Seazen(SH:601155) KAIYUAN SECURITIES·2025-10-31 05:48Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company has achieved double-digit growth in commercial operating income, with a high occupancy rate maintained [5][10] - Despite a year-on-year decline in revenue and profit for the third quarter, the commercial operating income shows steady growth, indicating a clear trend of recovery in profitability [6][10] - The company is expected to maintain its profit forecast, with projected net profits for 2025-2027 being 10.5 billion, 15.0 billion, and 17.5 billion respectively, and corresponding EPS of 0.67, 0.78 [5][6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 343.71 billion, a year-on-year decrease of 33.34%, and a net profit of 9.74 billion, down 33.05% [6] - The overall gross margin improved to 25.6%, up 5.41 percentage points year-on-year, although it decreased by 1.25 percentage points compared to the mid-year report [6] - The total commercial operating income for September 2025 was 11.7 billion, reflecting a year-on-year increase of 10.1%, with an average occupancy rate of 97.71% for the first nine months [7] - The company achieved a cumulative contract sales amount of 150.50 billion for the first nine months, with a sales area of 195.91 million square meters [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 30.6, 21.3, and 18.3 respectively, indicating a favorable valuation trend [9][13] - The expected EPS for 2025 is 0.46, increasing to 0.67 in 2026 and 0.78 in 2027, reflecting anticipated growth in profitability [9][13]