Seazen(SH:601155) Changjiang Securities·2024-09-04 06:42Investment Rating - The investment rating for the company is "Accumulate" and is maintained [5] Core Views - The company's self-owned business has shown steady growth, which has positively impacted the gross profit margin, indicating potential for valuation recovery in the future [6][7] - In H1 2024, the company achieved revenue of 33.9 billion yuan, a decrease of 18.8%, and a net profit attributable to shareholders of 1.32 billion yuan, down 42.2% [6] - The company has a significant amount of unsold inventory, with a total of 140.3 billion yuan in value, providing a certain level of revenue support [6] - The commercial operation revenue increased by 19.4% year-on-year, contributing to cash flow and profitability [7] Summary by Sections Financial Performance - In H1 2024, the company reported a construction area of 6.9 million square meters, an increase of 3.7% year-on-year, while the total settlement area was 4.94 million square meters, up 2.6% [6] - The average delivery price decreased by 5.9% to 8,645 yuan per square meter, leading to a 24.2% decline in development settlement revenue [6] - The overall gross profit margin for H1 2024 was 21.6%, an increase of 2.6 percentage points year-on-year, despite a 7.9% decline in gross profit [6] Sales Performance - Sales in H1 2024 amounted to 23.6 billion yuan, down 44.4%, with a sales area of 3.26 million square meters, a decrease of 36.9% [7] - The average sales price was 7,200 yuan per square meter, down 12.0% [7] - The company has a total of 33.49 million square meters of saleable land reserves, which may help maintain sales volume [7] Business Operations - The company operates 201 complexes across 137 cities, with an average occupancy rate of 97.2% [7] - The target for commercial operation revenue in 2024 is 12.5 billion yuan, representing a 10.4% increase from 2023 [6][7] - The company successfully issued a medium-term note of 1.36 billion yuan, enhancing its financial security [7] Future Outlook - The company aims to complete 13.92 million square meters of construction in 2024, a decrease of 31.0% compared to 2023 [6] - The projected net profit for 2024-2026 is estimated at 710 million, 750 million, and 870 million yuan, with corresponding P/E ratios of 33X, 31X, and 27X [7]