Seazen(SH:601155) Xin Lang Cai Jing·2025-11-06 02:54Core Viewpoint - New City Holdings has received recognition from both domestic and international capital markets due to its robust performance and unexpected results in the commercial sector, leading to an upgrade in its rating by Morgan Stanley to "Overweight" and an increase in its target price by 25% to 19.7 yuan [1][2] Group 1: Company Performance - New City Holdings achieved a total commercial operation revenue of approximately 10.511 billion yuan in the first nine months of 2023, representing a year-on-year growth of 10.82% [1] - The company has established 205 comprehensive projects across 141 cities, with a total rental property occupancy rate of 97.7% as of the end of the third quarter [1] - Despite a lackluster overall retail market, New City Holdings recorded an 11% revenue growth in the first nine months of the year, attributed to its strong position in core urban areas [2] Group 2: Market Outlook - Morgan Stanley forecasts that New City Holdings' rental income will grow at a compound annual growth rate of approximately 8%, reaching 15.2 billion yuan by 2027, supported by government initiatives to boost consumption [2] - The recent "Urban Commercial Quality Improvement Action Plan" issued by the Ministry of Commerce and other departments aims to support commercial real estate projects, which may provide long-term financing support for New City Holdings [2] - The company is expected to leverage its scale advantage with over 200 Wuyue Plazas to gain more financing benefits, ensuring stable development in the new real estate cycle [2]