Seazen(SH:601155) Changjiang Securities·2025-09-07 14:11Investment Rating - The investment rating for the company is upgraded to "Buy" [9] Core Insights - The company's commercial operations have become the core of profitability, and a revaluation of its value is expected. The peak period for debt repayment has passed, and the safety of the cash flow is continuously improving. Market risk appetite is likely to gradually recover. The ample land reserves still provide certain guarantees for sales scale, while the high-profit self-owned business is steadily growing, contributing increasingly to profitability amid a declining development environment. Additionally, the self-owned business serves as a crucial source of cash flow and financing, effectively ensuring the company's financial safety. The potential for Real World Assets (RWA) opens up new possibilities, and high-quality self-owned assets may lay a solid foundation for future valuation recovery and breakthroughs [2][6][12]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 22.1 billion yuan (down 34.8%), with a net profit attributable to shareholders of 0.89 billion yuan (down 32.1%), and a non-recurring net profit of 0.95 billion yuan (down 28.2%) [6][12]. - The decline in settlement volume has dragged down revenue, while the contribution from high-profit self-owned business has increased, raising the gross profit margin. The company’s gross profit margin increased by 5.2 percentage points to 26.9% [12][13]. Sales and Construction - Sales performance remains under pressure, with a sales amount of 10.3 billion yuan (down 56.1%) and an area of 1.34 million square meters sold (down 59.1%) in the first half of 2025. The average price per square meter increased by 7.2% to 0.77 million yuan [12][13]. - The company has a land reserve of 29.09 million square meters available for sale or lease, which may support future sales despite a decrease in supply scale [12]. Self-Owned Business Growth - The self-owned business is experiencing steady growth, with a total commercial operating revenue of 6.94 billion yuan (up 11.8%) in the first half of 2025, achieving 49.6% of the annual target [12][13]. - The company has established 205 "Wuyue Plaza" locations across 141 cities, with an occupancy rate of 97.8% [12]. Future Outlook - The company expects a net profit attributable to shareholders of 0.81 billion yuan, 1.13 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 38.7, 27.8, and 23.9 times [12][13].