Tianjin Songjiang, Jinbin Pearl

Tianjin Songjiang Co., Ltd. is a listed company of Tianjin State-owned assets Committee and directly belongs to Tianjin Binhai Investment Holdings Co., Ltd., with a shareholding ratio of 47.63%. In February 2009, the company backdoor ST Tianxiang (Huatong Tianxiang Group Co., Ltd.) and went public on October 28. Up to now, the company has total assets of 14.734 billion yuan and net assets of 2.306 billion yuan.

Based on real estate development, seek the stability of the main business

Tianjin Songjiang real estate business in 2009 backdoor listing, to third-tier cities as the starting point for the layout of the country, but did not achieve the desired results. The real estate business will continue to be an important pillar of the company for some time to come, but it also needs to seek new growth points to maintain a healthy and stable development.

Finance + war investment + health, new business, great development

With the help of the historic development opportunity of the reform of state-owned enterprises, Tianjin Songjiang actively explores the possibility of developing new business and industries while maintaining the steady development of its own real estate business. In the past 15 years, in addition to further increasing the capital of the financial leasing company, Tianjin Songjiang has also actively set up a financial investment fund to invest in Zhuolang Technology in the form of equity investment, the layout of smart cities and the field of cloud computing, and the establishment of a health care business department in the 15-year report, defining the company's future transformation plans in the three directions of financial services, smart cities and health care.

It is estimated that the EPS for 16 and 17 years will be 0.07 yuan and 0.11 yuan respectively, giving a "buy" rating for the first time.

As a state-owned platform real estate enterprise, the company actively promotes the refinancing plan, defines the direction of future development, and considers the future growth potential of Zhuolang technology and the accelerated repayment of real estate in the process of the sale of the company's projects. there is more room for growth imagination in terms of business layout transformation.

Risk hint

In the past 15 years, the company's real estate settlement has weak support for the main business, and there is uncertainty about the further transformation in the future.