PDH(600048) 中泰证券·2024-08-22 01:00Investment Rating - The report maintains a "Buy" rating for the company with a market price of 8.04 CNY [1] Core Insights - The company reported a revenue of 139.25 billion CNY for the first half of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 7.42 billion CNY, a decrease of 39.3% year-on-year [5][6] - The company's sales amount reached 173.34 billion CNY in the first half of 2024, a decline of 26.8% year-on-year, but it maintained the top position in the industry [7] - Financing costs have decreased, with the average cost of new financing dropping by 21 basis points to 2.93% [8] Financial Performance Summary - Revenue Forecasts: - 2022A: 281,017 million CNY - 2023A: 346,828 million CNY - 2024E: 362,435 million CNY - 2025E: 377,295 million CNY - 2026E: 389,180 million CNY - Year-on-year growth rates: 2023A (+23%), 2024E (+5%), 2025E (+4%), 2026E (+3%) [4] - Net Profit Forecasts: - 2022A: 18,347 million CNY - 2023A: 12,067 million CNY - 2024E: 13,563 million CNY - 2025E: 14,477 million CNY - 2026E: 15,253 million CNY - Year-on-year growth rates: 2024E (+12%), 2025E (+7%), 2026E (+5%) [4] - Earnings Per Share (EPS): - 2023: 1.01 CNY - 2024E: 1.13 CNY - 2025E: 1.21 CNY - 2026E: 1.27 CNY [4] Market Position and Strategy - The company has focused on acquiring land in core cities, with a market share increase to 3.68% by the end of June 2024, and a sales rights ratio of 77%, up by 9 percentage points from the previous year [7] - The company expanded its project portfolio by 12 projects in core cities, with a total land price of 12.6 billion CNY [7] Financial Health - As of June 30, 2024, the company had total interest-bearing liabilities of 373.5 billion CNY, with a comprehensive cost of 3.31%, down by 25 basis points from the beginning of the year [8] - The company's asset-liability ratio, excluding prepayments, was 65.67%, indicating a high level of financial safety [8]