PDH(600048) 开源证券·2024-09-17 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company maintains its leading sales ranking in the industry, with a significant portion of land acquisition occurring in first-tier cities, accounting for over 60% of total land purchases [3]. - The company is expected to benefit from a favorable real estate policy environment and an improved industry landscape, with stable financing channels and a clear cost advantage [3]. - Profit forecasts for the company remain unchanged, with projected net profits for 2024, 2025, and 2026 at 132.0 billion, 142.5 billion, and 151.6 billion yuan respectively, corresponding to EPS of 1.10, 1.19, and 1.27 yuan [3]. Sales Performance - In August 2024, the company achieved a signed sales amount of 22.115 billion yuan, a year-on-year decrease of 29.36%, with a signed area of 1.2543 million square meters, down 21.83% year-on-year [3]. - For the first eight months of 2024, the cumulative signed sales amount was 220.769 billion yuan, a decrease of 26.20% year-on-year, with a signed area of 12.2464 million square meters, down 28.89% year-on-year [3][5]. Land Acquisition - The company acquired a residential land parcel in Qingpu District, Shanghai, in August 2024, with a land area of 14,000 square meters and a construction area of 28,000 square meters, at a cost of 429 million yuan [3]. - From January to August 2024, the company acquired 20 land parcels with a total construction area of 1.654 million square meters, corresponding to land payments of 25.97 billion yuan, with a year-on-year decrease of 72.2% [3]. Financial Health - The company successfully issued bonds totaling 35.902 billion yuan in the public market from January to July 2024, with a coupon rate not exceeding 3.2%, a decrease of 25 basis points from the beginning of the year [3]. - As of mid-2024, the company had interest-bearing liabilities of 372.5 billion yuan, with a comprehensive cost of 3.31%, maintaining a stable asset-liability structure [3].