天(tian)健集團:公(gong)司(si)有望成為(wei)深圳國資上市地產整(zheng)合(he)平臺(tai)

研究機(ji)構：海通證券 分析師：涂力磊,謝鹽 撰寫(xie)日(ri)期：2015-01-27

投(tou)資(zi)建(jian)議:公司(si)是(shi)深(shen)(shen)圳(zhen)國資(zi)委控(kong)股(gu)下(xia)的(de),主營建(jian)筑施工、房地(di)(di)產(chan)開發(fa)和(he)(he)商業運營一體化的(de)城市綜合(he)(he)運營商。其中(zhong)建(jian)筑施工業務擁有(you)總承(cheng)包特級(ji)資(zi)質;房地(di)(di)產(chan)業務集中(zhong)在深(shen)(shen)圳(zhen)、長沙、南(nan)寧、廣州等地(di)(di)。近(jin)期(qi),公司(si)收(shou)(shou)購粵通公司(si)延伸市政產(chan)業鏈(lian),借助達實智能提(ti)升智慧城市建(jian)設能力,定(ding)增(zeng)引入(ru)多家創投(tou)企業,實現管(guan)理層持股(gu)。目前,深(shen)(shen)圳(zhen)國資(zi)委實際控(kong)制公司(si)36.35%,公司(si)有(you)望(wang)成為(wei)深(shen)(shen)圳(zhen)國資(zi)委旗下(xia)的(de)主要地(di)(di)產(chan)上市整(zheng)合(he)(he)平臺。我(wo)們(men)預計公司(si)2014、2015年EPS分(fen)別是(shi)0.76和(he)(he)0.91元(yuan), 對(dui)應RNAV是(shi)19.19元(yuan)。截至(zhi)1月26日,公司(si)收(shou)(shou)盤于(yu)16.98元(yuan),對(dui)應動態市盈率分(fen)別為(wei)22.34倍和(he)(he)18.66倍。考慮(lv)到公司(si)有(you)望(wang)受益于(yu)深(shen)(shen)圳(zhen)國資(zi)改革,我(wo)們(men)以RNAV,即給予19.19元(yuan)/股(gu)作(zuo)為(wei)目標價,首次(ci)給予“增(zeng)持”評級(ji)。

主要分析:

公(gong)(gong)司基本情況(kuang):深(shen)(shen)圳(zhen)市(shi)天健(集(ji)團)股(gu)份(fen)有限公(gong)(gong)司系深(shen)(shen)圳(zhen)市(shi)國(guo)資(zi)委控(kong)股(gu)企業(ye)(ye)。1999年,公(gong)(gong)司在深(shen)(shen)交所(suo)上市(shi),主營(ying)業(ye)(ye)務(wu)為建(jian)(jian)筑施工(gong)(gong)、房(fang)(fang)地(di)(di)產(chan)(chan)開(kai)發和(he)(he)商(shang)(shang)業(ye)(ye)運營(ying)。其中負(fu)責建(jian)(jian)筑施工(gong)(gong)業(ye)(ye)務(wu)的深(shen)(shen)圳(zhen)市(shi)市(shi)政(zheng)工(gong)(gong)程(cheng)總公(gong)(gong)司成(cheng)立于(yu)1983年,涉及市(shi)政(zheng)、公(gong)(gong)路、房(fang)(fang)建(jian)(jian)、機電安裝、軌道(dao)交通、水(shui)利水(shui)電等領域,擁有市(shi)政(zheng)公(gong)(gong)用工(gong)(gong)程(cheng)施工(gong)(gong)總承(cheng)包特(te)級、公(gong)(gong)路工(gong)(gong)程(cheng)施工(gong)(gong)總承(cheng)包壹(yi)級和(he)(he)房(fang)(fang)屋(wu)建(jian)(jian)筑工(gong)(gong)程(cheng)施工(gong)(gong)總承(cheng)包壹(yi)級資(zi)質,曾獲得國(guo)家建(jian)(jian)筑工(gong)(gong)程(cheng)最高獎(jiang)“魯班獎(jiang)”和(he)(he)中國(guo)市(shi)政(zheng)工(gong)(gong)程(cheng)最高獎(jiang)“金杯獎(jiang)”;負(fu)責房(fang)(fang)地(di)(di)產(chan)(chan)開(kai)發業(ye)(ye)務(wu)的深(shen)(shen)圳(zhen)市(shi)天健房(fang)(fang)地(di)(di)產(chan)(chan)開(kai)發實(shi)業(ye)(ye)有限公(gong)(gong)司成(cheng)立于(yu)1988年,已開(kai)發項(xiang)目總建(jian)(jian)面(mian)200多萬(wan)平,集(ji)中在深(shen)(shen)圳(zhen)、長沙、南寧(ning)、廣州等地(di)(di);負(fu)責商(shang)(shang)業(ye)(ye)運營(ying)業(ye)(ye)務(wu)的深(shen)(shen)圳(zhen)市(shi)天健商(shang)(shang)業(ye)(ye)物業(ye)(ye)運營(ying)有限公(gong)(gong)司涵(han)蓋商(shang)(shang)業(ye)(ye)中心、酒店、寫字(zi)樓及工(gong)(gong)業(ye)(ye)園區(qu)等商(shang)(shang)業(ye)(ye)物業(ye)(ye)的策劃和(he)(he)運營(ying)。

多年(nian)(nian)來,公(gong)司業(ye)務(wu)保持了良性(xing)快速增(zeng)長。2013年(nian)(nian),公(gong)司實現營(ying)業(ye)收(shou)入45.14億元,同比增(zeng)長46.53%。截至2014年(nian)(nian)上半(ban)年(nian)(nian),公(gong)司三項業(ye)務(wu)(市政業(ye)務(wu)、開發業(ye)務(wu)、商(shang)業(ye)租賃)收(shou)入占(zhan)比分別為79.51%、16.57%和3.92%。

