ZJHTC(SH:600895) KAIYUAN SECURITIES·2025-03-31 05:43Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [5][15]. Core Views - The company reported a year-on-year increase in net profit attributable to shareholders, while operating revenue decreased. The focus on "investment + cultivation" continues to strengthen the company [5][6]. - The projected net profit for 2025-2027 is estimated at 1.33 billion, 1.46 billion, and 1.52 billion yuan, with corresponding EPS of 0.86, 0.94, and 0.98 yuan, respectively. The current stock price corresponds to P/E ratios of 29.1, 26.6, and 25.6 times [5][9]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.983 billion yuan, a decrease of 2.09% year-on-year. The total profit reached 1.275 billion yuan, down 2.80% year-on-year. However, the net profit attributable to shareholders was 982 million yuan, reflecting a growth of 3.64% year-on-year [6][9]. - The gross margin and net margin for the year were 56.77% and 50.14%, showing a year-on-year change of -1.27 percentage points and +3.71 percentage points, respectively [6][9]. - The company’s asset-liability ratio stood at 69.04%, with a current ratio of 1.39 and a quick ratio of 0.26 at the end of 2024 [6]. Business Segment Analysis - The rental income for 2024 was 1.049 billion yuan, a slight increase of 0.25% year-on-year, with a gross margin of 62.78%, up 10.61 percentage points. Conversely, the sales revenue from spatial carriers was 911 million yuan, down 4.70% year-on-year, with a gross margin of 49.06%, down 14.62 percentage points [7]. - The company had 20 ongoing projects with a total construction area of approximately 3.34 million square meters and initiated 2 new projects with a total area of 340,000 square meters [7]. Investment Activities - As of the end of 2024, the company’s direct investment fund had accumulated over 9.5 billion yuan, with 56 direct investment projects totaling 4.077 billion yuan. The company participated in 30 investment funds with a total commitment of 5.464 billion yuan, leveraging a total funding scale of 58.896 billion yuan [8]. - Investment directions include integrated circuits (28%), biomedicine and medical devices (20%), new energy vehicles (35%), new generation information technology (8%), and intelligent manufacturing (8%) [8].