ZJHTC(SH:600895) KAIYUAN SECURITIES·2025-08-26 02:11Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [5][14]. Core Insights - The company has reported significant growth in revenue and profit, with a notable increase in investment income year-on-year [5][6]. - The projected net profit for the years 2025-2027 is estimated at 1.33 billion, 1.45 billion, and 1.51 billion CNY, respectively, with corresponding EPS of 0.86, 0.94, and 0.97 CNY [5][9]. - The current stock price corresponds to a PE ratio of 40.7, 37.2, and 35.9 for the years 2025, 2026, and 2027, respectively [5][9]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.704 billion CNY, a year-on-year increase of 39.05%, and a net profit attributable to the parent company of 369 million CNY, up 38.64% year-on-year [6][7]. - The gross margin and net margin for the first half of 2025 were 36.98% and 20.43%, respectively, showing a decrease in gross margin by 23.12% year-on-year [6][7]. - The company's investment income, including net gains from fair value changes, reached 326 million CNY, a staggering increase of 336.75% compared to the same period last year [7]. Business Structure - The sales revenue from spatial carrier business accounted for 1.129 billion CNY, while leasing income was 567 million CNY, indicating a significant increase in spatial carrier sales compared to the end of 2024 [7][8]. - The company has successfully completed the fundraising for its VC fund, further expanding its partnerships and support capabilities for invested enterprises [8]. Financial Projections - The financial summary indicates a projected operating revenue of 2.418 billion CNY for 2025, with a year-on-year growth of 21.9% [9][11]. - The estimated net profit for 2025 is projected at 1.332 billion CNY, reflecting a year-on-year increase of 35.6% [9][11]. - The company's financial ratios, including ROE and net profit margin, are expected to improve over the forecast period [9][11].