Seazen(601155) 海通证券·2024-09-06 00:09Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's gross profit margin has improved, while net profit has been negatively impacted by a decrease in development delivery revenue. For the first half of 2024, the company achieved operating revenue of 33.904 billion yuan, a year-on-year decrease of 18.83%, and a net profit attributable to shareholders of 1.318 billion yuan, down 42.16% year-on-year [4][5] - The company has experienced a significant decline in sales, with a contract sales amount of 23.554 billion yuan in the first half of 2024, down 44.45% year-on-year. However, it has managed to maintain a strong cash collection rate of 105% [4][5] - Rental income has shown stable growth, contributing to a steady cash flow. As of June 30, 2023, the company had established a presence in 137 major cities with a total operating area of 15.2798 million square meters and a rental rate of 97.24% [4][5] - The company has a positive operating cash flow, with a net operating cash flow of 2.088 billion yuan for the first half of 2024, and has successfully repaid 1.970 billion yuan in bonds [4][5] Financial Summary - For the first half of 2024, the company reported total assets of 355.649 billion yuan and net assets of 61.427 billion yuan. The cash on hand was 15.782 billion yuan, with a net debt ratio of 47.0% [4][5][12] - The report forecasts the company's earnings per share (EPS) for 2024 to be 0.38 yuan, with a price-to-book (PB) ratio of 0.4-0.5, suggesting a reasonable value range of 10.81-13.52 yuan per share [5][13] - Key financial metrics for 2024 include an expected operating revenue of 97.563 billion yuan and a net profit of 8.66 billion yuan, with a gross margin of 18.2% [6][15]