Seazen(SH:601155) KAIYUAN SECURITIES·2024-05-02 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is impacted by a decline in revenue recognition, while its investment properties show resilience [6] - The company reported a revenue of 14.36 billion yuan in Q1 2024, a year-on-year decrease of 11.66%, and a net profit attributable to shareholders of 230 million yuan, down 65.50% year-on-year [6] - The decline in net profit is primarily due to reduced gross profit from real estate deliveries and a provision for impairment of intangible assets amounting to 210 million yuan, affecting current profits by 160 million yuan [6] - The company expects a gradual recovery in performance due to the synergy of its diversified business operations, maintaining profit forecasts for 2024-2026 with net profits of 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively [6] - The current stock price corresponds to P/E ratios of 18.9, 13.3, and 10.3 for the years 2024, 2025, and 2026 respectively [6] Sales and Construction - In March 2024, the company achieved sales of 4.236 billion yuan and a sales area of 569,400 square meters, representing year-on-year declines of 46.52% and 37.93% respectively [7] - For Q1 2024, cumulative sales amounted to 11.947 billion yuan and a sales area of 1.6517 million square meters, with year-on-year declines of 44.44% and 34.40% respectively [7] - The company ranked 17th in sales amount for Q1 2024, improving by one position from the end of 2023 [7] - The completed area in Q1 2024 was 1.369 million square meters, down 49.3% year-on-year [7] Investment Properties Performance - Investment properties continue to be a stabilizing factor for the company's performance, with 161 leased properties as of March 2024, an increase of 20 properties compared to the same period in 2023 [8] - The total leasable area reached 9.042 million square meters, a year-on-year increase of 13.6% [8] - The overall occupancy rate improved to 96.86%, up 0.41 percentage points from the end of 2023 [8] - The total revenue from commercial operations in Q1 2024 was 3.04 billion yuan, a year-on-year increase of 20.3%, with rental income also growing by 20.3% to 2.84 billion yuan [8] Financial Summary and Valuation Indicators - The company reported a total revenue of 119.174 billion yuan in 2023, with a year-on-year growth of 3.2% [9] - The net profit attributable to shareholders for 2023 was 737 million yuan, down 47.1% year-on-year [9] - The gross margin for 2023 was 19.1%, while the net margin was 0.6% [9] - The company’s P/E ratio for 2023 was 30.1, with a P/B ratio of 0.4 [9]