Seazen(SH:601155) KAIYUAN SECURITIES·2024-10-31 06:58Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company has experienced a decline in revenue recognition scale, while rental income has shown double-digit growth. The report maintains a "Buy" rating based on these factors [1] - The company’s gross profit margin has improved despite the decrease in revenue recognition, indicating strong performance in investment properties [1][4] Financial Performance Summary - For the first three quarters, the company achieved operating revenue of 51.563 billion yuan, a year-on-year decrease of 27.7%, and a net profit attributable to shareholders of 1.455 billion yuan [1][3] - The company’s total assets as of the end of 2023 are projected to be 323.686 billion yuan, with a total liability of 236.341 billion yuan [6] - The forecasted net profit for 2024-2026 is expected to be 1.177 billion yuan, 1.671 billion yuan, and 2.161 billion yuan respectively, with corresponding EPS of 0.52 yuan, 0.74 yuan, and 0.96 yuan [1][5] Rental Property Performance - The company has 167 rental properties, with a total rentable area of 9.274 million square meters, and an overall occupancy rate of 97.65%, which is an increase of 1.61 percentage points year-on-year [4] - The total revenue from commercial operations for the first three quarters was 9.484 billion yuan, reflecting a year-on-year increase of 16.6%, with rental income also increasing by 16.6% to 8.849 billion yuan [4] Sales and Cash Flow - The cumulative sales amount from January to September was 31.833 billion yuan, with a sales area of 4.3151 million square meters, representing declines of 47.11% and 42.72% year-on-year respectively [3] - The company reported a significant decrease in cash flow from operating activities, with a net cash flow of 1.787 billion yuan, down 79.6% year-on-year [2][3]