Seazen(SH:601155)2024-03-30 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a revenue of 119.17 billion yuan in 2023, a year-on-year increase of 3.22%, while the net profit attributable to shareholders was 737 million yuan, a decline of 47.12% [1]. - The decrease in net profit is attributed to a drop in gross margins for both development and property leasing businesses, as well as a significant increase in income tax expenses [1]. - The company has sufficient unsold inventory to secure future performance, with a total sales area of 9.69 million square meters in 2023, down 18.69% year-on-year, and a sales amount of 75.98 billion yuan, down 34.52% [1]. - The commercial operation revenue reached 11.32 billion yuan, a year-on-year increase of 13.17%, indicating strong operational capabilities [1]. - The company has effectively managed its financing costs, with a net debt ratio of 44.1% and an average financing cost of 6.2% as of the end of 2023 [1]. Financial Summary - The company forecasts net profits of 74.54 million yuan, 76.40 million yuan, and 83.94 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.33 yuan, 0.34 yuan, and 0.37 yuan [2][3]. - The projected PE ratios for the same years are 28.72X, 28.02X, and 25.50X [2][3]. - The gross margin is expected to stabilize around 19.05% to 19.14% over the forecast period [3][4].