Shenzhen's state-owned enterprise reform mainly includes listed companies under Shenzhen's state-owned assets.

Growth ability refers to the capacity of a company to continuously increase its asset size, profitability, and market share as the market environment changes, reflecting its future development prospects.

This article is part of the enterprise value series focusing on [Growth Ability]. A total of 31 Shenzhen state-owned enterprise reform companies are selected as research samples, with revenue compound growth, non-deductible net profit compound growth, and operating net cash flow compound growth as evaluation indicators.

The data is based on historical information and does not represent future trends; it is provided for static analysis only and does not constitute investment advice.

Top 10 fastest-growing enterprises in Shenzhen's state-owned enterprise reform:

10. Tianjian Group

Industry Segment: Residential Development

Growth Ability: Revenue compound growth of 7.72%, non-deductible net profit compound growth of -13.76%, operating net cash flow compound growth is negative

Performance Forecast: Latest average forecast for net profit is RMB 865 million, with an average forecast growth rate of -42.96%

Main Product: Real estate sales are the primary source of profit, accounting for 71.43% of profits, with a gross margin of 47.67%

Company Highlights: Tianjian Group is a state-owned holding listed company in Shenzhen and a core enterprise under the Shenzhen Special Economic Zone Construction Engineering Group. Its main products include construction, real estate sales, property leasing, and shantytown renovation project management services, among other urban services.

9. Guosen Securities

Industry Segment: Securities

Growth Ability: Revenue compound growth of -14.73%, non-deductible net profit compound growth of -19.39%, operating net cash flow compound growth is negative

Performance Forecast: Latest average forecast for net profit is RMB 6.608 billion, with an average forecast growth rate of 2.81%

Main Product: Investment and trading businesses are the primary source of profit, accounting for 93.69% of profits, with a gross margin of 88.93%

Company Highlights: Guosen Securities' main businesses include securities brokerage, investment banking, proprietary trading, asset management, and capital intermediary services.

8. Shenzhen Expressway

Industry Segment: Highways

Growth Ability: Revenue compound growth of -7.61%, non-deductible net profit compound growth of -2.08%, operating net cash flow compound growth of 4.40%

Performance Forecast: Latest average forecast for net profit is RMB 2.091 billion, with an average forecast growth rate of -10.14%

Main Product: Toll fees are the primary source of profit, accounting for 85.22% of profits, with a gross margin of 50.46%

Company Highlights: Shenzhen Expressway is a state-owned holding enterprise in Shenzhen. Its main services include solid waste resource management, clean energy, highway operation and management services, and toll road operations.

7. Yantian Port

Industry Segment: Ports

Growth Ability: Revenue compound growth of 14.60%, non-deductible net profit compound growth of 11.28%, operating net cash flow compound growth of 20.70%

Performance Forecast: Latest average forecast for net profit is RMB 1.169 billion, with an average forecast growth rate of 5.47%

Main Product: Toll fees from highways are the primary source of profit, accounting for 53.68% of profits, with a gross margin of 63.72%

Company Highlights: Yantian Port was solely initiated by Shenzhen Port Group, a large state-owned enterprise in Shenzhen. Its main products or services include highway toll fees, port cargo handling and transportation, warehousing, and other services.

6. Shenzhen Gas

Industry Segment: Gas

Growth Ability: Revenue compound growth of 20.18%, non-deductible net profit compound growth of 1.16%, operating net cash flow compound growth of 37.91%

Performance Forecast: Latest average forecast for net profit and average forecast growth rate

Main Product: Pipelined gas is the primary source of profit, accounting for 43.57% of profits, with a gross margin of 12.42%

Company Highlights: Shenzhen Gas is a state-owned holding listed company with a dual focus on "gas + clean energy." Its main services include urban pipelined gas supply, liquefied petroleum gas wholesale, bottled liquefied petroleum gas retail, and gas investment business.

5. Weiguang Bio-Pharm

Industry Segment: Blood Products

Growth Ability: Revenue compound growth of 7.54%, non-deductible net profit compound growth of 3.00%, operating net cash flow compound growth of 26.94%

Performance Forecast: Latest average forecast for net profit is RMB 249 million, with an average forecast growth rate of 13.89%

Main Product: Human albumin is the primary source of profit, accounting for 33.74% of profits, with a gross margin of 37.33%

Company Highlights: Weiguang Bio-Pharm is a state-owned holding listed enterprise in Guangming District. Its products include 10 varieties and 22 specifications, such as human albumin and intravenous immunoglobulin.

4. Shenzhen Trustonic Technology Co., Ltd.

Industry Segment: Color TVs

Growth Ability: Revenue compound growth of -12.73%, non-deductible net profit compound growth of 329.20%, operating net cash flow compound growth of 5.68%

Performance Forecast: Latest average forecast for net profit is RMB 1.957 billion, with an average forecast growth rate of 23.19%

Main Product: Multimedia audiovisual products and operational services are the primary source of profit, accounting for 51.60% of profits, with a gross margin of 12.52%

Company Highlights: In the field of application lighting, Shenzhen Trustonic Technology Co., Ltd. deploys through its independent brand "Trustonic Lighting" and ODM division to promote the development of LED finished lighting equipment.

3. Tianyin Holding

Industry Segment: Professional Chains

Growth Ability: Revenue compound growth of 15.57%, non-deductible net profit compound growth of -70.17%, operating net cash flow compound growth is negative

Performance Forecast: Latest average forecast for net profit is RMB 180 million, with an average forecast growth rate of 114.57%

Main Product: Sales of communication products are the primary source of profit, accounting for 67.23% of profits, with a gross margin of 2.36%

Company Highlights: Tianyin Holding is a large group company integrating intelligent terminal sales services, mobile internet, and mobile resale businesses.

2. Shenzhen Airport

Industry Segment: Airports

Growth Ability: Revenue compound growth of 12.24%, non-deductible net profit compound growth is negative, operating net cash flow compound growth of 7.83%

Performance Forecast: Latest average forecast for net profit is RMB 425 million, with an average forecast growth rate of 7.12%

Main Product: Aviation advertising is the primary source of profit, accounting for 84.35% of profits, with a gross margin of 99.70%

Company Highlights: Shenzhen Airport is the first modern international airport in China to achieve multimodal transportation by sea, land, and air, and it is one of the four major air cargo centers planned by the Civil Aviation Administration of China.

1. Shenzhen Urban Transport Planning & Design Institute Co., Ltd.

Industry Segment: Engineering Consulting Services

Growth Ability: Revenue compound growth of 10.65%, non-deductible net profit compound growth of -3.47%, operating net cash flow compound growth is negative

Performance Forecast: Latest average forecast for net profit is RMB 176 million, with an average forecast growth rate of 8.64%

Main Product: Big data software and smart transportation are the primary sources of profit, accounting for 55.01% of profits, with a gross margin of 28.84%

Company Highlights: Shenzhen Urban Transport Planning & Design Institute Co., Ltd. is the first state-owned holding enterprise in China to provide comprehensive urban transportation solutions. It offers holistic solutions for future integrated urban transportation systems, encompassing air, land, sea, and tunnel transportation.

Top 10 fastest-growing enterprises in Shenzhen's state-owned enterprise reform: Compound annual growth rates of revenue, non-deductible net profit, and operating net cash flow over the past three years: