Jointown(SH:600998) ZHESHANG SECURITIES·2024-09-27 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The REITs issuance by the company is seen as a milestone event that will enhance capital turnover efficiency and drive a revaluation of the company's value [2] - The issuance is expected to significantly increase net profit attributable to the parent company, potentially boosting the return on equity (ROE) [2] - The company has a strong competitive advantage in the pharmaceutical logistics sector, with a stable income expectation due to the scarcity and stability of its assets [3] Financial Impact - The public REITs issuance is expected to bring in approximately 1.17 billion yuan in equity funds, with a profit increase of up to 700 million yuan after deducting issuance costs [2] - The company will incur an additional rental cost of about 80 million yuan per year, but the overall impact on costs is expected to be limited [2] - If the pre-REITs project is successfully launched within the year, it could generate a net profit of up to 1.1 billion yuan [2] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 161.8 billion yuan, 175.8 billion yuan, and 191.9 billion yuan, with growth rates of 7.78%, 8.65%, and 9.12% respectively [4][9] - Net profit attributable to the parent company is forecasted to be 2.39 billion yuan, 2.69 billion yuan, and 2.99 billion yuan for the same period, with year-on-year growth rates of 10.04%, 12.43%, and 11.49% respectively [4][9] Asset and Market Position - The company has a significant amount of warehouse assets, with over 330,000 square meters eligible for REITs issuance, supporting a potential fundraising scale exceeding 28 billion yuan over the next decade [3] - The first batch of public REITs will cover a warehouse area of 172,000 square meters, while the pre-REITs will cover 240,000 square meters [3] Conclusion - The REITs model is viewed as a sustainable and innovative financing method for the company, enhancing its operational efficiency and financial stability [3]