PDH(600048) 湘财证券·2025-03-12 02:23Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company leads the industry in sales scale, with a notable increase in sales price [1][2]. - The company is focusing its land acquisition in first and second-tier cities, with a significant acceleration in investment pace [2]. - The government’s policies are expected to support market recovery, which may benefit the company’s performance in the coming years [3]. Sales Performance - In February, the company achieved a signed area of 782,900 square meters, a year-on-year decrease of 17.39%, while the signed amount reached 15.995 billion yuan, an increase of 2.38% [1]. - Cumulatively, from January to February, the signed area was 1.5549 million square meters, down 27.19%, and the signed amount was 34.011 billion yuan, down 5.39% [1]. - The average sales price in February was 20,430 yuan per square meter, up 23.9% year-on-year, and the average for January to February was 21,873 yuan per square meter, up 30% year-on-year [1]. Investment Activity - In February, the company added 6 new projects with a planned construction area of 613,900 square meters, a year-on-year increase of 23.1%, and a land acquisition amount of 12.224 billion yuan, up 226% [2]. - Cumulatively, from January to February, the company acquired 9 projects with a planned construction area of 890,000 square meters, a year-on-year increase of 79%, and a total land acquisition amount of approximately 16.1 billion yuan, up 330% [2]. - The company’s land acquisition intensity for January to February was 47.4%, significantly higher than the previous year's 10.4% [2]. Financial Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 5.016 billion yuan, 5.406 billion yuan, and 6.337 billion yuan respectively, with corresponding EPS of 0.42 yuan, 0.45 yuan, and 0.53 yuan [3]. - The current stock price corresponds to a PE ratio of 21x for 2024, 19.5x for 2025, and 16.6x for 2026 [3].