PDH(600048) 平安证券·2025-02-27 00:06Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has announced a valuation enhancement plan aimed at improving operational efficiency and shareholder returns through various methods including stable dividends and share buybacks [4][8] - The company achieved a sales amount of 323 billion yuan in 2024, maintaining its position as the industry leader [8] - The report forecasts earnings per share (EPS) for 2024-2026 to be 0.42 yuan, 0.46 yuan, and 0.54 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.9, 18.3, and 15.3 [8] Financial Summary - The company's total revenue for 2022 was 281,017 million yuan, with a projected revenue of 346,828 million yuan for 2023, followed by a decline to 312,735 million yuan in 2024 [7] - Net profit for 2022 was 18,347 million yuan, expected to drop to 12,067 million yuan in 2023, and further decline to 5,016 million yuan in 2024, before recovering to 5,455 million yuan in 2025 and 6,506 million yuan in 2026 [7] - The gross margin is projected to decrease from 22% in 2022 to 16% in 2023, with a slight recovery to 15.2% by 2026 [7] Operational Insights - The company plans to focus on core cities for new project expansions, with 37 new projects in 2024, representing 74% of total land costs [8] - The company aims to implement a mid-term dividend plan by 2025, with a commitment to distribute at least 40% of annual net profit as cash dividends from 2023 to 2025 [8]