Seazen(SH:601155) Xin Lang Cai Jing·2025-05-04 00:30Core Viewpoint - The company experienced a significant decline in revenue due to reduced construction turnover, but high-margin self-owned business segments showed robust growth, leading to an increase in net profit [2][5]. Revenue and Profitability - In Q1 2025, the company achieved revenue of 9.74 billion yuan, a decrease of 32.2% year-on-year, while net profit attributable to shareholders was 300 million yuan, an increase of 34.0% [1][2]. - The company's core net profit, excluding non-recurring items, also stood at 300 million yuan, reflecting a growth of 3.5% [1][2]. Construction and Sales Performance - The company reported a construction area of 590,000 square meters in Q1 2025, down 56.7%, which negatively impacted revenue [2]. - Sales figures showed a continued downward trend, with sales amounting to 5.1 billion yuan, a decrease of 57.3%, and sales area of 660,000 square meters, down 60.2% [3]. Self-Owned Business Growth - The self-owned business segment demonstrated steady growth, with total commercial operation revenue reaching 3.45 billion yuan in Q1 2025, an increase of 13.5% [2][4]. - By the end of 2024, the company had established 200 Wuyue Plazas across 136 cities, with an occupancy rate of 98.0% [4]. Future Outlook - The company aims for a construction target of 5.55 million square meters in 2025, a decrease of 63.7% compared to 2024 [2]. - The commercial operation revenue target for 2025 is set at 14 billion yuan, reflecting a growth of 9.3% from 2024 [4]. Financial Health and Valuation - The company has passed its peak debt repayment period, and the market's risk appetite is expected to gradually recover [5]. - The projected net profits for 2025-2027 are 810 million, 1.13 billion, and 1.31 billion yuan, respectively, with corresponding P/E ratios of 37.2, 26.7, and 23.0 [5].