Seazen(SH:601155) Ping An Securities·2025-04-30 07:47Investment Rating - The report maintains a "Recommend" rating for the company [1][4][12] Core Views - The company reported a slight increase in profit, with a net profit of 3 billion yuan in Q1 2025, representing a year-on-year growth of 34%, despite a 32.2% decline in revenue to 9.74 billion yuan [5][8] - The company's commercial operations are stable, with a rental rate of 97.22% for its 174 properties, generating a total commercial revenue of 3.45 billion yuan, up 13.5% year-on-year [8] - The report highlights a dual-driven strategy of "real estate development + commercial operation" as a key factor for future growth [8] Financial Summary - Revenue projections for 2025-2027 are 61.943 billion yuan, 44.103 billion yuan, and 32.813 billion yuan, respectively, with year-on-year declines of 30.4%, 28.8%, and 25.6% [7][10] - Net profit estimates for the same period are 760 million yuan, 779 million yuan, and 894 million yuan, with expected growth rates of 1.1%, 2.5%, and 14.8% [7][10] - The gross margin is projected to improve from 19.9% in 2025 to 21.2% in 2027, while the net margin is expected to rise from 1.2% to 2.7% over the same period [7][10] Key Financial Ratios - The company's asset-liability ratio is projected to decrease from 73.1% in 2024 to 53.0% in 2027, indicating improved financial stability [10] - The price-to-earnings (P/E) ratio is expected to decline from 40.1 in 2024 to 33.7 in 2027, suggesting a more attractive valuation over time [10] - The return on equity (ROE) is expected to remain stable at around 1.2% for the next few years, with a slight increase to 1.4% by 2027 [10]