PDH(600048) 申万宏源·2025-02-26 12:10Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has announced a valuation enhancement plan aimed at improving quality and efficiency to drive high-quality development and ensure shareholder returns. The plan includes nine key initiatives such as enhancing operational efficiency, diversifying capital market financing, and maintaining stable dividends [6][7] - The company achieved a sales amount of 323.03 billion yuan in 2024, maintaining its position as the industry leader despite a year-on-year decline of 23.50%. The focus remains on acquiring land in core first and second-tier cities, with 74% of the land acquisition amount concentrated in these areas [6][7] - The company is in a strong financial position, with key metrics such as a debt-to-asset ratio of 65.5% and a net debt ratio of 66.0%, both of which are within the green zone according to the "three red lines" policy. The company plans to issue up to 9.5 billion yuan in convertible bonds, which has been approved by the exchange [6][7] Financial Data and Profit Forecast - The total revenue for 2023 is projected at 346.894 billion yuan, with a forecasted decline to 312.808 billion yuan in 2024, followed by a slight recovery in 2025 to 281.527 billion yuan [6][7] - The net profit attributable to the parent company is expected to decrease significantly from 12.067 billion yuan in 2023 to 5.016 billion yuan in 2024, with a gradual increase to 6.003 billion yuan by 2026 [6][7] - The company's price-to-earnings ratio is projected to be 20 for 2024 and 19 for 2025, indicating that the current valuation remains attractive [6][7]