Gelonghui, April 28 | Haitong Securities Research Report pointed out that the revenue scale of Poly Development (600048.SH) increased steadily in 23 years, and its financial performance was solid and steady. Due to the principle of prudence, the company accrued a total impairment of about 5 billion yuan on inventory and long-term equity investments, and the performance was solid and steady. As of the end of 2023, the company's contractual liabilities were 377.2 billion yuan, and future revenue guarantees are high. In 2023, the company expanded a total of 103 projects, with a total land price of 163.2 billion yuan and equity land price of 135.9 billion yuan, +26% over the same period. The equity expansion ratio increased 16 percentage points to 83%, and the average profit margin on the cost before tax for new projects was over 15%, which has strong profitability. In addition, the company has stepped up efforts to eliminate stock projects. The annual contract amount and area of the project reached 2,575 yuan and 16.43 million square meters respectively, accounting for 61% and 69% of the annual sales amount and area. Considering that the company's various businesses are solid and steady, it actively promotes the majority shareholders' holdings and repurchases and increases the cash dividend ratio, which shows shareholders' confidence in the company's future development and recognition of its long-term investment value, and maintains a “superior to the market” rating. The corresponding market value range is 128-153.6 billion yuan, and the corresponding reasonable value range is 10.69-12.83 yuan per share.