Seazen(SH:601155) Shenwan Hongyuan Securities·2025-04-30 06:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in performance, stable mall operations, and gradually decreasing debt pressure, which supports the "Buy" rating [6][7] - The company's strategy focuses on a dual-driven model of residential and commercial real estate, aiming to establish a quality growth benchmark in the expanding consumer market [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 59,665 million, with a year-on-year decline of 33.0% [5] - The net profit attributable to the parent company for 2025 is projected to be 848 million, reflecting a year-on-year growth of 12.7% [5] - The earnings per share for 2025 is expected to be 0.38 yuan, with a projected price-to-earnings ratio of 36 [5] - The gross profit margin is forecasted to be 24.8% for 2025, with a return on equity (ROE) of 1.3% [5] Operational Highlights - In Q1 2025, the company reported a net profit of 304 million, a year-on-year increase of 34.0%, exceeding market expectations [6] - The company has opened 173 malls, with a rental management fee income of 32.2 billion in Q1 2025, up 13.4% year-on-year [6] - The company’s pre-sales and contract liabilities stood at 536 billion, covering 0.4 times the 2024 real estate revenue [6] Debt Management - The company’s interest-bearing debt has decreased to 535 billion, down 6.1% year-on-year, indicating a reduction in debt pressure [6] - The company is currently in a yellow zone regarding the "three red lines" policy, with adjusted debt ratios showing improvement [6] Sales Performance - The sales amount for Q1 2025 was 51 billion, down 57% year-on-year, but the average sales price per square meter increased by 7.2% to 7,757 yuan [6] - The company has no new land acquisitions in Q1 2025, with planned construction areas significantly reduced compared to previous years [6]