Seazen(SH:601155) KAIYUAN SECURITIES·2024-07-08 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced a contraction in sales scale, but strong development in commercial operations may support steady performance recovery. The company is actively expanding financing channels and has orderly repaid public market debts. The profit forecast remains unchanged, with expected net profits for 2024-2026 at 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively, corresponding to EPS of 0.5, 0.7, and 1.0 yuan, with current stock prices reflecting P/E ratios of 16.6, 11.7, and 9.0 times [2][3] Sales Performance - In June 2024, the company achieved sales of 3.801 billion yuan, with a sales area of 525,300 square meters, representing year-on-year declines of 43.28% and 44.32% respectively. For the first half of 2024, cumulative sales amounted to 23.554 billion yuan and a sales area of 3.2622 million square meters, down 44.45% and 36.86% year-on-year. Despite the decline, the company maintained its position within the top 20 in the industry based on sales amount [2][3] Completion and Construction - The company reported a completion area of 6.903 million square meters in the first half of 2024, reflecting a year-on-year increase of 3.7% [2] Commercial Operations - The company's investment properties performed well, with a total of 166 leased properties by the end of June 2024, an increase of 19 properties year-on-year. The available leasing area reached 9.246 million square meters, up 11.2% year-on-year, with an overall occupancy rate of 97.35%, an increase of 2.16 percentage points year-on-year. The total revenue from commercial operations for the first half of 2024 was 6.212 billion yuan, a year-on-year increase of 19.4%, with rental income also growing by 19.4% [2][3] Debt Management - In the first half of 2024, the company repaid 1.97 billion yuan of public market bonds. As of the end of June, the total interest-bearing liabilities of the company's joint ventures amounted to 3.952 billion yuan. The company actively sought financing channels, successfully issuing its first medium-term note of the year on May 17, 2024, with a total issuance of 1.36 billion yuan and a subscription multiple exceeding 2.7 times [2][3]