公(gong)(gong)(gong)(gong)司(si)(si)原(yuan)名深(shen)(shen)(shen)圳(zhen)(zhen)市(shi)天健(jian)實(shi)業股(gu)(gu)份有(you)限公(gong)(gong)(gong)(gong)司(si)(si)(創立(li)時(shi)原(yuan)名深(shen)(shen)(shen)圳(zhen)(zhen)市(shi)天健(jian)股(gu)(gu)份有(you)限公(gong)(gong)(gong)(gong)司(si)(si))其前身(shen)最早為(wei)(wei)1963年(nian)(nian)(nian)組建(jian)的(de)空軍工(gong)程兵第5團,1976年(nian)(nian)(nian)公(gong)(gong)(gong)(gong)司(si)(si)整編為(wei)(wei)基建(jian)工(gong)程兵302團,1983年(nian)(nian)(nian)9月公(gong)(gong)(gong)(gong)司(si)(si)集(ji)(ji)體轉業改編為(wei)(wei)深(shen)(shen)(shen)圳(zhen)(zhen)市(shi)市(shi)政(zheng)工(gong)程公(gong)(gong)(gong)(gong)司(si)(si)。1993年(nian)(nian)(nian)9月公(gong)(gong)(gong)(gong)司(si)(si)企業改制,組建(jian)定向募集(ji)(ji)股(gu)(gu)份有(you)限公(gong)(gong)(gong)(gong)司(si)(si)。1997年(nian)(nian)(nian)4月公(gong)(gong)(gong)(gong)司(si)(si)規范(fan)為(wei)(wei)募集(ji)(ji)方式設立(li)的(de)股(gu)(gu)份有(you)限公(gong)(gong)(gong)(gong)司(si)(si),并更名為(wei)(wei)深(shen)(shen)(shen)圳(zhen)(zhen)市(shi)天健(jian)(集(ji)(ji)團)股(gu)(gu)份有(you)限公(gong)(gong)(gong)(gong)司(si)(si)。1999年(nian)(nian)(nian)7月21日公(gong)(gong)(gong)(gong)司(si)(si)在深(shen)(shen)(shen)交所上市(shi)(證(zheng)券簡稱:深(shen)(shen)(shen)天健(jian);證(zheng)券代碼(ma):000090)。

2014年11月,公司擬以7.49元(yuan)/股(gu)(gu)向包(bao)括遠(yuan)致(zhi)投資(zi)(zi)、天健(jian)如意、硅谷(gu)天堂、高(gao)新(xin)(xin)投、達實投資(zi)(zi)、紅土創新(xin)(xin)基金、國(guo)信弘盛、凱富基金、創東(dong)方和架橋投資(zi)(zi)10名特定對象發行股(gu)(gu)票(piao)不(bu)超過2.94億股(gu)(gu),募集資(zi)(zi)金總(zong)額不(bu)超過22億元(yuan)。本次(ci)發行實施(shi)后(hou),公司總(zong)股(gu)(gu)本將增至8.46億股(gu)(gu)。其中(zhong),深(shen)(shen)圳市國(guo)資(zi)(zi)委持(chi)(chi)股(gu)(gu)2.01億股(gu)(gu),持(chi)(chi)股(gu)(gu)比(bi)例約23.73%;同時深(shen)(shen)圳市國(guo)資(zi)(zi)委持(chi)(chi)有遠(yuan)致(zhi)投資(zi)(zi)100%股(gu)(gu)權,因此,深(shen)(shen)圳市國(guo)資(zi)(zi)委實際控(kong)制公司的(de)股(gu)(gu)權為39.51%(不(bu)考慮(lv)遠(yuan)致(zhi)投資(zi)(zi)還通過參股(gu)(gu)17.76%的(de)高(gao)新(xin)(xin)投間(jian)接參股(gu)(gu)上市公司3.16%的(de)股(gu)(gu)份)。

根據《天健集團2011-2015年(nian)發(fa)展戰略(lve)規劃》,公(gong)司確立(li)了以(yi)高端管理、高新技術、高資本投入為(wei)(wei)(wei)特色的(de)(de)(de)工程建筑業(ye)(ye)(ye)(ye)、以(yi)差異化為(wei)(wei)(wei)特色的(de)(de)(de)房地產(chan)開發(fa)業(ye)(ye)(ye)(ye)及以(yi)創(chuang)新型服務(wu)為(wei)(wei)(wei)特色的(de)(de)(de)商(shang)業(ye)(ye)(ye)(ye)運營為(wei)(wei)(wei)主(zhu)業(ye)(ye)(ye)(ye)的(de)(de)(de)戰略(lve),力(li)爭建設、開發(fa)與經營并舉,科技和文化助推,成為(wei)(wei)(wei)三大產(chan)業(ye)(ye)(ye)(ye)橫向協同,縱向一體化,均(jun)衡發(fa)展的(de)(de)(de)城市綜合(he)運營商(shang)。

公(gong)司各(ge)業務發展情(qing)況分析 .

2.1 公司市(shi)政業(ye)務向環(huan)保等高端領域(yu)升級,收購粵通(tong)公司延(yan)伸市(shi)政產業(ye)鏈 .

