incident. The company published its 2022 annual report. During the reporting period, the company achieved operating income of 1,907 million yuan, a year-on-year decrease of 9.08%; net profit attributable to shareholders of listed companies was 822 million yuan, an increase of 11.02% over the previous year; and fully diluted earnings per share of 0.53 yuan.
In 2022, due to real estate sales revenue of 1052292 million yuan, a decrease of 12.62% from the previous year, and rental income of 832.2733 million yuan, a decrease of 4.84% from the previous year, the company's revenue fell 9.08% year-on-year; however, due to financial assets (listed stocks) held at fair value and whose changes were included in current profit and loss, the company's net profit increased 11.02% year-on-year.
In terms of industrial carrier construction, the company continues to accelerate the pace of industrial carrier construction in Zhangjiang's urban sub-center, characteristic industrial parks, the Golden Central Development Belt, and urban renewal in northwest Zhangjiang. There are 13 projects under construction in 2022, with a total construction area of 1,968 million square meters, and 5 new projects started during the year, with a total construction area of 1 million square meters.
In “Direct Investment+Fund+Incubation”, as of the end of December 2022, the company's cumulative industrial investment had reached 8.115 billion yuan. Among them, there are 52 direct investment projects, with an investment amount of 2,070 million yuan; 24 sub-funds participating in the investment pledged 6.045 billion yuan, leveraging a capital scale of 54.914 billion yuan. The market performance of the invested projects is outstanding. Weijie Chuangxin, Inji Chip, Saiwei Microelectronics, Yuncong Technology, Yifang Biotech, and Lianying Medical are all listed on the Science and Technology Innovation Board. In 2022, 895 incubators have an operating area of 80,000 square meters and nurtured 250 incubated enterprises. A number of local startups have emerged, such as Smart Driving Technology, Fourier Intelligence, Titanium Robot, Daguan Data, Kunyun Technology, Senyi Intelligence, Yutaiwei, Qingxin Technology, and Xinpu Technology. The 895 Startup Camp and Zhiji Auto teamed up to create a special event for future cars (season 11), entered 26 projects, and launched the recruitment and selection of projects for the 895 Venture Camp (12th season) aerospace event.
According to the company's 2022 annual report, in 2023, the company will make every effort to promote carrier construction in four major regions, including Shanghai Integrated Park, Central Zhangjiang District, Northwest Zhangjiang District, and Zhoupu Material Innovation Park. A total of 18 projects are under construction, with a total construction area of 3 million square meters. Two new projects are planned, with a total construction area of about 230,000 square meters.
The reasonable value range is 21.28-25.08 yuan, maintaining the “superior market” rating. We expect the company's EPS for 2023-2024 to be 0.76 yuan and 0.89 yuan respectively. Considering that the company is a state-owned listed company directly under the Pudong New Area, the developer of Zhangjiang Science City, the core carrying area of the Shanghai Science and Technology Innovation Center, the builder of the industrial innovation ecosystem, and the organizer of industrial resources, its net profit continued to grow in 22. Therefore, the company was given a dynamic price-earnings ratio of 28-33 times in 2023. The corresponding reasonable value range was 21.28-25.08 yuan, and the corresponding dynamic PB of 2023 was 2.56-3.01 times, maintaining a “superior market” rating.
Risk warning. The company's leasing and sales business faces the risk of policy regulation, as well as the risk that venture capital business will not expand smoothly.