Seazen(SH:601155) KAIYUAN SECURITIES·2025-09-01 03:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a double-digit growth in commercial management revenue, while the turnover scale continues to decline, and gross profit margins remain under pressure [6] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 1.05 billion, 1.50 billion, and 1.75 billion yuan for 2025-2027, with corresponding EPS of 0.46, 0.67, and 0.78 yuan [6] - The current stock price corresponds to P/E ratios of 32.0, 22.3, and 19.1 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan, a year-on-year decrease of 34.8% [7] - The net profit attributable to the parent company was 895 million yuan, down 32.1% year-on-year [7] - The company reported a cash flow from operating activities of 286 million yuan, a significant decline of 86.3% year-on-year [7] - The gross profit margins for real estate development and property leasing and management were 7.96% and 71.20%, respectively, showing declines of 2.97 percentage points and 1.01 percentage points year-on-year [7] Sales and Rental Performance - The company recorded a contract sales area of 1.335 million square meters, a year-on-year decrease of 59.1%, with a contract sales amount of 10.33 billion yuan, down 56.2% [8] - The total cash inflow was 11.88 billion yuan, with a cash recovery rate of 115% [8] - The company has a total of 1,179.2 million square meters of unsold area and cash on hand of 9.183 billion yuan [8] Property Leasing Growth - The company’s rental properties performed well, achieving commercial operating income of 6.944 billion yuan, a year-on-year increase of 11.78% [9] - As of the end of the first half of 2025, the company operated 205 Wuyue Plazas, with 174 currently in operation and a total operating area of 16.08 million square meters, achieving a rental rate of 97.81% [9] - The total foot traffic for Wuyue Plaza reached 950 million, an increase of 16% year-on-year, with total sales of 51.5 billion yuan, up 16.5% [9]