TAGEN GROUP(SZ:000090) Ping An Securities·2025-10-28 02:03Investment Rating - The report maintains a "Recommend" rating for the company [1][3]. Core Views - The company achieved a revenue of 9.96 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 7.8%, while the net profit attributable to shareholders was 20 million yuan, a significant decline of 93.9% year-on-year [3][6]. - The company's gross margin decreased by 5.5 percentage points to 10.7% in the first three quarters, impacting net profit growth [6]. - The company has a robust pipeline of projects, including Tianjian Tianjiao, Guangming, and Ruifu, which are expected to support future performance [6]. Financial Summary - Revenue projections for 2025-2027 are estimated at 21.785 billion yuan, 22.002 billion yuan, and 22.662 billion yuan, respectively, with corresponding EPS of 0.37 yuan, 0.40 yuan, and 0.44 yuan [5][7]. - The company’s net profit is projected to recover to 690 million yuan in 2025, 750 million yuan in 2026, and 820 million yuan in 2027, with a net profit margin gradually improving [5][7]. - The asset-liability ratio is expected to decrease from 76.5% in 2024 to 74.0% in 2027, indicating improved financial stability [7]. Market Position and Strategy - The company is actively engaged in urban renewal projects, with a total of 31 billion yuan in sales in the first three quarters of 2025, although this represents a decline of 36.2% year-on-year [6]. - The company has successfully issued medium-term notes totaling 11.9 billion yuan in the third quarter, maintaining a smooth financing channel [6]. - The company is positioned as a resource integration platform for Shenzhen construction, with expectations for significant growth in the construction sector under the backdrop of the Shenzhen State-owned Assets Supervision and Administration Commission [6].