Seazen(SH:601155) KAIYUAN SECURITIES·2025-01-14 01:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][25] Core Views - The company has experienced a decline in sales scale but has achieved a double-digit growth in rental income, indicating strong performance in commercial management [6][8] - The company is expected to maintain its profit forecasts, with projected net profits for 2024-2026 being 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively [6][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.3, 15.0, and 11.6 for the years 2024, 2025, and 2026 respectively [6][10] Sales Performance - In 2024, the company achieved a total sales amount of 40.171 billion yuan, with a sales area of 5.3882 million square meters, representing a year-on-year decline of 47.13% and 44.38% respectively [7][10] - The company delivered over 100,000 units in 2024, with a completed area of 15.291 million square meters, down 24% year-on-year [7][10] Commercial Management - As of the end of 2024, the company operated a total of 173 "Wuyue Plaza" locations, an increase of 12 from the previous year, with 15 new openings in 2024 [8][10] - The total rental area reached 9.58 million square meters, with a rental rate of 97.86%, up 1.41 percentage points year-on-year [8][10] - The total revenue from commercial operations for 2024 was 12.81 billion yuan, achieving a 13.1% year-on-year growth, successfully meeting the revenue target of 12.5 billion yuan [8][10] Financial Health - The company has reduced its interest-bearing debt, repaying 5.262 billion yuan in total for the year, with a 37% year-on-year decrease in interest-bearing liabilities [9][10] - The company issued three public market medium-term notes in 2024, raising a total of 2.92 billion yuan, with significantly reduced financing costs [9][10] Financial Summary and Valuation Metrics - The company's projected revenue for 2024 is 8.7264 billion yuan, with a year-on-year decline of 26.8% [10][20] - The projected gross profit margin for 2024 is 14.1%, with net profit margins expected to be 1.3% [10][20] - The earnings per share (EPS) for 2024 is projected at 0.52 yuan, with a P/E ratio of 21.3 [10][20]