Seazen(SH:601155) KAIYUAN SECURITIES·2025-06-16 09:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a decline in sales scale and ranking, but its commercial management operations remain strong with double-digit growth in rental income. The overall business performance is stable, and the commercial occupancy rate remains high. The parent company has restarted USD bond financing, which is the first case of a private real estate company issuing overseas bonds in the past two years. The profit forecast for 2025-2027 is maintained, with expected net profits of 1.05 billion, 1.50 billion, and 1.75 billion yuan respectively, and corresponding EPS of 0.46, 0.67, and 0.78 yuan [5][8]. Sales Performance - In May 2025, the company achieved a contract sales amount of 1.973 billion yuan, a year-on-year decrease of 51.90%, and a sales area of 252,600 square meters, down 56.12% year-on-year. The cumulative contract sales amount from January to May 2025 was 8.836 billion yuan, a decline of 55.27%, with a cumulative sales area of 1.1386 million square meters, down 58.40% year-on-year [6]. Commercial Management - As of the end of May 2025, the company operated and managed a total of 174 Wuyue Plazas, an increase of 13 from the same period in 2024. The total leased property area reached 16.04 million square meters. The cumulative commercial operating revenue from January to May 2025 was 5.374 billion yuan, a year-on-year increase of 12.0%, with May's single-month rental income at 1.1 billion yuan, up 9.6% year-on-year [7]. Financing Activities - On June 12, 2025, the parent company announced the successful issuance of 300 million USD in senior notes with a coupon rate of 11.88% and a maturity of three years. The funds will be used to repurchase two upcoming maturing USD bonds. This issuance marks the first case of a private real estate company restarting overseas USD bond financing in two years, with subscriptions exceeding 880 million USD [8]. Financial Summary and Valuation Indicators - The company's projected financial performance includes: - Revenue for 2025 estimated at 74.206 billion yuan, down 16.6% year-on-year - Net profit for 2025 estimated at 1.045 billion yuan, up 38.9% year-on-year - EPS for 2025 estimated at 0.46 yuan, with a P/E ratio of 29.1 times [9][20].