ZJHTC(SH:600895) Haitong Securities·2024-11-06 11:13Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company's revenue has been impacted by a decline in space carrier sales, while investment income has boosted net profit attributable to shareholders [4][5]. - For the first three quarters of 2024, the company achieved operating revenue of 1.683 billion yuan, a year-on-year decrease of 3.66%, with a significant drop of 62.08% in the third quarter [4][5]. - The net profit attributable to shareholders for the first three quarters was 511 million yuan, reflecting a year-on-year decline of 33.09% [4]. - The report projects the company's earnings per share (EPS) for 2024 and 2025 to be 0.76 yuan and 0.86 yuan, respectively, with a reasonable valuation range of 32.37-40.46 yuan based on the company's RNAV value [7]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit in the third quarter of 2024, primarily due to reduced sales from space carriers [5]. - The weighted average return on equity for the first three quarters was 4.03%, down 2.31 percentage points year-on-year [4]. - The company’s real estate business saw a sales revenue of 905 million yuan for the first nine months of 2024, a decrease of 5.29% year-on-year [6]. Market Comparison - The company’s stock performance has shown a relative increase compared to the market index, with absolute and relative growth rates of 32.4% and 35.6% over one month, respectively [3]. - The reasonable valuation range reflects the company's strategic position as a key developer in Zhangjiang Science City, responding to national strategic opportunities [7]. Future Projections - The report forecasts operating revenues of 2.370 billion yuan for 2024, with a year-on-year growth of 6.2% [8]. - The projected net profit for 2024 is 1.182 billion yuan, indicating a growth rate of 24.7% compared to 2023 [8].