ZJHTC(SH:600895) KAIYUAN SECURITIES·2025-03-31 06:23Investment 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 attributable to shareholders for 2025-2027 is estimated at 1.33 billion, 1.46 billion, and 1.52 billion yuan, respectively, with corresponding EPS of 0.86, 0.94, and 0.98 yuan [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 2024 were 56.77% and 50.14%, respectively, with year-on-year changes of -1.27 percentage points and +3.71 percentage points [6][9]. 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. In contrast, 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][9]. - The company has 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 has exceeded 9.5 billion yuan, with 56 direct investment projects totaling 4.077 billion yuan and participation in 30 investment funds with a subscribed capital of 5.464 billion yuan, leveraging a total funding scale of 58.896 billion yuan [8]. - The investment focus includes integrated circuits (28%), biomedicine and medical devices (20%), new energy vehicles (35%), new generation information technology (8%), and intelligent manufacturing (8%) [8].