Gelonhui, May 5, 丨 Open Source Securities Research Report indicates that Zhang Jiang Hi-Tech (600895.SH) recently released its 2022 annual report and the first quarterly report of 2023. The company achieved net profit of 822 million yuan to its mother in 2022, an increase of 11.02% over the previous year. The company achieved net profit of 198 million yuan in 2023Q1, an increase of 186.85% over the previous year. The decline in the company's revenue was mainly due to the decline in real estate sales business during the period, and the sharp increase in net profit to the mother was due to a sharp rise in the fair value of financial assets held by the company measured at fair value and whose changes were included in current profit and loss. Affected by the carry-over cycle of the company's park sales business, the bank lowered the 2023-2024 sales business and added the 2025 profit forecast. The company's net profit for 2023-2025 is estimated to be 860, 946 and 1,098 million yuan (the original value for 2023-2024 was 1,186 million yuan and 1,433 million yuan), corresponding to the 2023-2025 EPS of 0.56, 0.61, 0.71 yuan, and the current stock price corresponding to PE is 27.3, 24.8, 21.4 times. Maintains the “buy” rating given the company's state-owned asset background and multiple advantages that contribute to revenue growth.