Seazen(SH:601155) KAIYUAN SECURITIES·2025-03-31 03:01Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced a decline in transfer scale, but rental income has shown double-digit growth. The report anticipates a recovery in profitability following adjustments in the business structure [5][6] - The forecast for net profit for 2025-2027 is adjusted to 1.05 billion, 1.51 billion, and 1.76 billion yuan respectively, with corresponding EPS of 0.5, 0.7, and 0.8 yuan [5][6] Financial Performance Summary - In 2024, the company achieved operating revenue of 889.99 billion yuan, a year-on-year decrease of 25.32%. The net profit attributable to shareholders was 7.52 billion yuan, a year-on-year increase of 2.07% [6][9] - The company reported a significant increase in non-recurring gains due to the disposal of industrial land, which contributed to the rise in net profit [6] - The operating cash flow decreased by 85.11% year-on-year, primarily due to a decline in signed amounts leading to reduced revenue from sales of goods and services [6][7] Sales and Rental Performance - The company recorded a contract sales area of 5.39 million square meters in 2024, down 44.38% year-on-year, with a total contract sales amount of 40.17 billion yuan, a decrease of 47.13% [7] - The rental property business performed well, generating operating income of 12.03 billion yuan in 2024, reflecting a year-on-year growth of 13.15% [8] - The company operates 200 Wuyue Plazas nationwide, with 173 currently open and a total area of 16.01 million square meters, achieving a rental rate of 97.97% [8] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 74.21 billion, 65.56 billion, and 60.94 billion yuan respectively, with corresponding net profits of 1.05 billion, 1.51 billion, and 1.76 billion yuan [9][11] - The gross margin is expected to improve from 19.8% in 2024 to 21.8% in 2025, and the net margin is projected to increase from 0.8% to 1.4% over the same period [12]