天健集团：财务稳健，积极拓展-20250422

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8]. Core Views - The company reported a total revenue of 21.36 billion yuan for 2024, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 620 million yuan, down 59.1% year-on-year [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4]. - The city construction segment saw a revenue decline of 40.3%, while the urban service segment experienced a revenue increase of 6.1% [7]. - The company successfully secured financing exceeding 14.6 billion yuan, with a debt ratio decreasing by 1.77 percentage points from the beginning of the year [7][8]. Financial Summary - Revenue and Profit Forecasts: - 2024 revenue is projected at 21.36 billion yuan, with a 2% growth expected in 2025 and 1% in 2026 [6][11]. - Net profit for 2024 is estimated at 620 million yuan, with a recovery to 690 million yuan in 2025 and 750 million yuan in 2026 [6][11]. - Profitability Metrics: - Gross margin for 2024 is 15.9%, an increase of 1.3 percentage points year-on-year [7]. - Net margin is projected to improve gradually from 2.9% in 2024 to 3.6% by 2027 [11]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is expected to be 11.5 in 2024, decreasing to 8.7 by 2027 [11]. - The price-to-book (P/B) ratio remains stable at around 0.6 for the next few years [11]. Market Expansion and Financial Health - The company achieved a sales area of 215,000 square meters and a sales amount of 7.2 billion yuan in 2024, exceeding its annual target [7]. - The company is actively involved in urban village renovation projects and has won bids for significant projects, indicating a strong market position [7][8]. - The average financing cost has reached a historical low of 2.82%, reflecting improved financial health [7].