公(gong)(gong)司主(zhu)要(yao)負(fu)責(ze)市(shi)(shi)(shi)政業務的(de)(de)子(zi)公(gong)(gong)司-深圳(zhen)(zhen)市(shi)(shi)(shi)市(shi)(shi)(shi)政工(gong)(gong)(gong)(gong)程(cheng)總公(gong)(gong)司成(cheng)立于1983年,年平均施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)產值25~31億(yi)元,以市(shi)(shi)(shi)政工(gong)(gong)(gong)(gong)程(cheng)、公(gong)(gong)路工(gong)(gong)(gong)(gong)程(cheng)、建(jian)筑工(gong)(gong)(gong)(gong)程(cheng)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)及(ji)項(xiang)目(mu)代建(jian)為(wei)主(zhu)導產業,業務遍及(ji)全國(guo)(guo)。主(zhu)要(yao)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)資(zi)(zi)質有:市(shi)(shi)(shi)政公(gong)(gong)用工(gong)(gong)(gong)(gong)程(cheng)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)總承(cheng)(cheng)包特級(ji)(ji)、公(gong)(gong)路工(gong)(gong)(gong)(gong)程(cheng)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)總承(cheng)(cheng)包一(yi)(yi)級(ji)(ji)、房屋建(jian)筑工(gong)(gong)(gong)(gong)程(cheng)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)總承(cheng)(cheng)包一(yi)(yi)級(ji)(ji)等(deng)(deng)十幾項(xiang)。該公(gong)(gong)司資(zi)(zi)信等(deng)(deng)級(ji)(ji)經中(zhong)國(guo)(guo)人民銀(yin)行指定(ding)的(de)(de)金融資(zi)(zi)信評(ping)級(ji)(ji)機構(gou)評(ping)定(ding)為(wei)最(zui)高(gao)等(deng)(deng)級(ji)(ji)-AAA,先后被評(ping)為(wei)“中(zhong)國(guo)(guo)建(jian)筑施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)企(qi)業綜(zong)合(he)實力百強第(di)一(yi)(yi)名”、“中(zhong)國(guo)(guo)500家(jia)最(zui)佳(jia)經濟效益建(jian)筑企(qi)業一(yi)(yi)級(ji)(ji)第(di)一(yi)(yi)名”、“深圳(zhen)(zhen)市(shi)(shi)(shi)50家(jia)綜(zong)合(he)實力最(zui)強建(jian)筑施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)企(qi)業第(di)一(yi)(yi)名”等(deng)(deng)。設(she)有博士后科(ke)研(yan)(yan)工(gong)(gong)(gong)(gong)作站、科(ke)研(yan)(yan)所(suo)、試驗室(shi)等(deng)(deng)技術研(yan)(yan)發機構(gou)。該公(gong)(gong)司將從單一(yi)(yi)的(de)(de)施(shi)(shi)(shi)(shi)(shi)工(gong)(gong)(gong)(gong)承(cheng)(cheng)包向基礎(chu)設(she)施(shi)(shi)(shi)(shi)(shi)投資(zi)(zi)、代建(jian)管理(li)(li)及(ji)工(gong)(gong)(gong)(gong)程(cheng)總承(cheng)(cheng)包一(yi)(yi)體(ti)化(hua)的(de)(de)綜(zong)合(he)型(xing)經營模式轉變,成(cheng)為(wei)專業化(hua)、高(gao)端化(hua)、管理(li)(li)型(xing)的(de)(de)城市(shi)(shi)(shi)建(jian)設(she)總承(cheng)(cheng)包公(gong)(gong)司。

總體上(shang)(shang),公(gong)司近年(nian)來(lai)的(de)市(shi)政業務(wu)收入(ru)穩健增(zeng)長(chang),毛利(li)率呈(cheng)上(shang)(shang)升趨(qu)勢。2014年(nian)上(shang)(shang)半年(nian),公(gong)司繼(ji)續深耕深圳本地建(jian)筑市(shi)場,同(tong)(tong)時(shi)積(ji)極(ji)培(pei)育外埠(bu)市(shi)場,報(bao)告(gao)(gao)期內(nei)累積(ji)中標(biao)金額(e)24.63億(yi)元(yuan)。同(tong)(tong)期,公(gong)司建(jian)筑施工(gong)業務(wu)實(shi)現(xian)營業收入(ru)14.74億(yi)元(yuan),同(tong)(tong)比下降3.36 %。報(bao)告(gao)(gao)期內(nei)公(gong)司市(shi)政毛利(li)7915萬元(yuan),毛利(li)率5.37%。截止(zhi)報(bao)告(gao)(gao)期末,在建(jian)工(gong)程64項,合(he)同(tong)(tong)金額(e)93.96億(yi)元(yuan)。

2014年12月24日,公(gong)司公(gong)告(gao)稱,公(gong)司與萬(wan)喜(xi)集團(tuan)(tuan)(VINCI GROUP)旗下全(quan)(quan)資機構(gou)VCGP(VINCI CONStrUCTION GRANDS PROJETS)簽(qian)署《合(he)(he)作意(yi)向書》。VCGP為全(quan)(quan)球(qiu)領先的(de)(de)建(jian)筑(zhu)(zhu)服務商--萬(wan)喜(xi)集團(tuan)(tuan)旗下的(de)(de)全(quan)(quan)資機構(gou)。萬(wan)喜(xi)集團(tuan)(tuan)為巴黎(li)CAC40指數成(cheng)份(fen)股,業務涵蓋(gai)土木、建(jian)筑(zhu)(zhu)、基建(jian)、特(te)許(xu)經營(ying)、能源(yuan)(yuan)、環保等(deng)領域,項(xiang)目(mu)遍布全(quan)(quan)球(qiu)100多個國(guo)家和(he)(he)(he)地(di)區(qu)(qu)。雙方就城市(shi)再生資源(yuan)(yuan)綜合(he)(he)開發(fa)利用、新能源(yuan)(yuan)、環保、特(te)許(xu)運營(ying)、高端建(jian)筑(zhu)(zhu)工(gong)程管(guan)理等(deng)領域進(jin)行(xing)(xing)戰略合(he)(he)作。雙方擬(ni)以共同投(tou)資設立合(he)(he)營(ying)公(gong)司或(huo)簽(qian)訂項(xiang)目(mu)合(he)(he)作協(xie)議或(huo)其(qi)他合(he)(he)法可行(xing)(xing)的(de)(de)方式進(jin)行(xing)(xing)合(he)(he)作,共同開拓中國(guo)大陸內地(di)本土市(shi)場及海(hai)外市(shi)場(但不包括香港特(te)別(bie)行(xing)(xing)政區(qu)(qu)、澳(ao)門特(te)別(bie)行(xing)(xing)政區(qu)(qu)和(he)(he)(he)臺(tai)灣地(di)區(qu)(qu)的(de)(de)市(shi)場)。我們(men)認為,公(gong)司通過(guo)與VCGP合(he)(he)作,將提升其(qi)技術(shu)、裝備和(he)(he)(he)管(guan)理水平,促進(jin)產業的(de)(de)升級和(he)(he)(he)轉型。

