ZJHTC(SH:600895)2024-07-14 03:30Investment Rating - The report gives a "Recommended" rating for Zhangjiang Hi-Tech (600895.SH) [1] Core Viewpoints - The company focuses on the development and operation of technology parks, providing a full lifecycle development model for technology enterprises, and has achieved stable revenue growth with significant contributions from its investment business [1][5] - In 2023, the company reported a revenue of 2.026 billion yuan and a net profit of 948 million yuan, with the real estate business contributing 2.002 billion yuan to the revenue [1][20] - The company has established a national-level high-tech park in Zhangjiang Science City, which covers an area of 220 square kilometers and houses over 24,000 enterprises [1][32] Summary by Sections Overview - Zhangjiang Hi-Tech, established in 1996, specializes in real estate park development and operation, as well as industrial investment, with total assets of 51.005 billion yuan as of the end of 2023 [5][20] - The company has transitioned into a technology real estate company over its 30 years of development, focusing on high-tech industries [6][7] Assets - The main asset is the Zhangjiang Science City, which is strategically located and well-connected to major transportation hubs [32][34] - The company has a total of 34 rental properties with a total area of 1.3312 million square meters, primarily consisting of R&D buildings, factories, and office buildings [42][44] Operations - The company operates through a dual model of park services and industrial investment, with a focus on attracting key enterprises to the park [52][53] - In 2023, the company attracted 47 key enterprises in the integrated circuit and artificial intelligence sectors [52] Financials - The company achieved a total revenue of 2.026 billion yuan in 2023, with a gross profit margin of 58.04% [20][30] - The investment business contributed 8.51 billion yuan to the total profit, accounting for 64.88% of the total profit [30][31] Investment Recommendations - The company is expected to maintain stable growth with a projected net profit of 1.108 billion yuan in 2024, corresponding to a PE ratio of 25.57 [1][2]