ZJHTC(SH:600895)2024-10-31 08:11Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a slight decline in revenue for the first three quarters of 2024, with total revenue of 1.683 billion yuan, down 3.66% year-on-year, and a net profit attributable to shareholders of 511 million yuan, down 33.09% year-on-year [1] - The decrease in revenue is primarily attributed to a decline in sales revenue from the real estate business, with a gross margin of 58.55%, down 7.39 percentage points from the same period last year [1] - The company has seen an increase in rental prices, with the average rental price for the first three quarters of 2024 at 1.87 yuan per square meter per day, up 4.47% from the first half of 2024 [1] - The company established a wholly-owned subsidiary, Shanghai Zhangjiang Suiyue Venture Capital Partnership, with a registered capital of 46.44 million yuan [1] - The company is positioned as a full lifecycle operation company focused on technology real estate, which is expected to support its development alongside investments in real estate [1] Financial Summary - For 2024, the company forecasts net profits of 965.44 million yuan, 973.18 million yuan, and 1.01719 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.62 yuan, 0.63 yuan, and 0.66 yuan [4] - The projected PE ratios for the same years are 43.20X, 42.86X, and 41.00X [4] - The company’s revenue is expected to grow at rates of 8.90%, 4.52%, and 2.78% for the years 2024, 2025, and 2026 respectively [4]