ZJHTC(SH:600895) KAIYUAN SECURITIES·2024-10-30 06:23Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [1][4]. Core Views - The company has experienced a decline in rental and sales income, with a significant drop in profits due to reduced investment income. Despite this, the company continues to enhance its industrial investment efforts [4][5]. - The forecast for the company's net profit attributable to shareholders for 2024-2026 is projected to be 1.125 billion, 1.334 billion, and 1.461 billion yuan, respectively, with corresponding EPS of 0.73, 0.86, and 0.94 yuan [4][8]. Summary by Relevant Sections Financial Performance - In the first three quarters, the company achieved revenue of 1.683 billion yuan, a year-on-year decrease of 3.7%. The net profit attributable to shareholders was 511 million yuan, down 33.1% year-on-year. In Q3 alone, revenue and net profit fell by 62.1% and 34.1%, respectively [5][6]. - The decline in net profit is attributed to a decrease in sales gross margin by 7.4 percentage points to 58.6%, an increase in expense ratios by 5.5 percentage points, and a significant drop in investment income, which fell by 77% year-on-year [5][6]. Rental and Sales Income - The company's rental income for the first three quarters was 760 million yuan, a decrease of 1.3% year-on-year, while Q3 rental income saw a slight increase of 2.2% year-on-year. Sales revenue for the same period was 905 million yuan, down 5.3% year-on-year, with Q3 sales revenue at 179 million yuan, significantly lower than 933 million yuan in the same period of 2023 [6][7]. Investment and Financing - As of mid-2024, the cumulative industrial investment scale reached 9.441 billion yuan, an increase of 8.36% year-on-year. The company raised 4.6 billion yuan in the public market from January to September, including 1.8 billion yuan from corporate bonds and medium-term notes [7][8].