Seazen(SH:601155) Xin Lang Cai Jing·2025-11-01 10:30Core Viewpoint - The company's performance is under pressure due to a decline in real estate project deliveries, resulting in a significant drop in revenue and net profit for the first three quarters of 2025 [2]. Financial Performance - The company reported a revenue of 34.37 billion yuan for the first three quarters, a year-on-year decrease of 33.3% [1][2]. - The net profit attributable to the parent company was 970 million yuan, also down 33% year-on-year [1][2]. - The gross profit margin improved to 25.6%, an increase of 5.4 percentage points compared to the previous year [2]. Business Operations - The total revenue from commercial operations reached 10.51 billion yuan, reflecting a year-on-year growth of 10.8% [2]. - The contract sales amount was 15.05 billion yuan, showing a significant decline of 52.7% year-on-year, with an average selling price of 7,682 yuan per square meter, up 4.1% year-on-year [2]. - The company repaid 1 billion yuan of bonds in the domestic and overseas public markets during the third quarter, with total interest-bearing liabilities of joint ventures amounting to 2.51 billion yuan at the end of the third quarter [2]. Investment Outlook - The company maintains its earnings per share (EPS) forecasts for 2025-2027 at 0.34 yuan, 0.35 yuan, and 0.40 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 42x, 41x, and 35.7x [2]. - The orderly repayment of existing debt and the continued expansion and good operation of commercial real estate are expected to support future development through a "commercial operation + real estate development" dual-drive strategy, maintaining a "recommended" rating [2].