TAGEN GROUP(000090) 开源证券·2024-08-27 12:42Investment 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].