Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 9.24 billion yuan, down 47.6% year-on-year, and net profit at 330 million yuan, down 68% year-on-year [2][3] - Despite the decline in sales, the gross margin has rebounded to 16.2%, an increase of 0.4 percentage points year-on-year, indicating some operational resilience [3] - The company has maintained a relatively ample amount of unrecognized resources, with key projects in Shenzhen expected to support future performance [3] - Financing channels remain open, as evidenced by the successful issuance of 650 million yuan in short-term financing notes at a low interest rate of 2.33% [3] - The company is projected to have earnings per share (EPS) of 0.45 yuan for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 9.2, 9.1, and 9.1 [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 9.24 billion yuan, a decrease of 47.6% year-on-year, and a net profit of 330 million yuan, down 68% year-on-year [2][3] - The gross margin for the first three quarters was 16.2%, reflecting a year-on-year increase of 0.4 percentage points [3] Sales and Financing - The company faced pressure in sales, with total sales amounting to 4.86 billion yuan, a decline of 52% compared to the same period in 2023 [3] - The company successfully issued 650 million yuan in short-term financing notes, indicating strong financing capabilities [3] Future Outlook - The company is expected to maintain EPS of 0.45 yuan for the next three years, with P/E ratios projected at 9.2 for 2024 [3] - The ongoing development of key projects in Shenzhen is anticipated to provide support for future earnings [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,369,694,632.42, a decrease of 30.36% year-on-year, and a total of ¥9,239,136,891.75 for the year-to-date, down 47.61% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥81,623,589.88, down 12.57% year-on-year, with a year-to-date net profit of ¥328,490,389.81, reflecting a decline of 68.01%[2]. - The net cash flow from operating activities for the year-to-date was ¥46,584,496.00, a significant decrease of 98.31% compared to the previous year[2]. - Total operating revenue for Q3 2024 was ¥9,239,136,891.75, a decrease of 47.5% compared to ¥17,633,906,691.42 in the same period last year[12]. - Total operating costs for Q3 2024 were ¥8,798,041,458.60, down 46.0% from ¥16,301,365,756.46 year-over-year[12]. - The company's total assets decreased to ¥68,801,152,708.38 from ¥69,476,396,306.53, reflecting a decline of 1.0%[11]. - The equity attributable to shareholders of the parent company was ¥14,396,833,567.59, down from ¥14,576,102,780.16, a decrease of 1.2%[11]. - The company reported a net profit margin decline due to increased operational costs and reduced revenue[12]. - The total comprehensive income attributable to the parent company's owners for Q3 2024 was CNY 312,927,145.94, compared to CNY 1,089,378,048.02 in Q3 2023, indicating a decrease of about 71.3%[15]. - The operating profit for Q3 2024 was CNY 450,036,566.77, down from CNY 1,460,240,218.05 in the previous year, reflecting a decline of approximately 69.1%[14]. Assets and Liabilities - The total assets as of the end of Q3 2024 were ¥68,801,152,708.38, a decrease of 0.97% from the end of the previous year[2]. - Short-term borrowings decreased to ¥1,229,062,400.00, down 22.4% from ¥1,584,940,644.88 in the previous quarter[11]. - The total liabilities decreased to ¥53,908,945,284.34 from ¥54,371,429,059.42, indicating a decline of 0.9%[11]. - The company has a total of 438,637,781 shares held by Shenzhen Special Zone Construction Group Co., Ltd., and 300,826,447 shares held by Shenzhen Capital Operations Group Co., Ltd.[7]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 46,733, with the largest shareholder, Shenzhen Special Zone Construction Group Co., Ltd., holding 23.47% of shares[6]. - Shenzhen Capital Operations Group Co., Ltd. is the second-largest shareholder, owning 16.10% of shares[6]. - The total number of shares held by the top ten shareholders represents a significant portion of the company's equity, with the top two shareholders alone holding over 39.57%[6]. Cash Flow and Investments - The company's cash and cash equivalents at the end of the reporting period amount to approximately ¥9.36 billion, down from ¥10.72 billion at the beginning of the period, representing a decrease of about 12.68%[9]. - Cash flow from operating activities for Q3 2024 was CNY 46,584,496.00, a sharp decrease from CNY 2,762,761,094.35 in Q3 2023, indicating a decline of about 98.3%[16]. - The cash flow from investing activities for Q3 2024 was CNY 63,712,684.04, a recovery from a negative cash flow of CNY 26,368,710.28 in the same period last year[17]. - The net cash flow from financing activities for Q3 2024 was negative CNY 1,495,194,316.40, compared to negative CNY 3,495,359,770.32 in Q3 2023, indicating an improvement[17]. Operational Highlights - The company reported a significant increase in contract liabilities, which rose by 30.06% to ¥14,830,266,249.80, primarily due to increased pre-sales from real estate projects[4]. - The company experienced a 47.87% decrease in operating costs, amounting to ¥7,739,884,811.42, corresponding to the decline in revenue[5]. - Research and development expenses for Q3 2024 amounted to ¥394,662,171.11, a reduction of 19.6% compared to ¥490,698,276.13 in the previous year[12]. - The company is focusing on market expansion and new product development to enhance future growth prospects[12]. - The company plans to continue optimizing its asset structure and reducing liabilities in the upcoming quarters[12]. Future Outlook - The company provided a forward guidance of 10% revenue growth for Q4 2024, projecting revenues to reach approximately 1.32 billion RMB[18]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[18]. - The company plans to invest 200 million RMB in digital transformation initiatives over the next two years[18]. - New product launches contributed to a 25% increase in sales, with three new products introduced in Q3 2024[18]. - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous quarter[18]. - Operating margin improved to 25%, up from 22% in the previous quarter, indicating better cost management[18].

