Seazen(SH:601155) Shenwan Hongyuan Securities·2025-06-15 03:53Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company successfully issued $300 million in bonds, marking the first offshore debt financing for real estate companies in three years, indicating credit recovery and sustained financing capability [7] - Rental income from shopping malls has maintained rapid growth, with a year-on-year increase of 12% from January to May 2025, and the company plans to achieve a total rental income of 14 billion yuan in 2025, a 9.3% increase year-on-year [7] - The company has adopted a "residential + commercial" dual-driven strategy, focusing on commercial real estate to create a quality growth benchmark in the expanding consumer market [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 59.665 billion yuan, with a year-on-year decrease of 33% [6] - Net profit attributable to the parent company is projected to be 848 million yuan in 2025, reflecting a year-on-year growth of 12.7% [6] - The company’s gross profit margin is expected to be 24.8% in 2025, with a return on equity (ROE) of 1.3% [6] Sales Performance - Sales revenue from January to May 2025 was 8.8 billion yuan, a year-on-year decrease of 55%, but the average selling price per square meter increased by 8% to 7,761 yuan [7] - The company has not acquired new land in 2025, with planned construction area down by 39% year-on-year [7] Debt Management - The company has a total outstanding public debt of 18.2 billion yuan, with 10.04 million USD in dollar-denominated debt, indicating a manageable debt profile [7] - The pressure of debt repayment is expected to gradually ease over the next two years [7]