Seazen(SH:601155)2024-12-18 01:04Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has achieved a significant increase in mall rental income, with a 14.2% year-on-year growth in tax-inclusive rental income for the first 11 months of 2024, reaching 11.6 billion yuan [6] - The company has successfully cleared its public debt for the year, with only 7.2 billion yuan of credit debt remaining over the next two years, indicating a reduction in debt pressure [6] - Despite a 48.1% decline in sales year-on-year for the first 11 months of 2024, the recovery in average sales price suggests a potential stabilization in value retention [6] Summary by Sections Market Data - Closing price: 12.59 yuan - Market capitalization: 28,398 million yuan - Price-to-book ratio: 0.5 [3] Financial Data and Profit Forecast - Total revenue for 2024E is projected at 93,313 million yuan, with a year-on-year decline of 21.7% [7] - Net profit for 2024E is forecasted at 1,540 million yuan, reflecting a significant recovery with a year-on-year growth of 109% [7] - Earnings per share for 2024E is estimated at 0.68 yuan [7] Company Performance - The company’s mall revenue and gross profit margins have been steadily increasing, with mall revenue accounting for 17% and gross profit margin at 72.2% in the first half of 2024 [6] - The company has not acquired new land during the year, with a total construction area of 30.7 million square meters, down 38% year-on-year [6]