证券代码：000090 证券简称：天健集团 公告编号：2024-62 1 2024 年度第三期超短期融资券发行情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市天健（集团）股份有限公司（以下简称"公司"）发 行不超过 80 亿元（含 80 亿元）的超短期融资券已获中国银行间 市场交易商协会注册（《接受注册通知书》编号：中市协注 [2022]SCP513 号）。内容详见公司对外披露的《关于超短期融资 券获准注册的公告》（公告编号：2022-85）。 根据公司资金计划安排和银行间市场情况，公司于 2024 年 10 月 16 日发行了 2024 年度第三期超短期融资券。发行情况如下表： | 债券名称 | 深圳市天健（集团）股份有限公司 2024 | | | | 年度第三期超短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 天健集 24 SCP003 | | | | | | | 债券代码 | 012483327 期限 270 | | | 日 | | | | 起息日 | 2024 ...

深圳市天健（集团）股份有限公司 关于公司全资子公司提供担保事项的公告 一、担保情况概述 深圳市天健（集团）股份有限公司（以下简称"公司"）合 并报表范围内的天琪置地（苏州）有限公司（以下简称"天琪置 地"）拟向建设银行苏州长三角一体化示范区分行申请泓悦府项 目 A 区住房租赁贷款 5 亿元，由公司全资子公司深圳市天健地产 集团有限公司（以下简称"天健地产集团"）提供连带责任保证 担保，提供担保额度为 3.5 亿元。另一股东苏州市吴江城市建设 开发有限公司提供连带责任保证担保，根据 30%的占股比例提供 担保额度为 1.5 亿元。天健地产集团出资股东审议通过了《关于 天健地产集团为控股子公司借款提供担保事项的议案》。 公司于 2024 年 6 月 7 日召开 2023 年度股东大会，审议通过 《关于 2024 年度公司及所属子公司向银行申请综合授信额度及担 保事项的议案》，根据决议内容，公司所属子公司为公司所属子 公司申请的综合授信额度提供担保的额度不超过 100 亿元，此次 担保金额在额度范围内，本次担保事项无需提交董事会及股东大 会审议。 1 二、被担保人基本情况 天健地产集团为天琪置地申请的授信额度提供担 ...

1.本次股东大会未出现否决提案的情形。 2.本次股东大会未变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 深圳市天健（集团）股份有限公司 2024 年第二次临时股东大会决议公告 证券代码：000090 证券简称：天健集团 公告编号：2024-59 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： （二）会议出席情况 1.股东出席会议的总体情况 1.现场会议召开时间：2024 年 8 月 28 日（星期三）下午 3:00 2.网络投票时间：通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的时间为 2024 年 8 月 28 日上午 9:15-9:25， 9:30-11:30 和下午 1:00-3:00 通过深交所互联网投票系统进行网络投票的时间为 2024 年 8 月 28 日上午 9:15 至下午 3:00 的任意时间 3.现场会议召开地点：深圳市福田区红荔路 7019 号天健商 务大厦 11 楼会议室 1 4.召开方式：本次股东大会采用现场表决与网络投票相结合 的方式召开 5.会议召集人：深圳市天健（集团）股份有限 ...

