PDH(SH:600048) 光大证券研究·2025-09-07 23:07Core Viewpoint - The company maintains its leading position in sales despite a decline in both signed area and amount, focusing on quality and service to enhance product competitiveness [4][5]. Sales Performance - In August 2025, the company achieved a signed area of 940,000 square meters, a year-on-year decrease of 25.07%, and a signed amount of 18.02 billion yuan, down 18.54% year-on-year [4]. - From January to August 2025, the total signed area was 8.985 million square meters, a decrease of 26.63%, with a signed amount of 181.2 billion yuan, down 17.92% year-on-year [4]. Competitive Advantage - The company has solidified its competitive advantage in key cities, with sales contribution from 38 core cities increasing by 3 percentage points to 92% in the first half of 2025 [5]. - The company ranks first in market share in nine cities, including Shanghai, Guangzhou, Chengdu, and Xi'an, and ranks in the top three in eight other cities [5]. Resource Allocation and Land Acquisition - The company is focusing on precise resource allocation, targeting key segments and high-end customer groups in 38 core cities, with strict land acquisition standards [5]. - In the first half of 2025, the company added 26 new projects in major cities, with a total land price of 50.9 billion yuan and a total construction area of 2.28 million square meters [5]. Debt Management - As of June 30, 2025, the company's debt ratios improved, with a debt-to-asset ratio of 73.53%, a net debt ratio of 59.64%, and a decrease in both ratios compared to the beginning of the period [6]. - The structure of debt has been optimized, with long-term interest-bearing debt increasing to 42.8% of total debt, while short-term interest-bearing debt decreased to 21.4% [6]. - The average cost of new interest-bearing debt decreased by 21 basis points to 2.71%, further lowering the overall financing cost [6].