It has been two and a half years since the development of Binhai New area has been incorporated into the overall national strategy, and the high-tech industry has obtained a favorable development environment in Tianjin. Tianjin Haitai holding Group Co., Ltd., the major shareholder of the company, shoulders the important task of the development and construction of Tianjin New Technology Industrial Park.
In 2007, the company formulated the main business transformation strategy, actively devoted itself to the forefront of the development and construction of the new technology park, and began to transform to a professional real estate company that highlights the core status of industrial real estate.
The company has gradually formed its own characteristics in the development of industrial real estate, and has begun to take shape. For the industrial real estate business, maintaining a certain proportion of self-owned property is conducive to the long-term development of the company. The company has been conscious of gradually increasing the proportion of property holdings.
For the investment business, the company intends to intervene, but at present this business is not the main focus of the company.
According to the needs of the development of Binhai New area and the planning of Tianjin, the company needs to improve the current development speed. On the basis of the timely development of existing projects and the improvement of development capacity, it is expected that the group's industrial real estate located in the Binhai High-tech Zone will be gradually injected into listed companies.
The company's existing projects include Haitai Green Industry Base, Haitai Industry-University-Research Base, Haitai Innovation Base, Core area of National Software and Service Outsourcing Industry Base, Hongpan leading County Residential Project, Huading Real Estate, Jinbai Xinsha, etc.
According to the construction progress and sales status of each project of the company, regardless of the income brought by Huading Real Estate and Jinbai New Building, maintain the previous performance forecast for 2008, and raise the company's performance in 2009. The estimated earnings per share in 2008 and 2009 are 0.58 yuan and 0.92 yuan respectively.
Regardless of the injection of assets into Binhai High-tech Zone in the future, the company's existing assets are revalued at 4.67 billion yuan, with net assets per share revalued at 14.45 yuan.
At present, the stock price is lower than the company's revalued net assets, with a dynamic price-to-earnings ratio of 22.53 times in 2008 and 14.21 times in 2009, maintaining a "overweight" rating in the short term and upgrading its long-term rating to "buy".
Risk hints: the timing of asset injection by major shareholders is uncertain; the expansion of development scale puts forward higher requirements for the company; real estate regulation and control will have an impact on the profitability of residential projects.