二四年八月 北京市盈科(深圳)律师事务所 深圳市福田区鹏程一路广电金融中心大厦23、30、31、32层 全 球 视 野 | 本 土 79 11 北京市盈科(深圳) 律师事务所 关于深圳市天健(集团) 股份有限公司 2024 年第二次临时股东大会的 法律意见书 Beijing YINGKE Law Firm Shenzhen Office 23rd, 30th, 31st and 32nd floors, Guangdian Financial Center Building Pengcheng 1st Road, Futian District, Shenzhen - | - 全 球 视野 | 本 土 智慧 法律意见书 致:深圳市天健(集团) 股份有限公司 自:北京市盈科(深圳)律师事务所 关于:深圳市天健(集团)股份有限公司2024年第二次临时股东大会的法律意见书 敬启者: 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东大会规则(2022年修订)》(以下简称"《股东大会规则》")等法律、法规 和其他有关规范 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a significant decline in revenue and profit for the first half of 2024, with operating income of 5.869 billion yuan, down 54.1% year-on-year, and a net profit attributable to shareholders of 247 million yuan, down 73.6% year-on-year [2]. - The company is exploring new growth points through service innovation despite the downturn in revenue and profit [2]. - The urban service segment showed steady growth, with revenue of 879 million yuan, up 7.29% year-on-year [2]. - The comprehensive development segment experienced a substantial decline in sales revenue, down 78.52% year-on-year, attributed to market downturns [2]. Financial Summary - For the first half of 2024, the company had 263 ongoing projects with a remaining contract amount of 25.849 billion yuan [2]. - The company adjusted its profit forecasts for 2024-2026, expecting net profits of 832 million, 1.156 billion, and 1.506 billion yuan respectively, with corresponding EPS of 0.45, 0.62, and 0.81 yuan [2]. - The current stock price corresponds to P/E ratios of 7.7, 5.5, and 4.2 for the years 2024, 2025, and 2026 respectively [2][3]. - The company’s gross profit margin for the urban construction business was 5.64%, down 1.87 percentage points year-on-year [2]. Business Segments - The urban service segment includes maintenance services for roads, bridges, and tunnels in Shenzhen, with significant project completions [2]. - The company has made progress in urban village renovation projects and has expanded its property management projects [2]. - The comprehensive development segment's focus is on cities like Shenzhen, Guangzhou, Suzhou, Changsha, Nanning, and Huizhou, with a total signed sales amount of 2.713 billion yuan in the first half of 2024 [2].

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |----------------------|------------------------------------| | 行业 | 建筑 | | 公司网址 | www.tagen.cn | | 大股东 / 持股 | 深圳市特区建工集团有限公司 /23.47% | | 实际控制人 | 深圳市人民政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 1,869 | | 流通 A 股 ( 百万股 ) | 1,868 | | 流通 B/H 股 ( 百万股 | ) | | 总市值 ( 亿元 ) | 65 | | 流通 A 股市值 ( 亿元 | ) 65 | | 每股净资产 ( 元 ) | 5.95 | | 资产负债率 (%) | 78.3 | | 行情走势图 | | 天健集团(000090.SZ) 多因素致业绩承压，城市服务稳中有进 股价:3.5元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 相关研究报告 【平安证券】天健集团（ ...

深圳市天健(集团)股份有限公司 2024 年半年度报告全文 深圳市天健（集团）股份有限公司 2024 年半年度报告 （公告编号：2024-57） 2024 年 8 月 23 日 1 深圳市天健(集团)股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人郑晓生、主管会计工作负责人何云武及会计机构负责人肖文 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述可能存在的相关风险及应对措施，敬请查阅 第三节 管理层讨论与分析中有关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 深圳市天健(集团)股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |-------------------------------------------------------------------------------------- ...

2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算的会计科 目 | 期初占用资金余额 | 报告期内占用累计发生 金额(不含利息) | 报告期内占用资金的利 息(如有) | 报告期内偿还累计发 生金额 | 单位：万元 期末占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东、实际控制人及其附属企业 小计 | 无 | | | - | | - - | - | - | | | | 前控股股东、实际控制人及其附属企业 | 无 | | | | | | | | | | | 小计 | | | | - | | - - | - | - | | | | 其他关联方及附属企业 | 无 | | | | | | | | | | | 小计 | | | | | | | | | | | | 合计 | | - | | - | | - - | - | - | | | | 其它关联资金往来 | 资金往来 ...