2014年9月30日(ri),公(gong)司公(gong)告(gao)稱(cheng),公(gong)司擬(ni)收購(gou)深(shen)圳(zhen)(zhen)市(shi)投(tou)資控股有限公(gong)司持有的(de)(de)(de)深(shen)圳(zhen)(zhen)市(shi)粵通(tong)建設工程有限公(gong)司100%股權,交(jiao)易價格將(jiang)(jiang)以評(ping)估(gu)結(jie)果(guo)為(wei)參(can)考依據。粵通(tong)公(gong)司是深(shen)圳(zhen)(zhen)市(shi)最早(zao)的(de)(de)(de)路橋專(zhuan)業施工及養(yang)護(hu)單位(wei)(wei)之(zhi)一,該公(gong)司在公(gong)路、橋梁(liang)及隧道(dao)養(yang)護(hu)業務方面市(shi)場份額位(wei)(wei)居深(shen)圳(zhen)(zhen)前(qian)列。通(tong)過本次整合,公(gong)司將(jiang)(jiang)進一步延伸產(chan)業鏈,拓展道(dao)路、橋梁(liang)和(he)隧道(dao)養(yang)護(hu)業務新領域,提高(gao)市(shi)場份額。同時(shi),粵通(tong)公(gong)司所擁(yong)有的(de)(de)(de)物業和(he)土(tu)地(di)資源將(jiang)(jiang)增(zeng)加公(gong)司在深(shen)圳(zhen)(zhen)本地(di)的(de)(de)(de)資源儲(chu)備。

2.2 公司房地產(chan)業務借助外力(li)(li)提升智慧城市建設能力(li)(li) .

公(gong)司(si)(si)主(zhu)要負責房地(di)產(chan)(chan)開(kai)發(fa)(fa)(fa)業務的(de)(de)子公(gong)司(si)(si)-深(shen)圳市(shi)天健(jian)房地(di)產(chan)(chan)開(kai)發(fa)(fa)(fa)實業有限公(gong)司(si)(si)成(cheng)立(li)于1988年6月,是(shi)深(shen)圳特區工業區開(kai)發(fa)(fa)(fa)的(de)(de)先驅和(he)開(kai)拓者。30多(duo)年來,公(gong)司(si)(si)在(zai)(zai)深(shen)圳市(shi)的(de)(de)開(kai)發(fa)(fa)(fa)總(zong)建(jian)筑面積達300多(duo)萬平。該公(gong)司(si)(si)逐步形成(cheng)以深(shen)圳為核(he)心,輻射內(nei) 地(di)的(de)(de)產(chan)(chan)業布局(ju),項(xiang)目分(fen)布在(zai)(zai)深(shen)圳、長沙、南寧、廣州、上海、惠州等城市(shi)。該公(gong)司(si)(si)開(kai)發(fa)(fa)(fa)的(de)(de)天健(jian)·芙蓉盛世(shi)(長沙)和(he)天健(jian)·現(xian)代城(深(shen)圳)分(fen)獲聯合(he)(he)國人居環境論壇社區獎和(he)特別獎。該公(gong)司(si)(si)在(zai)(zai)深(shen)圳市(shi)2010年房地(di)產(chan)(chan)企(qi)業年度排名列第5位。近年來,公(gong)司(si)(si)以住宅開(kai)發(fa)(fa)(fa)為主(zhu),產(chan)(chan)品線趨向多(duo)元化(hua),已進(jin)入(ru)城市(shi)綜合(he)(he)體、綜合(he)(he)商業、酒店地(di)產(chan)(chan)、現(xian)代工業園區等開(kai)發(fa)(fa)(fa)領域,向著(zhu)成(cheng)為城市(shi)綜合(he)(he)運營商邁進(jin)。

截至(zhi)2014年(nian)(nian)上(shang)(shang)半(ban)年(nian)(nian),公(gong)(gong)司(si)儲(chu)(chu)備(bei)和(he)(he)待售(shou)住(zhu)宅項(xiang)目(mu)(mu)合計權益(yi)建面196.79萬平(ping),其中(zhong)未結(jie)算權益(yi)建面合計169.76萬平(ping)。其中(zhong),公(gong)(gong)司(si)開(kai)(kai)發(fa)項(xiang)目(mu)(mu)在(zai)長沙、南(nan)寧、惠州、廣州、深圳和(he)(he)上(shang)(shang)海的(de)未結(jie)算權益(yi)建面分別為(wei)51.9%、41.9%、32.2%、18.9%、18.1%和(he)(he)6.8%。進(jin)入(ru)2014年(nian)(nian),公(gong)(gong)司(si)面臨(lin)較(jiao)大(da)的(de)環境壓力(li),2014年(nian)(nian)上(shang)(shang)半(ban)年(nian)(nian),公(gong)(gong)司(si)實現(xian)房地產業務開(kai)(kai)發(fa)收入(ru)3.07億元(yuan),同(tong)比降低36.58%。同(tong)期,公(gong)(gong)司(si)通過公(gong)(gong)開(kai)(kai)競拍新增南(nan)寧兩幅土地儲(chu)(chu)備(bei),同(tong)時繼續加大(da)力(li)度推進(jin)天健工業區項(xiang)目(mu)(mu)的(de)規(gui)劃(hua)審批工作。報(bao)告期內,公(gong)(gong)司(si)在(zai)售(shou)樓盤8個,在(zai)建項(xiang)目(mu)(mu)5個,項(xiang)目(mu)(mu)開(kai)(kai)發(fa)建設進(jin)展順利。

