The 14th five-year Plan of Zhangjiang Science City will promote the great development of Zhangjiang. Zhangjiang Science City is the only operating body, and the company's business has developed steadily in recent years. According to the 14th five-year Plan for the Development of Zhangjiang Science City in Shanghai on July 16, 2021, the planned area of Zhangjiang Science City has been expanded from 95 square kilometers to about 220 square kilometers, forming a spatial layout of "two cores, multiple circles and multiple corridors". In the first three quarters of 2022, the company achieved a total revenue of 1.63 billion yuan and a net profit of 737 million yuan in the same period.
In the first half of 2022, the company's real estate sales income and rental income were 955 million yuan and 386 million yuan respectively, accounting for 71% and 29% respectively. In the first three quarters of 2022, the company achieved a net investment income of-859 million yuan.
Make every effort to promote the construction of the carrier of Science City, and the company's leasing business will be accelerated in the future. At present, the company's real estate rental projects in operation totaled 121.1 million square meters, and the rental income totaled 841 million yuan in 2021.
By the end of 2021, the company still has a total construction surface of 2.228 million square meters for all kinds of construction and reserve projects. We believe that the rental property construction of the company is expected to rise rapidly in the next five years.
The company has taken the lead in realizing the transformation from "landlord" to "shareholder" and "industry + base + fund" business model. The company's "direct investment + fund investment" two-wheel drive is rich in resources for listing in the future. By the end of June 2022, the company's cumulative industrial investment has reached 8.015 billion yuan. Among them, there are 50 direct investment projects with an investment amount of 1.97 billion yuan, and 24 sub-funds participating in the investment have subscribed 6.045 billion yuan, leveraging a capital scale of 54.16 billion yuan. In the first half of the year, the company has set up a total of 11 projects and added 31 new reserve projects. Only Jettronic, Yingjixin, Sai Microelectronics and Yuncong Technology are all listed in Science and Technology Innovation Board. By the end of the first half of 2022, the company's various types of investment totaled 13.12 billion yuan.
The company is working hard to make Zhangjiang Hi-Tech grow from an "industrial park development and operation enterprise" to "the organizer of industrial resources". With integrated circuit and artificial intelligence as the core, life and health, digital economy as the starting point, and quantum information and aerospace as the future layout direction, the company cultivates and owns the leading enterprises in the field of high-tech industry. The company strives to double the growth of industrial scale and leading enterprises at the end of the 14th five-year Plan, and create a new industrial cluster with a scale of hundreds of billions of dollars.
There is a lot of room for REITs development in the future. In 2021, the company issued REIT- Hua'an Zhangjiang Everbright Park REIT, with an issue size of 1.495 billion yuan, an issue price of 2.99 yuan, and a fund management fee of 0.55%.
We believe that this can invigorate the company's existing assets, reduce the debt ratio, and help the company to light asset management.
The reasonable value range is 15.0-18.0 yuan, which is rated as "better than the big city" for the first time. We estimate that the EPS of the company from 2022 to 2024 is 0.60,0.72 and 0.85 yuan respectively. Considering that the company is the important development main body of Zhangjiang Science City, the only listed company among the main operators of Zhangjiang Science City gives the company a dynamic price-to-earnings ratio of 25-30 times in 2022, with a reasonable value range of 15.0-18.0 yuan and a dynamic PB of 1.97-2.36 times in 2022, giving it a "better than big city" rating for the first time. Risk hint. The company's rental and sale business faces the risk of policy regulation and control, as well as the risk that venture capital business expansion is not smooth.