Seazen(SH:601155) Ping An Securities·2025-08-31 09:10Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Views - The company reported a revenue of 22.1 billion yuan for the first half of 2025, a year-on-year decrease of 34.8%, with a net profit of 0.89 billion yuan, down 32.1% year-on-year [3][6]. - The company's commercial operations remain stable, with a total of 205 Wuyue Plazas opened or under construction, achieving a rental rate of 97.81% [6][7]. - The financing cost has decreased, with an average financing cost of 5.55% at the end of the period, down 0.37 percentage points from the end of 2024 [6][7]. Financial Performance 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% [5][9]. - Net profit for the same period is projected to be 760 million yuan, 779 million yuan, and 894 million yuan, with year-on-year growth rates of 1.1%, 2.5%, and 14.8% [5][9]. - The gross margin is expected to improve from 19.9% in 2025 to 21.2% in 2027, while the net margin is projected to increase from 1.2% to 2.7% over the same period [5][9]. Operational Highlights - The company has successfully issued 1 billion yuan in medium-term notes at a historical low interest rate of 2.68% [6][7]. - The total sales volume for Wuyue Plaza reached over 51.5 billion yuan, with a year-on-year increase of 16.5% [6][7]. - The company has maintained positive operating cash flow for eight consecutive years, optimizing its financing structure and ensuring full repayment of due debts [6][7].