Seazen(SH:601155) Xin Lang Cai Jing·2025-04-30 12:32Core Viewpoint - The company reported a significant recovery in profitability in Q1 2025, driven by stabilized sales prices in its development business, despite a decline in overall revenue and sales volume [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 9.738 billion yuan, a year-over-year decrease of 32.17% [1] - The net profit attributable to shareholders was 304 million yuan, reflecting a year-over-year increase of 34.00% [1] - The net profit excluding non-recurring items was 299 million yuan, with a year-over-year increase of 3.46% [1] - The average sales price in Q1 2025 was 7,757.8 yuan per square meter, significantly higher than the full-year average of 7,455.2 yuan per square meter in 2024 [1] - The overall gross margin for Q1 2025 was 29.46%, up from 24.71% in the same period last year [1] - Sales volume in Q1 2025 was 5.102 billion yuan, down 57.29% year-over-year, with a sales area of 657,700 square meters, down 60.18% year-over-year [1] Group 2: Business Operations - The commercial operation segment, represented by the company's Wuyue Plaza, generated rental income of 3.22 billion yuan in Q1 2025, a year-over-year increase of 13.42% [2] - The overall occupancy rate for Wuyue Plaza remained high at 97.2%, compared to 96.86% in the same period last year [2] - The company has established 200 Wuyue Plazas across 136 cities, with 173 currently operational [2] Group 3: Market Outlook and Strategy - The central government's focus on boosting consumption and improving investment efficiency is expected to benefit the company, particularly in the context of rising incomes among the middle and lower-income groups [3] - The company has sufficient collateralized properties and has passed its debt peak, indicating a low risk of public debt default [3] - The company holds 121.4 billion yuan in investment properties, with 102.5 billion yuan already used for loans, leaving an estimated 18.9 billion yuan in properties available for collateral [3] Group 4: Investment Recommendations - The company is expected to benefit from government policies aimed at stimulating consumption, stable profits in commercial real estate, and a gradual reduction in losses from residential development [4] - Revenue projections for 2025-2027 are 62.21 billion yuan, 53.63 billion yuan, and 50.30 billion yuan, with net profits of 860 million yuan, 980 million yuan, and 1.12 billion yuan respectively [4] - Corresponding price-to-earnings ratios are projected at 35.2x, 30.7x, and 27.0x, maintaining a "recommended" rating [4]