本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 查看完整报告 特别申明： 近期积极回馈股东，分红派息保持稳定： 公司近年来积极回馈股东，分红派息比例一直维持在较高水平。2022年-2024年的现金派息比例为50.0%、 47.6%、46.0%，三年平均现金派息比例约为47.9%。如按平均派息比例计算，当前股价对应2025年-2027 年预测业绩的股息率水平约2.2%-2.4%，具备较强吸引力。 事件： 公司发布2025年三季报及三季度主要经营数据 2025年前三季度，公司实现营业总收入38.0亿元，（调整后）同比下降7.9%；实现利润总额18.2亿元， （调整后）同比增长49.3%；实现归母净利润11.0亿元，（调整后）同比增长74.6%。 截至2025年9月30日，公司产业园在租总面积约278.8 ...

Core Insights - The company reported a total revenue of 3.8 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.9%, while the total profit reached 1.82 billion yuan, a year-on-year increase of 49.3%, and the net profit attributable to shareholders was 1.1 billion yuan, a year-on-year increase of 74.6% [1][4] Financial Performance - For the first three quarters of 2025, the company achieved a total profit of 1.82 billion yuan, reflecting a 49.3% increase year-on-year [4] - The net profit attributable to shareholders was 1.1 billion yuan, showing a 74.6% year-on-year growth [4] - The total rental income for the first three quarters was 2.22 billion yuan, with an annualized unit rent of approximately 88.5 yuan per square meter per month, which is a 13.3% increase compared to the same period in 2024 [4] Operational Highlights - As of September 30, 2025, the total leased area of the company's industrial park was approximately 2.788 million square meters [2] - The company has focused on integrated operations in industrial parks, emphasizing innovation and investment in key industries such as integrated circuits, biomedicine, and artificial intelligence [3] - The company has implemented a "fund + direct investment" strategy to enhance its investment in innovative technologies and has supported notable companies like ByteDance and SenseTime [3] Shareholder Returns - The company has maintained a stable dividend payout, with cash dividend ratios of 50.0%, 47.6%, and 46.0% for the years 2022 to 2024, averaging approximately 47.9% [4] - The current stock price corresponds to a dividend yield of about 3.4% to 3.7% for the forecasted earnings from 2025 to 2027, indicating strong attractiveness for investors [4] Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 1.3 billion, 1.35 billion, and 1.42 billion yuan, respectively, up from previous estimates [5] - The current stock price reflects a price-to-earnings ratio of 22, 21, and 20 times for the years 2025-2027, indicating a stable growth outlook [5]