ZJHTC(SH:600895) Haitong Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][6]. Core Views - The company reported a revenue of 2.026 billion yuan in 2023, representing a year-on-year increase of 6.24%. The net profit attributable to shareholders was 948 million yuan, up 15.29% year-on-year, with a diluted earnings per share (EPS) of 0.61 yuan. A cash dividend of 1.9 yuan per 10 shares (tax included) is proposed for all shareholders [5][6]. - The company is in a large-scale, fast-paced development cycle with 19 major projects under development, including 2 completed, 16 ongoing, and 1 newly started. The total construction area is 3.24 million square meters, with a planned total investment of 50.4 billion yuan, and 6 billion yuan was invested in the year [5][6]. - The company employs a "direct investment + fund + incubation" strategy to aggregate market resources and promote industrial development. It has made direct investments in 52 projects totaling 3.86 billion yuan and completed fund subscriptions of 1.13 billion yuan in 2023 [5][6]. - The company is focused on the "Golden Central Ring Development Belt" and is advancing several key projects, including the Shanghai Integrated Circuit Design Industrial Park and urban renewal projects [5][6]. - The company aims to establish a full-channel REITs structure, leveraging its experience from the "Zhangjiang REIT" launch and expansion [5][6]. Financial Summary - The company’s revenue is projected to grow to 2.37 billion yuan in 2024, with a net profit of 1.182 billion yuan, reflecting a year-on-year growth of 24.7%. The EPS is expected to increase to 0.76 yuan [7][10]. - The gross margin is expected to improve to 61.7% in 2024, with a net profit margin of 49.9% [10][11]. - The company’s total assets are projected to reach 51.005 billion yuan by 2024, with a debt-to-asset ratio of 66.7% [11][10].