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天业股份(600807)调研简报:地产、矿业、金融三业联动 “产业+资本”双引擎助推公司发展

Tianye stock (600807) research report: real estate, mining, financial industry linkage "industry + capital" twin engines to promote the development of the company

華創證券 ·  Jul 20, 2016 00:00  · Researches

Main viewpoints

1. The three industries are linked with industry and finance, and the transformation and upgrading continue to be promoted.

Since its establishment in 1992, the company has been engaged in real estate development business in Shandong Province for a long time. Since it was incorporated into the overseas mining assets of major shareholders in 14 years, it has officially embarked on the road of rapid development of transformation. In the past 15 years, we have been involved in the financial field, with the help of M & A funds to acquire Tianye small loans and Boshen leases one after another, and recently increased capital and leases, formally building a coordinated linkage system among the company's real estate, mining and financial industries, and speeding up the implementation of the combination of industry and finance. build "industry + capital" twin engines, and through "Internet +" to enhance the company's financial, real estate, mining and other comprehensive service capabilities, forming a strategic layout with sustainable development capabilities.

two。 The real estate business is connected vertically and horizontally, making active efforts to lay out the first-tier cities.

Real estate companies speed up national expansion, focusing on and layout of first-tier cities and regional central cities.

Through the establishment of Shenzhen Tianying Henderson, cooperation with Cinda to subscribe for real estate M & A fund and other ways to strengthen land expansion, the company has quickly obtained high-quality real estate projects and land reserves, and has successfully entered Shenzhen in the way of cooperative development. the strategic pace of the company's layout of first-tier cities is advancing steadily.

At present, the company's main projects are Jinan Tianye Longao Tianjie Project, Yantai Shengshi Jingyuan Project and Zhangqiu Shengshi International Project, which entered the scale settlement in 2016, which is expected to bring considerable performance growth to the company.

3. The rebound in gold prices has boosted the company's performance and strengthened the mining industry's overseas strategy.

The recent international economic and political situation is complex and unknown, and gold is active. The company holds 1.67 million ounces of gold and metal in the Mingal mining area in Australia, has rich mining experience, and actively promotes the optimization of operating costs, improves the production efficiency of mining and separation, increases exploration efforts, and constantly increases resource reserves. In addition, the company strengthens its cooperation with world-famous gold mining companies to acquire high-quality gold projects through mergers and acquisitions to increase resource reserves and constantly improve profitability. The company's 90 per cent equity in mining rights is committed to 171.412 million and 134.13 million yuan respectively in 2016-2017, and it is expected that the performance commitment will be fulfilled this year.

4. The financial territory expands rapidly to meet its own needs and at the same time actively expand its business scope.

The company rapidly expands its capital scale by acquiring Tianye small loan, Boshen leasing equity and increasing its capital. In addition to relying on the upstream and downstream suppliers and customer resources of the company and group industry to serve the needs of its own industrial chain, Tianye small loan also provides financial credit services for "agriculture, rural areas and farmers" and small and medium-sized enterprises. Boshen Leasing provides financial leasing services for large national enterprises in telecommunications, nuclear power, oil, energy, mining and other industries, and will actively expand its business scope and become bigger and stronger in the future.

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