Seazen(SH:601155) KAIYUAN SECURITIES·2025-04-11 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5][22]. Core Views - The company has experienced a contraction in sales scale, but its commercial management operations have performed excellently, with rental income maintaining double-digit growth. The overall business operation remains stable, with a high commercial rental rate and manageable debt pressure. The profit forecast for 2025-2027 is maintained, with expected net profits of 1.05 billion, 1.51 billion, and 1.76 billion yuan respectively, and corresponding EPS of 0.5, 0.7, and 0.8 yuan. The current stock price corresponds to P/E ratios of 28.4, 19.8, and 16.9 times, indicating a positive outlook for the company's profitability recovery after business structure adjustments [5][6][8]. Sales Performance - In the first quarter of 2025, the company achieved a cumulative sales amount of 5.102 billion yuan and a sales area of 657,700 square meters, representing declines of 57.29% and 60.18% year-on-year. The sales amount ranked 41st on the CRIC list. In March alone, the sales amount and area were 2.127 billion yuan and 271,500 square meters, down 49.79% and 52.32% year-on-year. The main sales regions were Jiangsu, Tianjin, and Beijing, accounting for 24.42%, 10.78%, and 9.78% of the sales amount respectively [6][7]. Commercial Management - As of the end of March 2025, the company operated 174 Wuyue Plazas, an increase of 13 from the same period in 2024. The total leasable area reached 16.04 million square meters, with a rental rate of 97.22%. In the first quarter of 2025, the total revenue from commercial operations was 3.448 billion yuan, with rental income of 3.215 billion yuan, reflecting a year-on-year growth of 13.4%. The rental income for March alone was 1.08 billion yuan, up 13.9% year-on-year [7][8]. Financial Summary and Valuation Indicators - The financial summary indicates that the company's revenue for 2025 is projected at 7.4206 billion yuan, with a year-on-year decline of 16.6%. The net profit attributable to the parent company is expected to be 1.047 billion yuan, representing a year-on-year increase of 39.2%. The gross margin is projected to improve to 21.8% by 2025, with a net margin of 1.4% [8][19].