Seazen(SH:601155) KAIYUAN SECURITIES·2025-03-31 03:23Investment 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 maintains a "Buy" rating due to the positive outlook on the company's business structure adjustment and recovery in profitability [5][6] - The company reported a decrease in contract sales area and amount, indicating cash flow pressure, but the rental property business remains strong with significant revenue growth [7][8] 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 the parent company was 7.52 billion yuan, a year-on-year increase of 2.07% [6] - The company’s gross margin and net margin were 19.80% and 0.81%, respectively, with year-on-year increases of 0.75 percentage points and 0.34 percentage points [6] - The company’s cash flow from operating activities 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] Sales and Rental Performance - The company’s contract sales area in 2024 was 5.3882 million square meters, down 44.38% year-on-year, with a total contract sales amount of 401.71 billion yuan, down 47.13% year-on-year [7] - The rental property business performed well, generating operating revenue of 120.29 billion yuan in 2024, a year-on-year increase of 13.15%. The occupancy rate of the company's properties reached 97.97% [8] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 10.5 billion yuan, 15.1 billion yuan, and 17.6 billion yuan, respectively, with corresponding EPS of 0.5 yuan, 0.7 yuan, and 0.8 yuan [5][9]