Seazen(SH:601155) Haitong Securities·2024-04-07 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][14]. Core Views - The company's revenue for 2023 reached 1191.74 billion yuan, a year-on-year increase of 3.22%, while the net profit attributable to the parent company was 7.37 billion yuan, a decrease of 47.12% compared to the previous year [6][9]. - The decline in profit margins is attributed to changes in the overall market environment and the structure of project transfers, leading to a reduction in gross profit from real estate projects compared to the same period in 2022 [6][9]. - The company maintained competitive sales, focusing on cash collection and delivery, achieving a total contract sales area of 968.78 million square meters, down 18.69% year-on-year, and a contract sales amount of 759.83 billion yuan, down 34.52% year-on-year [6][10]. - The commercial segment showed growth, with total commercial operating revenue of 113.24 billion yuan, an increase of 13.17% year-on-year, and a rental rate of 96.48% across 161 operational shopping centers [11][12]. Summary by Sections Financial Performance - The company reported total revenue of 1191.74 billion yuan in 2023, with a gross profit margin of 19.05%, down 0.98 percentage points from the previous year [9][12]. - The net profit margin was 0.62%, a decrease of 0.59 percentage points year-on-year [9][12]. - The company’s total assets were valued at 3741.09 billion yuan, with net assets attributable to shareholders at 600.78 billion yuan [9][12]. Sales and Market Position - The company ranked 10th in contract sales area and 18th in contract sales amount among real estate companies in China for 2023 [6][10]. - The company achieved a cash collection rate of 107%, delivering over 14,000 properties with a total area of 2,210 million square meters [10][11]. Commercial Operations - As of December 31, 2023, the company operated 198 shopping centers across 135 cities, with 161 centers actively managed and an opening area of 1499.11 million square meters [11][12]. - The user base for the shopping centers reached 1.48 billion visits, with over 30 million members, including 20 million active members [11][12]. Financing and Cost Management - The company successfully issued 11 billion yuan in domestic corporate bonds and maintained an average financing cost of 6.20%, down from 6.52% in 2022 [7][12]. - The total credit line from major banks amounted to 109 billion yuan, with 28.1 billion yuan already utilized [7][12]. Future Outlook - The company is projected to have an EPS of 0.38 yuan for 2024, with a price-to-book (PB) ratio estimated between 0.4 and 0.5, suggesting a reasonable value range of 10.81 to 13.51 yuan per share [14][16].