TAGEN GROUP(SZ:000090) Ping An Securities·2024-10-25 02:09Investment 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]