Seazen(SH:601155) Guotou Securities·2025-08-19 11:26Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 18 yuan over the next six months [4][6]. Core Views - The company is experiencing steady growth in rental income from its held properties, with total commercial operation revenue reaching 8.14 billion yuan in the first seven months of 2025, a year-on-year increase of 11.2% [1]. - The real estate development business is facing challenges, with sales amounting to 1.66 billion yuan and sales area of 214,000 square meters, reflecting a year-on-year decline of 52.4% and 54.2% respectively [2]. - The company has successfully issued offshore bonds and medium-term notes, indicating an improving financing environment [3]. Summary by Sections Commercial Operations - The total revenue from commercial operations for the first seven months of 2025 was 8.14 billion yuan, up 11.2% year-on-year, with July alone contributing 1.2 billion yuan, a growth of 8.1% [1]. - The company holds 176 properties with a total area of 16.225 million square meters, representing a year-on-year increase of 4.8% and 5.1% respectively [1]. - Average rental income per project increased by 6.1% to 43.146 million yuan [1]. Real Estate Sales - The company reported a sales amount of 1.66 billion yuan and a sales area of 214,000 square meters in the first seven months, down 52.4% and 54.2% year-on-year [2]. - The average sales price was 7,760.6 yuan per square meter, reflecting a 4% increase year-on-year [2]. Debt Financing - In June 2025, the company successfully issued 300 million USD in offshore bonds, followed by a 1 billion yuan medium-term note in August with a coupon rate of 2.68% [3]. - The dual business model of holding and developing properties is enhancing cash flow, allowing the company to stabilize sales prices while slowing turnover [3]. Financial Projections - Revenue growth rates are projected to decline significantly from 2025 to 2027, with estimates of -28.4%, -34.4%, and -30.9% respectively [4]. - Net profit growth is expected to be 9.3%, 31.2%, and 15.6% over the same period [4]. - The current stock price corresponds to a price-to-book ratio of 0.59, compared to the industry average of 0.79 [4].