2014年(nian)11月28日,公司公告稱,公司與深圳(zhen)達(da)實智(zhi)能(neng)股份有限公司簽署《智(zhi)慧城市及(ji)(ji)(ji)綠(lv)色(se)建筑項目戰略合作(zuo)(zuo)框架協議 書》。達(da)實智(zhi)能(neng)(證券代碼:002421)主營業務為智(zhi)慧城市頂層規(gui)劃及(ji)(ji)(ji)總體(ti)解決方案、建筑智(zhi)能(neng)化及(ji)(ji)(ji)節能(neng)全生(sheng)命周(zhou)期服務,是國內智(zhi)能(neng)化及(ji)(ji)(ji)節能(neng)領(ling)域的(de)領(ling)先企業。雙(shuang)方擬共同(tong)打造綠(lv)色(se)、智(zhi)慧的(de)高品(pin)質城市綜合運營體(ti)系和(he)智(zhi)慧社區體(ti)系。雙(shuang)方將在技術合作(zuo)(zuo)、市場合作(zuo)(zuo)兩個層面加大對智(zhi)慧城市的(de)投(tou)資(zi)、建設和(he)運營,產生(sheng)協同(tong)效應,相互(hu)兼容(rong)促(cu)進。

2.3 公司商業運營業務增長較快 .

公(gong)司(si)主要負責商(shang)業(ye)運(yun)(yun)(yun)(yun)營(ying)業(ye)務(wu)的(de)子(zi)公(gong)司(si)-深圳市天(tian)健商(shang)業(ye)物業(ye)運(yun)(yun)(yun)(yun)營(ying)有(you)限公(gong)司(si)經(jing)營(ying)范圍為從事高端商(shang)業(ye)地產的(de)經(jing)營(ying)、管(guan)理(li)(li)和(he)服(fu)務(wu)業(ye)務(wu),包括(kuo)為酒(jiu)(jiu)(jiu)店(dian)、商(shang)城、寫字(zi)樓、公(gong)寓(yu)等(deng)高端物業(ye)提(ti)供(gong)專業(ye)化(hua)全(quan)程服(fu)務(wu)和(he)運(yun)(yun)(yun)(yun)營(ying)管(guan)理(li)(li)。威(wei)斯(si)特(te)精(jing)品酒(jiu)(jiu)(jiu)店(dian)隸(li)屬于(yu)深圳天(tian)健商(shang)業(ye)運(yun)(yun)(yun)(yun)營(ying)管(guan)理(li)(li)有(you)限公(gong)司(si)。威(wei)斯(si)特(te)精(jing)品酒(jiu)(jiu)(jiu)店(dian)全(quan)力(li)打造(zao)(zao)“威(wei)斯(si)特(te)”新銳(rui)酒(jiu)(jiu)(jiu)店(dian)品牌(pai),旗(qi)(qi)下擁有(you)海南威(wei)斯(si)特(te)精(jing)品酒(jiu)(jiu)(jiu)店(dian)、深圳龍崗威(wei)斯(si)特(te)精(jing)品酒(jiu)(jiu)(jiu)店(dian)幾大主題精(jing)品酒(jiu)(jiu)(jiu)店(dian),并通過(guo)升級、改(gai)造(zao)(zao)、并購等(deng)多渠道(dao)方式將“威(wei)斯(si)特(te)”發展成國(guo)內酒(jiu)(jiu)(jiu)店(dian)旗(qi)(qi)艦(jian)新銳(rui)品牌(pai)。

投資性(xing)物業(ye)方面,公司可出(chu)租(zu)面積達(da)到(dao)27.41萬平。商(shang)業(ye)租(zu)賃業(ye)務(wu)收(shou)入(ru)增速較快,且毛(mao)利(li)(li)率(lv)較高。2014年上半年,公司實(shi)現租(zu)賃營業(ye)收(shou)入(ru)7268萬元(yuan),同比增長(chang)51%;實(shi)現毛(mao)利(li)(li)潤4458萬元(yuan),毛(mao)利(li)(li)率(lv)達(da)到(dao)61.3%。

同時,公司加(jia)大對(dui)商用物(wu)(wu)(wu)業的(de)資源整合和升級改造,進一(yi)步提(ti)升物(wu)(wu)(wu)業價值;對(dui)外提(ti)供酒店運營管理(li)、商業運營顧(gu)問等服(fu)務, 實(shi)施管理(li)輸出模式。物(wu)(wu)(wu)業管理(li)服(fu)務方(fang)面,公司物(wu)(wu)(wu)業管理(li)面積達416萬平。

公司有望成為深圳國資委旗(qi)下的(de)主(zhu)要地產上(shang)市(shi)整合平臺.

