Seazen(601155) 中国银河·2024-09-03 00:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 33.904 billion yuan for the first half of 2024, a year-on-year decrease of 18.83%, with a net profit attributable to shareholders of 1.318 billion yuan, down 42.16% year-on-year [2]. - The decline in revenue and net profit is primarily attributed to a decrease in delivery income from development operations [2]. - The company achieved a gross margin of 21.60%, an increase of 2.57 percentage points year-on-year, despite a decline in the gross margin of development operations to 10.93% [2]. - The sales collection rate exceeded 100%, with a sales area of 3.2622 million square meters, down 36.86% year-on-year, and a sales amount of 23.554 billion yuan, down 44.45% year-on-year [2]. - The company has a strong operational capability, with a rental rate of 97.20% across its 166 rental properties as of the end of the first half of 2024 [2]. - The company maintains a healthy financial position with a net debt ratio of 47% and cash on hand of 15.782 billion yuan as of the end of the first half of 2024 [2][3]. Financial Summary - The company forecasts net profits for 2024-2026 to be 754.20 million yuan, 763.22 million yuan, and 827.54 million yuan, respectively, with corresponding EPS of 0.33 yuan, 0.34 yuan, and 0.37 yuan [3][4]. - The projected PE ratios for the same period are 30.57X, 30.20X, and 27.86X [3][4]. - The company’s total revenue is expected to decline to 104.241 billion yuan in 2024, with a revenue growth rate of -12.53% [4].