Seazen(SH:601155) 光大证券研究·2025-05-20 14:08Core Viewpoint - The company is experiencing stable commercial operations while facing a significant decline in real estate sales, leading to tighter cash flow conditions [2][3][4]. Group 1: Commercial Operations - As of the end of 2024, the company has established 200 Wuyue Plazas across 136 cities, with 173 currently operational, achieving an overall occupancy rate of approximately 98% [3]. - In 2024, the total foot traffic for Wuyue Plazas reached about 1.77 billion visits, representing a year-on-year increase of 19%, with total sales of 90.5 billion yuan (excluding vehicle sales), also up by 19% year-on-year [3]. - The commercial operations segment generated revenue of 12.03 billion yuan in 2024, reflecting a year-on-year growth of 13.2%, with a gross margin of approximately 70.2%, an increase of 0.27 percentage points [3]. - The company aims to achieve total revenue of 14 billion yuan from commercial operations in 2025 [3]. Group 2: Real Estate Sales - In 2024, the company reported total sales of 40.17 billion yuan, a year-on-year decline of 47.1%, with total sales area of 5.388 million square meters, down 44.4% year-on-year [4]. - For the first four months of 2025, the company achieved a contract sales amount of 6.86 billion yuan, a decrease of 56.2% year-on-year, with a sales area of 886,000 square meters, down 59.0% year-on-year [4]. - The real estate development segment recorded revenue of 76.04 billion yuan in 2024, a year-on-year decline of 29.2%, with a gross margin of approximately 11.7%, down 2.2 percentage points [4]. - The gross margin contribution from the real estate development sales segment has decreased to 50.6% [4]. Group 3: Cash Flow and Financing - As of the end of 2024, the company's total financing amounted to approximately 53.65 billion yuan, down from about 57.08 billion yuan at the end of 2023, with short-term debt around 11.99 billion yuan [4]. - The company holds approximately 6.596 billion yuan in non-restricted cash, resulting in a non-restricted cash to short-term debt ratio of about 0.55 [4]. - The average financing cost is reported at 5.92%, a decrease from 6.20% at the end of 2023 [4]. - In 2024, the company secured approximately 20.5 billion yuan in financing backed by Wuyue Plaza properties, with an average interest rate of 4.97% and a collateralization rate of about 50% [4].