深(shen)(shen)(shen)(shen)圳(zhen)國(guo)(guo)資(zi)委(wei)(wei)旗(qi)下的(de)房地產開發(fa)企業(ye)(ye)共計10家(jia)(jia),其(qi)中(zhong)旗(qi)下的(de)房地產上市(shi)(shi)平(ping)臺(tai)有(you)8家(jia)(jia),這里面有(you)6家(jia)(jia)在(zai)A 股(gu)上市(shi)(shi),2家(jia)(jia)在(zai)香港上市(shi)(shi)。在(zai)國(guo)(guo)資(zi)改革背景下,我(wo)們判斷未(wei)來(lai)深(shen)(shen)(shen)(shen)圳(zhen)國(guo)(guo)資(zi)委(wei)(wei)有(you)望整(zheng)合旗(qi)下上市(shi)(shi)地產平(ping)臺(tai)。目前A股(gu)上市(shi)(shi)地產平(ping)臺(tai)中(zhong),深(shen)(shen)(shen)(shen)圳(zhen)國(guo)(guo)資(zi)委(wei)(wei)對沙(sha)河股(gu)份、深(shen)(shen)(shen)(shen)振業(ye)(ye)和中(zhong)洲控(kong)股(gu)的(de)控(kong)股(gu)比例低于(yu)天健(jian)集(ji)團(tuan),而(er)控(kong)股(gu)比例高于(yu)天健(jian)集(ji)團(tuan)的(de)深(shen)(shen)(shen)(shen)深(shen)(shen)(shen)(shen)房和深(shen)(shen)(shen)(shen)物業(ye)(ye)屬(shu)于(yu)間(jian)接控(kong)股(gu),且兩者的(de)業(ye)(ye)績(ji)要稍遜(xun)于(yu)天健(jian)集(ji)團(tuan),所(suo)以我(wo)們判斷,未(wei)來(lai)直接控(kong)股(gu)比例達到(dao)36.35%的(de)天健(jian)集(ji)團(tuan)有(you)較大可能性成為深(shen)(shen)(shen)(shen)圳(zhen)國(guo)(guo)資(zi)委(wei)(wei)旗(qi)下的(de)地產整(zheng)合上市(shi)(shi)平(ping)臺(tai)。此(ci)外,天健(jian)集(ji)團(tuan)的(de)業(ye)(ye)務多元化(hua),目前規(gui)模較小,未(wei)來(lai)有(you)利于(yu)公司的(de)產業(ye)(ye)轉型升級(ji)。

公司定增“三位一(yi)體”:推動國企改革,引入創投(tou)企業,配套融資(zi)22億元(yuan)和(he)高管持股 .

2014年(nian)11月5日,公(gong)(gong)(gong)(gong)(gong)(gong)司公(gong)(gong)(gong)(gong)(gong)(gong)告稱,公(gong)(gong)(gong)(gong)(gong)(gong)司第七(qi)屆(jie)董(dong)事(shi)會(hui)第二十一次(ci)會(hui)議(yi)審議(yi)通過(guo)了《深圳(zhen)市天健(jian)(jian)(集(ji)團)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份有限公(gong)(gong)(gong)(gong)(gong)(gong)司2014年(nian)非公(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票預案》。公(gong)(gong)(gong)(gong)(gong)(gong)司擬采取非公(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發行(xing)的(de)方式向包(bao)括公(gong)(gong)(gong)(gong)(gong)(gong)司為(wei)遠致(zhi)投(tou)資(zi)、天健(jian)(jian)如意(yi)(yi)、硅谷天堂(tang)、高(gao)新投(tou)、達(da)實投(tou)資(zi)、紅(hong)土創(chuang)(chuang)新基(ji)金(jin)、國信(xin)弘盛、凱(kai)富(fu)基(ji)金(jin)、創(chuang)(chuang)東方和架橋(qiao)投(tou)資(zi)10名(ming)特定對象發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(其中天健(jian)(jian)如意(yi)(yi)參與(yu)認(ren)(ren)購(gou)(gou)(gou)本(ben)次(ci)非公(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票,構成關聯交(jiao)易)。本(ben)次(ci)非公(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票的(de)定價(jia)基(ji)準(zhun)日為(wei)公(gong)(gong)(gong)(gong)(gong)(gong)司第七(qi)屆(jie)董(dong)事(shi)會(hui)第二十一次(ci)會(hui)議(yi)決議(yi)公(gong)(gong)(gong)(gong)(gong)(gong)告日(2014年(nian)11月7日)。本(ben)次(ci)發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票價(jia)格為(wei)7.49元(yuan)/股(gu)(gu)(gu)(gu)(gu)(gu)(gu)。本(ben)次(ci)擬發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票數量不超過(guo)2.94億(yi)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),募(mu)集(ji)資(zi)金(jin)總額(e)不超過(guo)22億(yi)元(yuan)。其中,遠致(zhi)投(tou)資(zi)認(ren)(ren)購(gou)(gou)(gou)13351萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),天健(jian)(jian)如意(yi)(yi)認(ren)(ren)購(gou)(gou)(gou)4005萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),硅谷天堂(tang)認(ren)(ren)購(gou)(gou)(gou)2670萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),高(gao)新投(tou)認(ren)(ren)購(gou)(gou)(gou)2670萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),達(da)實投(tou)資(zi)認(ren)(ren)購(gou)(gou)(gou)1335萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),紅(hong)土創(chuang)(chuang)新基(ji)金(jin)認(ren)(ren)購(gou)(gou)(gou)1335萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),國信(xin)弘盛認(ren)(ren)購(gou)(gou)(gou)1335萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),凱(kai)富(fu)基(ji)金(jin)認(ren)(ren)購(gou)(gou)(gou)1335萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),創(chuang)(chuang)東方認(ren)(ren)購(gou)(gou)(gou)668萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu),架橋(qiao)投(tou)資(zi)認(ren)(ren)購(gou)(gou)(gou)668萬(wan)(wan)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)。本(ben)次(ci)非公(gong)(gong)(gong)(gong)(gong)(gong)開(kai)發行(xing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票的(de)募(mu)集(ji)資(zi)金(jin)總額(e)不超過(guo)22億(yi)元(yuan)(含(han)此數),扣(kou)除發行(xing)費用(yong)后的(de)募(mu)集(ji)資(zi)金(jin)凈額(e)用(yong)于(yu)投(tou)資(zi)天健(jian)(jian)科技大廈項目和補充流動資(zi)金(jin)。

