研报掘金丨开源证券：维持天健集团“买入”评级 看好服务创新探索新增长点

Core Viewpoint - Tianjian Group experienced a significant decline in net profit attributable to shareholders due to a decrease in gross margin, despite a year-on-year increase in operating revenue in the first half of the year [1] Group 1: Financial Performance - The company achieved operating revenue growth year-on-year, but the net profit attributable to shareholders saw a substantial decline due to the impact of falling gross margins [1] Group 2: Business Operations - The company demonstrated stable overall business operations, with successful progress in urban services [1] - In the Ganzhou region, the company won bids totaling 1.073 billion yuan, while in the Shanwei region, it secured 494 million yuan in bids [1] - The company also won six energy construction project bids in cities such as Shenzhen, Foshan, and Wuhan [1] Group 3: Urban Services - By the first half of 2025, the company is set to maintain 4,880 roads in Shenzhen, covering a total length of 3,445.05 kilometers and an area of 72.2692 million square meters [1] - The company will also maintain 1,118 bridges in Shenzhen, with a total length of 141.9 kilometers and an area of 2.2368 million square meters [1] - Additionally, the company will manage 45 tunnel sections in Shenzhen, totaling 49 kilometers in length and covering an area of 776,800 square meters [1] Group 4: Real Estate Development - The company has 20 main properties for sale, with an unsold area of 809,200 square meters and unrecognized construction area of 1,159,600 square meters [1] - There are currently seven ongoing projects, with a cumulative construction area of 916,400 square meters [1] Group 5: Future Outlook - The company is optimistic about exploring new growth points through service innovation and maintains a "buy" rating [1]