Seazen(601155) 海通证券·2024-11-18 07:25Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The company's revenue for the first nine months of 2024 was 51.563 billion yuan, a decrease of 27.7% year-on-year, while the net profit attributable to shareholders was 1.455 billion yuan, down 41.3% year-on-year [5][6]. - The company has seen a significant decline in contract sales, with a total of approximately 31.833 billion yuan, a decrease of 47.11% compared to the same period in 2023 [6]. - The rental income from commercial operations was stable, amounting to 9.484 billion yuan, an increase from 8.131 billion yuan in the same period last year, with a rental occupancy rate of 97.65% [6][7]. Summary by Sections Financial Performance - For the first nine months of 2024, the gross profit margin was 20.19%, an increase of 1.94 percentage points compared to the same period in 2023, while the net profit margin was 2.82%, a decrease of 0.66 percentage points [5][21]. - The company's operating cash flow net amount decreased by 79.59% year-on-year to 1.781 billion yuan, primarily due to a reduction in contract signing amounts [21]. Market Outlook - The report indicates that the industry policy bottom has emerged, with expectations for sales improvement due to increased government support for the real estate market [6][7]. - The report predicts that the company's earnings per share (EPS) for 2024 will be 0.38 yuan, with a price-to-book (PB) ratio of 0.5-0.6, suggesting a reasonable value range of 13.51-16.21 yuan per share [7][23]. Valuation Metrics - The company’s total market capitalization is approximately 30.857 billion yuan, with a total share capital of 2.256 billion shares [2][19]. - The projected earnings per share for 2024 is 0.38 yuan, with a net asset value per share of 27.02 yuan [7][23].