其(qi)(qi)中(zhong),國泰君安君享(xiang)天(tian)健如意集(ji)(ji)(ji)合資(zi)(zi)產管(guan)理計劃(籌(chou))由上(shang)海國泰君安證券資(zi)(zi)產管(guan)理有(you)限公(gong)(gong)司(si)(si)(si)設立和(he)(he)管(guan)理,用于投資(zi)(zi)天(tian)健集(ji)(ji)(ji)團(tuan)的本次非公(gong)(gong)開發行的股(gu)票,由天(tian)健集(ji)(ji)(ji)團(tuan)及其(qi)(qi)控股(gu)子公(gong)(gong)司(si)(si)(si)的部(bu)分(fen)董(dong)事、監(jian)事、高(gao)級(ji)管(guan)理人員(yuan)及骨干員(yuan)工(gong)等人員(yuan)(不少于2人且(qie)不得超過200名)以自籌(chou)資(zi)(zi)金(jin)認(ren)購(gou),存(cun)續(xu)期限為自集(ji)(ji)(ji)合資(zi)(zi)產管(guan)理合同生(sheng)效之日起7年。天(tian)健如意向天(tian)健集(ji)(ji)(ji)團(tuan)及其(qi)(qi)控股(gu)子公(gong)(gong)司(si)(si)(si)的部(bu)分(fen)董(dong)事、監(jian)事、高(gao)級(ji)管(guan)理人員(yuan)及骨干員(yuan)工(gong)等人員(yuan)進行募(mu)集(ji)(ji)(ji)。若參與(yu)人最終未按承諾足額認(ren)購(gou),剩余份額可(ke)約定在其(qi)(qi)他全體參與(yu)人中(zhong)分(fen)配,或指定特定參與(yu)人認(ren)購(gou)。我(wo)們認(ren)為,該資(zi)(zi)產管(guan)理計劃針對公(gong)(gong)司(si)(si)(si)和(he)(he)子公(gong)(gong)司(si)(si)(si)的董(dong)監(jian)高(gao)和(he)(he)骨干員(yuan)工(gong),且(qie)持股(gu)比(bi)例較高(gao),存(cun)續(xu)期長,因(yin)此(ci)激勵將(jiang)直接(jie)到位,有(you)助于公(gong)(gong)司(si)(si)(si)業績進一步提升(sheng)。

此次定(ding)增引入(ru)多家(jia)重要創投(tou)企(qi)業(ye)做為(wei)公(gong)司(si)戰略股(gu)東(dong)。其中(zhong),嘉興硅谷(gu)天(tian)堂恒智投(tou)資(zi)合伙企(qi)業(ye)(有限合伙)經營范圍是實業(ye)投(tou)資(zi)、投(tou)資(zi)管(guan)理,它的(de)(de)控股(gu)股(gu)東(dong)是中(zhong)國領先的(de)(de)從(cong)事股(gu)權投(tou)資(zi)的(de)(de)硅谷(gu)天(tian)堂資(zi)產(chan)管(guan)理集團股(gu)份有限公(gong)司(si)。2013年底,硅谷(gu)天(tian)堂旗(qi)下基金(jin)達80余支,管(guan)理規模超過(guo)100億元人民幣,成功投(tou)資(zi)了100余家(jia)優(you)秀企(qi)業(ye),其中(zhong)上(shang)市企(qi)業(ye)50余家(jia)。

深(shen)圳市高新(xin)(xin)投(tou)集(ji)團有限(xian)公(gong)司(si)核心業(ye)務(wu)為(wei)保證擔保、融(rong)資擔保、創業(ye)投(tou)資。高新(xin)(xin)投(tou)已成為(wei)全國最大的工程保證擔保機構,成功開創了投(tou)保聯動支持(chi)小微科技企業(ye)發展的服務(wu)模式,打(da)造(zao)了從(cong)“企業(ye)初創期到IPO”完整的融(rong)資服務(wu)鏈條,支持(chi)了華為(wei)、比亞(ya)迪、大族激光(guang)等一批(pi)高科技企業(ye);扶(fu)持(chi)的99家(jia)境內外上市企業(ye)被媒體稱(cheng)作資本市場的“高新(xin)(xin)投(tou)系”。

紅土創(chuang)(chuang)新基金(jin)管理有限公(gong)(gong)司(si)的100%控股(gu)股(gu)東(dong)-深圳市創(chuang)(chuang)新投(tou)(tou)(tou)資集團(tuan)有限公(gong)(gong)司(si)是(shi)大型創(chuang)(chuang)業投(tou)(tou)(tou)資企業集團(tuan),該集團(tuan)以創(chuang)(chuang)業投(tou)(tou)(tou)資業務為(wei)支柱,以創(chuang)(chuang)業投(tou)(tou)(tou)資增值服務為(wei)延伸,走基金(jin)與基金(jin)管理之路。公(gong)(gong)司(si)是(shi)國內(nei)資本規模(mo)最(zui)大、投(tou)(tou)(tou)資能力(li)(li)最(zui)強、最(zui)具競爭(zheng)(zheng)力(li)(li)的內(nei)資創(chuang)(chuang)業投(tou)(tou)(tou)資公(gong)(gong)司(si),目前正努力(li)(li)成為(wei)具有國際競爭(zheng)(zheng)力(li)(li)的創(chuang)(chuang)業投(tou)(tou)(tou)資集團(tuan)。公(gong)(gong)司(si)多年來平均(jun)年投(tou)(tou)(tou)資回(hui)報率(IRR)為(wei)36%。

