PDH(600048) 湘财证券·2025-03-10 13:20Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company plans to enhance its valuation and shareholder returns through multiple measures, as it has triggered the requirement to formulate a valuation enhancement plan due to its stock price being below net asset value for 12 consecutive months [1][2] - The company achieved a sales amount of 323 billion yuan in 2024, maintaining its position as the industry leader, and has focused land acquisition in core cities to optimize inventory structure [3][4] - The company has adjusted its net profit forecasts for 2024-2026 to 5.016 billion yuan, 5.406 billion yuan, and 6.337 billion yuan respectively, reflecting a significant downward adjustment from previous estimates [4][10] Summary by Sections Valuation Enhancement Plan - The company has outlined nine specific initiatives to improve its valuation and shareholder confidence, including operational stability, diversified capital market financing, and a commitment to stable dividends [2] Sales and Market Position - In 2024, the company maintained its leading sales scale in the industry with a total sales amount of 323 billion yuan, and in the first two months of 2024, it achieved a sales amount of 34 billion yuan [3] Financial Forecasts - The company’s revenue is projected to decline by 9.8% in 2024, with a further decline of 10.3% in 2025, before a slight recovery in 2026 [10] - The adjusted earnings per share (EPS) for 2024-2026 are forecasted at 0.42 yuan, 0.45 yuan, and 0.53 yuan respectively, indicating a significant reduction from previous estimates [4][10]