Seazen(SH:601155) KAIYUAN SECURITIES·2024-09-10 08:08Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 9, 2024 [2] Core Views - The company is experiencing a contraction in sales scale, while rental income has shown strong year-on-year growth [2] - The company has maintained a stable industry ranking despite the decrease in contract sales [2] - The company is actively expanding financing channels and has orderly repaid public market debts, which is expected to support performance recovery [2] Sales Performance - In August 2024, the company achieved a contract sales amount of 25.01 billion yuan, a year-on-year decrease of 58.65%, with a cumulative contract sales amount of 295.42 billion yuan from January to August 2024, down 45.75% year-on-year [2][6] - The average sales price per square meter in August 2024 was 8,300.7 yuan, an increase of 9.86% year-on-year, while the cumulative average sales price from January to August 2024 was 7,329.1 yuan, a decrease of 9.13% year-on-year [2][6] Rental Income Performance - As of August 2024, the company had a total of 167 investment properties, an increase of 15 projects year-on-year, with a total building area of 15.39 million square meters, up 8.69% year-on-year [2][10] - The rental income for August 2024 was 1.023 billion yuan, a year-on-year increase of 9.99%, with cumulative rental income from January to August 2024 reaching 7.855 billion yuan, up 17.95% year-on-year [2][9] Financial Summary and Valuation Metrics - The company's projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.52 yuan, 0.74 yuan, and 0.96 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.3, 13.6, and 10.5 [3][12] - The company's total revenue for 2024 is estimated at 87.264 billion yuan, a year-on-year decrease of 26.8% [3][12] - The net profit attributable to the parent company for 2024 is projected to be 1.177 billion yuan, reflecting a year-on-year increase of 59.7% [3][12]