本次(ci)發(fa)(fa)行前(qian),公(gong)司(si)控股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東-深(shen)圳(zhen)市(shi)國(guo)資(zi)委(wei)直接(jie)持(chi)(chi)有(you)公(gong)司(si)36.35%股(gu)(gu)(gu)(gu)(gu)權(quan),本次(ci)發(fa)(fa)行實施后,公(gong)司(si)總股(gu)(gu)(gu)(gu)(gu)本將增至8.46億股(gu)(gu)(gu)(gu)(gu)。其中(zhong),深(shen)圳(zhen)市(shi)國(guo)資(zi)委(wei)持(chi)(chi)股(gu)(gu)(gu)(gu)(gu)2.01億股(gu)(gu)(gu)(gu)(gu),持(chi)(chi)股(gu)(gu)(gu)(gu)(gu)比(bi)例約23.73%,仍為公(gong)司(si)第(di)一大股(gu)(gu)(gu)(gu)(gu)東;遠致(zhi)投(tou)資(zi)認購(gou)1.34億股(gu)(gu)(gu)(gu)(gu),持(chi)(chi)股(gu)(gu)(gu)(gu)(gu)比(bi)例為15.78%;同時深(shen)圳(zhen)市(shi)國(guo)資(zi)委(wei)持(chi)(chi)有(you)遠致(zhi)投(tou)資(zi)100%股(gu)(gu)(gu)(gu)(gu)權(quan),因此(ci),深(shen)圳(zhen)市(shi)國(guo)資(zi)委(wei)實際控制公(gong)司(si)的(de)股(gu)(gu)(gu)(gu)(gu)權(quan)為39.51%(不考慮(lv)遠致(zhi)投(tou)資(zi)還通過參(can)股(gu)(gu)(gu)(gu)(gu)17.76%的(de)高新投(tou)間接(jie)參(can)股(gu)(gu)(gu)(gu)(gu)上市(shi)公(gong)司(si)3.16%的(de)股(gu)(gu)(gu)(gu)(gu)份)。

本次定(ding)向(xiang)增(zeng)發融資(zi)22億元中的12億元投(tou)入(ru)天健(jian)科技大(da)廈項(xiang)目。本次定(ding)向(xiang)增(zeng)發融資(zi)中的12億元投(tou)入(ru)天健(jian)科技大(da)廈項(xiang)目,建設(she)周期(qi)為4年,預計投(tou)入(ru)使用時間(jian)為2018年至(zhi)2044年,項(xiang)目運營期(qi)間(jian),預計項(xiang)目年平(ping)均(jun)收(shou)入(ru)3.94億元,預計年平(ping)均(jun)稅后(hou)利潤(run)總額2.32億元,財務內部(bu)收(shou)益率(稅后(hou))為12.79%,靜態回收(shou)期(qi)為11.73年。

2014年12月(yue)9日,為補充(chong)營運資金,公司(si)于2014年12月(yue)8日在二級市場減持全(quan)資子公司(si)深圳(zhen)市市政工程總公司(si)持有(you)的(de)500萬(wan)(wan)股萊(lai)寶高(gao)科(ke)(證券代碼:002106)股份,成交(jiao)均價14.23元/股,占萊(lai)寶高(gao)科(ke)總股本的(de)0.71%,取得(de)(de)轉讓所(suo)得(de)(de)7117.38萬(wan)(wan)元,預計貢獻凈(jing)利潤約5221.19萬(wan)(wan)元。

公(gong)司(si)業績(ji)預測,首次(ci)給予“增持”評級。

根據公(gong)司項目進(jin)(jin)度(du),我(wo)們預計(ji)2014年公(gong)司將(jiang)有(you)陽光.天健(jian)城、天健(jian).時尚空間(jian)等項目陸續進(jin)(jin)入(ru)結算,即合(he)計(ji)結算面(mian)積(ji)約5.66萬(wan)平(ping),合(he)計(ji)結算收(shou)入(ru)12.81億(yi)元(yuan);2015年,我(wo)們預計(ji)將(jiang)有(you)更多(duo)項目進(jin)(jin)入(ru)結算,合(he)計(ji)結算面(mian)積(ji)7.43萬(wan)平(ping),合(he)計(ji)結算收(shou)入(ru)16.28億(yi)元(yuan)。同時,假(jia)設(she)每年租(zu)金水平(ping)上升(sheng)5%,則由此可知,2014-2015年公(gong)司租(zu)賃收(shou)入(ru)分別為1.87億(yi)元(yuan)和1.98億(yi)元(yuan)。

由此預測,2014-2015年(nian)公司(si)將分別實現凈利(li)潤4.18億元和5.05億元。考慮到目前(qian)(qian)定增尚未完成,按照發(fa)行前(qian)(qian)的總股本計算,則公司(si)2014-2015年(nian)EPS分別為0.76元和0.91元。

公(gong)(gong)司(si)是(shi)深圳國資委(wei)控股(gu)下的,主營(ying)建筑施工、房地(di)產開發(fa)和商(shang)業(ye)運營(ying)一體化(hua)的城市(shi)(shi)(shi)綜合運營(ying)商(shang)。其(qi)中(zhong)(zhong)建筑施工業(ye)務擁有(you)總承包特級資質;房地(di)產業(ye)務集中(zhong)(zhong)在深圳、長沙、南寧、廣州等地(di)。近期,公(gong)(gong)司(si)收(shou)購粵通(tong)公(gong)(gong)司(si)延伸(shen)市(shi)(shi)(shi)政產業(ye)鏈,借助達實(shi)(shi)智能(neng)(neng)提升智慧城市(shi)(shi)(shi)建設能(neng)(neng)力(li),定增(zeng)引入多家創(chuang)投企業(ye),實(shi)(shi)現(xian)管(guan)理層持股(gu)。目前,深圳國資委(wei)實(shi)(shi)際控制公(gong)(gong)司(si)36.35%,公(gong)(gong)司(si)有(you)望成為(wei)深圳國資委(wei)旗下的主要地(di)產上市(shi)(shi)(shi)整合平臺(tai)。我們預計公(gong)(gong)司(si)2014、2015年EPS分(fen)別是(shi)0.76和0.91元(yuan), 對應(ying)RNAV是(shi)19.19元(yuan)。截至1月(yue)26日,公(gong)(gong)司(si)收(shou)盤于16.98元(yuan),對應(ying)動態市(shi)(shi)(shi)盈率分(fen)別為(wei)22.34倍和18.66倍。考慮到公(gong)(gong)司(si)有(you)望受益于深圳國資改革,我們以RNAV,即給予19.19元(yuan)/股(gu)作(zuo)為(wei)目標價,首次給予“增(zeng)持”評(ping)級。

風險(xian)提示:行業面臨加息和政策調(diao)控兩大風險(xian)。