Seazen(SH:601155) Soochow Securities·2024-03-29 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 119.17 billion yuan in 2023, a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 740 million yuan, a decrease of 47.1% [2][3] - The decline in net profit is attributed to a 1.8% decrease in gross profit from real estate project turnover and a 1.5 percentage point drop in gross margin for real estate sales to 13.9% [3] - The company has focused on sales recovery and cash flow management, achieving a total cash recovery of 81.21 billion yuan in 2023, with a recovery rate of 107% [3] - The commercial segment's performance has improved, contributing to stable cash flow, with a total operating revenue of 11.32 billion yuan, a year-on-year increase of 13.1% [3] - The company has maintained positive operating cash flow for six consecutive years, with a net operating cash flow of 10.2 billion yuan in 2023 [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders has been revised down to 850 million yuan for 2024 and 930 million yuan for 2025, with an expected net profit of 1 billion yuan for 2026 [4] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.38 yuan, 0.41 yuan, and 0.44 yuan, respectively [4] - The company is expected to focus on high-potential urban areas, with a stable commercial operation outlook [4]