Seazen(SH:601155) Ping An Securities·2024-08-31 03:30Investment Rating - The report maintains a "Recommended" investment rating for the company [2][6] Core Views - The company achieved a revenue of 33.9 billion yuan in the first half of 2024, a year-on-year decrease of 18.8%, and a net profit attributable to shareholders of 1.32 billion yuan, down 42.2% year-on-year [4] - The decline in net profit growth was primarily due to a 2.4 percentage point increase in financial expense ratio to 5.2% and a 350 million yuan decrease in asset disposal income [4] - The gross profit margin improved by 2.6 percentage points year-on-year to 21.6% [4] - The company focused on sales cash recovery, achieving a total cash recovery of 24.7 billion yuan with a cash recovery rate of 105% [4] - The commercial operation of the company is stable, with a total revenue from commercial operations of 6.2 billion yuan, a year-on-year increase of 19.6% [4] Financial Summary - The company’s total assets are projected to be 377.1 billion yuan in 2024, with a debt ratio of 76.9% [7] - The expected earnings per share (EPS) for 2024-2026 are 0.33 yuan, 0.34 yuan, and 0.35 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 31.0, 30.5, and 29.7 [6][8] - The company’s gross margin is expected to be around 18.9% in 2024, with a net margin of 0.7% [8] Operational Highlights - The company opened six new Wuyue Plazas during the first half of 2024, contributing positively to its commercial management performance [4] - The company has a layout in 137 major cities with 201 comprehensive projects, and the occupancy rate of Wuyue Plaza reached 97.2% [4] - The company repaid 1.97 billion yuan of bonds in the domestic and foreign public markets, improving its asset structure and reducing interest-bearing liabilities [4]