effective cash management [2] - The company successfully issued a medium-term note of 2.5 billion yuan at a coupon rate of 2.95%, maintaining low financing costs [2]