Seazen(SH:601155) GUOTAI HAITONG SECURITIES·2026-03-29 03:08Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 18.01 CNY [7][37]. Core Insights - The company achieved a total revenue of 53.01 billion CNY in 2025, a year-on-year decrease of 40.44%. The real estate development segment contributed 39.00 billion CNY, down 48.71%, while property leasing and management generated 13.04 billion CNY, up 8.37%, accounting for 24.6% of total revenue [3][17]. - The company's net profit attributable to shareholders was 680 million CNY, a decline of 9.61%. The overall gross margin improved by 7.61 percentage points to 27.42%, with the gross margin for real estate development increasing by 1.31 percentage points [17][19]. - The company is deepening its dual-wheel drive strategy, achieving commercial operation revenue of 14.09 billion CNY, a year-on-year increase of 10.00%. By the end of 2025, the company had established 207 Wuyue Plazas across 141 cities, with an occupancy rate of 97.86% [20][21]. - The financing channels remain smooth, with the company repaying 5.855 billion CNY in bonds and securing 12.5 billion CNY in new financing backed by Wuyue Plaza. The average financing cost decreased to 5.44% by the end of 2025 [36]. Financial Summary - The company’s total revenue is projected to decline from 88.99 billion CNY in 2024 to 53.01 billion CNY in 2025, with further decreases expected in subsequent years [5]. - The net profit attributable to shareholders is expected to recover from 680 million CNY in 2025 to 905 million CNY in 2026, reflecting a growth of 33.0% [5][37]. - The company’s net asset return (ROE) is projected to improve from 1.1% in 2025 to 2.1% by 2028 [5][19]. Investment Recommendations - The report suggests that due to the ongoing decline in industry prices and sales, the current net profit may not reflect potential future earnings. The valuation method using price-to-book (PB) is deemed more appropriate under current market conditions, with projected EPS of 0.40, 0.50, and 0.61 CNY for 2026, 2027, and 2028 respectively [37].