Seazen(SH:601155)2024-09-02 06:44Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company focuses on cash recovery in development while maintaining steady growth in its shopping mall business. Despite a decline in real estate sales and overall performance, the shopping mall revenue shows stable growth, and the company's financing safety has improved [6][8] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 33.9 billion yuan, a year-on-year decrease of 18.8%. The net profit attributable to shareholders was 1.32 billion yuan, down 42.2% year-on-year. The basic earnings per share were 0.58 yuan, a decline of 42.6% [6][9] - The gross margin for the first half of 2024 was 21.6%, with net profit margin and deductive net profit margin both at 3.9% [6] - The company’s pre-sales amounted to 95 billion yuan, a decrease of 40% year-on-year, which is 80% of the total revenue for the year 2023 [6] Sales and Operational Metrics - The company achieved sales of 23.55 billion yuan in the first half of 2024, down 44.5% year-on-year, with a sales area of 3.26 million square meters, a decrease of 36.9% [6] - The average selling price was 7,220 yuan per square meter, down 12% year-on-year. The company ranked 20th in sales amount and 9th in sales area nationwide [6] - The company’s shopping mall business generated a rental income of 6.21 billion yuan, an increase of 19.6% year-on-year, with an occupancy rate of 97.24% [6] Debt and Financing - The company is classified under the yellow category of the "three red lines" policy, with a net debt ratio of 49% and a cash-to-short-term debt ratio of 0.97 times [6] - As of the end of the first half of 2024, the company had total interest-bearing debt of 55.8 billion yuan, a decrease of 16.1% year-on-year [6] Future Earnings Forecast - The earnings forecast for 2024 and 2025 has been adjusted downwards to 1.54 billion yuan and 1.60 billion yuan respectively, with a new estimate for 2026 at 1.68 billion yuan. The corresponding price-to-earnings ratio for 2024 is projected to be 15 times [6][8]