Seazen(SH:601155) Shenwan Hongyuan Securities·2025-11-29 11:52Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has issued the first consumer private REITs in China, expanding its equity financing channels and creating a virtuous cycle of investment, financing, management, and exit [4] - The China Securities Regulatory Commission has initiated a pilot program for commercial real estate REITs, which is expected to support the high-quality development of the commercial real estate sector [6] - The company’s commercial mall revenue and gross profit share have been continuously increasing, indicating a stable operational performance [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 59,785 million yuan, with a year-on-year decline of 32.8% [5] - The net profit attributable to the parent company for 2025 is projected to be 945 million yuan, reflecting a year-on-year growth of 25.6% [5] - The company’s gross margin is expected to improve from 24.9% in 2025 to 34.7% by 2027 [5] - The company’s total revenue for 2024 is 88,999 million yuan, with a net profit of 752 million yuan [8] Market Position and Strategy - The company operates 176 malls as of Q3 2025, with a rental rate of 97.8% [6] - The company is transitioning from a developer to an asset manager, which is expected to enhance its long-term growth prospects [6] - The company’s debt levels are decreasing, with interest-bearing liabilities down by 7.3% year-on-year [6]