Seazen(601155) 开源证券·2025-02-12 23:50Investment Rating - The investment rating for the company is "Buy" (maintained) [6][27]. Core Views - The company has experienced a significant decline in sales scale, with a 72.45% year-on-year decrease in contract sales amount in January 2025, amounting to 1.017 billion yuan, and a 77.44% decrease in contract sales area, totaling 115,600 square meters. However, the rental income has shown strong growth, with a 13.4% year-on-year increase in January 2025, reaching 1.084 billion yuan [6][7][8]. Summary by Sections Sales Performance - In January 2025, the company achieved a contract sales amount of 1.017 billion yuan, down 72.45% year-on-year, and a contract sales area of 115,600 square meters, down 77.44% year-on-year. The average sales price was 8,798 yuan per square meter, up 22% year-on-year. For the full year 2024, the cumulative sales amount was 40.171 billion yuan, and the sales area was 5.3882 million square meters, both down 47.13% and 44.38% year-on-year, respectively [7][8]. Rental Income - The company reported a total commercial management revenue of 1.162 billion yuan in January 2025, with rental income of 1.084 billion yuan, reflecting a 13.4% year-on-year growth. In 2024, the total commercial management revenue was 12.81 billion yuan, up 13.1% year-on-year, successfully achieving the revenue target of 12.5 billion yuan. The rental income for 2024 was 11.95 billion yuan, also up 13.0% year-on-year [8][9]. Financial Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 1.18 billion yuan, 1.67 billion yuan, and 2.16 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 0.5 yuan, 0.7 yuan, and 1.0 yuan, with current PE ratios of 22.7, 16.0, and 12.4 times [6][10].