Seazen(SH:601155) KAIYUAN SECURITIES·2026-03-30 14:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a significant decline in revenue and profit due to a decrease in transfer scale, but its commercial management business has shown robust growth. The forecast for net profit for 2026-2028 has been adjusted downwards, with expected figures of 1.12 billion, 1.61 billion, and 2.43 billion yuan respectively. The earnings per share (EPS) are projected to be 0.50, 0.72, and 1.08 yuan, with corresponding price-to-earnings (PE) ratios of 29.2, 20.2, and 13.5 times [3][4][7] Financial Performance Summary - In 2025, the company achieved operating revenue of 53.01 billion yuan, a year-on-year decrease of 40.4%. The net profit attributable to the parent company was 680 million yuan, down 9.61% year-on-year. The operating cash flow was 1.425 billion yuan, a decline of 5.79% year-on-year. The gross margin improved to 27.4%, up 7.6 percentage points year-on-year [4][7] - The company’s commercial operation revenue reached 14.09 billion yuan in 2025, reflecting a 10% year-on-year growth. The occupancy rate of its shopping centers remained high at 97.86%, with total sales of 97 billion yuan, an increase of 7.18% year-on-year [5][6] - The company’s contract sales area decreased by 52.94% in 2025, with a total contract sales amount of 19.27 billion yuan, down 52.03% year-on-year [6] Financial Forecast Summary - The financial forecast for the company indicates a continued decline in revenue for 2026, with expected operating revenue of 42.61 billion yuan, a decrease of 19.6% year-on-year. The net profit is expected to rebound significantly in 2026, with a year-on-year growth of 64.4% [7][10] - The gross margin is projected to improve to 31.1% in 2026, with a net margin of 2.6% [10]