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Zhangjiang Hi-Tech (600895): Operation and investment linkage to create a new pattern of the park

Zhangjiang Hi-Tech (600895): Operation and investment linkage to create a new pattern of the park

This report reads: The company is the main force in the development and construction of the Zhangjiang Science City. The scale of the industry in the developed region is already large. While obtaining stable rental income, industrial investment brings huge space for the company’s profit growth.

  Investment points: The first coverage is given a cautious overweight rating with a target price of 17
.

39 yuan, the company’s EPS is expected to be 0 in 2019, 2020 and 2021.

47 yuan, 0.

54 yuan, 0.

63 yuan.

The company is the main force for the development and construction of Zhangjiang Science City. In addition to the profits brought by the development of the traditional park, the industrial investment part also brings huge profit potential for the company. Therefore, the company can obtain an estimated level far higher than the industry average.The corresponding PE level in 2019 is 37x, corresponding to a target price of 17.

39 yuan.

  7
The company’s park operation business is gradually mature, providing stable rental income for the company.

The company’s rental income has continued to grow steadily, with rental income reaching 8 in 2018.

3 trillion, accounting for more than 70% of the overall operating income, and continues to show steady growth.

Along with the stable and mature business of the company’s park and emerging industries, the company’s rental income can continue to grow steadily.

  8.

Zhangjiang Science City has the endowment advantages of industrial development, and there is still huge room for development in the future, providing strong support for the development of the company’s business.

Zhangjiang Science City has established a “three big, three new” industrial structure with information technology, biomedicine, cultural creativity as the leading industry, artificial intelligence, aerospace, and low-carbon environmental protection as emerging 南京桑拿网 industries. It is an important resource for the company’s industrial investment.The large-scale industry growth also allows the company to smoothly change from the role of “builder” to the role of “platform construction and operator”, forming a new source of profit for the company.

  9.

Industrial investment has huge profit potential and has become a potential flashpoint for company performance.

The company’s investment income accounts for a large proportion, and it has resource advantages and professional advantages in industrial investment. At the same time, it participates in investment projects through direct investment, venture capital, and establishment of funds. While serving and supporting the incubation of enterprises in the park, it further shares the emergingThe dividend of industrial development is the potential 苏州桑拿网 performance burst of the company.

  10.

Risk reminder: contradiction between the variability of returns and uncertainty brought by industrial investment