Seazen(601155) 中国银河·2024-04-30 03:30Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's Q1 2024 revenue was 14.357 billion yuan, down 11.66% YoY, with net profit attributable to shareholders of 227 million yuan, down 65.50% YoY [1] - The decline in net profit was mainly due to reduced gross profit from real estate delivery and impairment of intangible assets, with an impairment provision of 215 million yuan reducing net profit by 158 million yuan [1] - Sales volume and price were under pressure, with sales area down 34.40% YoY to 1.6517 million square meters and sales amount down 44.44% YoY to 11.947 billion yuan [1] - Commercial operations revenue increased by 20.31% YoY to 3.039 billion yuan, with rental income up 20.25% YoY to 2.835 billion yuan [1] - The company's interest-bearing liabilities from joint ventures and associates decreased by 475 million yuan to 4.733 billion yuan by the end of Q1 2024 [1] Financial Performance - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 754 million yuan, 768 million yuan, and 832 million yuan, respectively, with EPS of 0.33 yuan/share, 0.34 yuan/share, and 0.37 yuan/share [1] - The PE ratio for 2024-2026 is projected at 29.97X, 29.42X, and 27.16X, respectively [1] - The company's 2024E revenue is expected to be 104.242 billion yuan, down 12.53% YoY, with a gross margin of 19.58% [2] - The company's 2024E net profit attributable to shareholders is forecasted to be 754 million yuan, up 2.32% YoY [2] Operational Highlights - The company's completed area in Q1 2024 was 1.3693 million square meters, down 49.26% YoY, with Jiangsu and Zhejiang provinces seeing increases of 12.48% and 21.35%, respectively [1] - As of March 31, 2024, the company had 161 rental properties with a leasable area of 9.0422 million square meters and an average occupancy rate of 96.86%, up 0.41 percentage points from the end of 2023 [1] - The occupancy rate reached 100% in Hainan, Qinghai, and Gansu provinces, with 18 provinces exceeding 95% occupancy and 2 provinces below 90% [1]