Seazen(SH:601155) Xin Lang Cai Jing·2025-12-01 06:22Core Viewpoint - The company successfully issued a real estate asset-backed special plan with a scale of 616 million yuan, marking a significant step in its asset strategy and establishing exit channels for commercial asset equity [1][2]. Group 1: Financial Performance - The company's commercial operation revenue showed stability, with a cumulative year-on-year growth of 10.5% to 11.7 billion yuan from January to October, and a 7.7% increase in October alone, with an expected annual growth rate of around 10% [2]. - The development business is in a clearing phase, with a signed sales amount of 16.5 billion yuan from January to October, reflecting a year-on-year decrease of 52%, and an estimated annual total of about 19.5 billion yuan [2]. Group 2: Strategic Developments - The issuance of the ABS product is the first of its kind in China, combining consumer assets with A-share private enterprises, and includes a mechanism for expansion, paving the way for future public REITs integration [2]. - The company has issued two guaranteed medium-term notes totaling 1.9 billion yuan this year, with interest rates of 2.68% and 3.29%, suggesting a focus on improving overall financing costs [2]. Group 3: Valuation and Forecast - The company maintains its profit forecast for 2025 and 2026 at 1.06 billion and 1.61 billion yuan respectively, with the current stock price trading at 0.54 times and 0.53 times the 2025 and 2026 price-to-book ratios [4]. - The company’s stock price has a potential upside of 24% compared to the target price of 18.5 yuan per share, which corresponds to 0.67 times and 0.66 times the 2025 and 2026 price-to-book ratios [4].