Events. According to the official website of the Shanghai Municipal people's Government, the "opinions on the pilot Land Management of the Plan for promoting Scientific and technological Innovation and Industrial Integration of Zhangjiang Science City" (hereinafter referred to as "pilot opinions") was issued on September 5, 2023. The specific contents include:
1) create the type of industrial comprehensive land (M0). That is, "for projects whose leading function is industry or R & D, allow mixed configuration of industry, R & D, warehousing, public services and other functions." We believe that by supporting the functional compound of industrial land, we can promote the effective connection between the requirements of planning land management and the elastic demand of industrial space, so as to provide effective space guarantee for the high-quality development of industry.
2) the conversion path of innovative stock industrial land use. That is to say, according to the actual needs of different production stages, the stock industrial land is allowed to convert the R & D function and physical manufacturing in the same plot or the same building according to the requirements of industry, environmental protection, safety and so on. We believe that this innovative measure provides a space guarantee for the development of industry-university-research integration, is conducive to the rapid transformation of scientific and technological achievements, stimulate the vitality of enterprise innovation, and improve the efficiency of land output.
3) to establish the method of setting up industrial supporting facilities as a whole. That is, "after the determination of the relevant departments, the adjacent industrial land of the same subject can balance production and life as a whole, centralize the construction of supporting facilities according to demand, and the relevant requirements can be agreed upon in the land transfer contract." We believe that this measure has important practical significance to enhance the integration of production and city in Science City, promote the balance of work and living in Zhangjiang Science City, and enhance the sense of belonging of scientific and creative talents.
4) to establish a working mechanism to support scientific and technological innovation and industrial integration and development. It defines the working mechanism of the planning land management pilot project in Zhangjiang Science City, including a more efficient planning optimization mechanism, a more decentralized implementation deepening mechanism, a more focused land supply mechanism, and a more standardized registration supervision mechanism. We believe that these mechanisms further strengthen the life cycle management and credit supervision of industrial comprehensive land use projects.
From the above point of view, the "pilot opinions" will increase the flexibility of land use in Zhangjiang Science City, help the rapid transformation of R & D achievements of enterprises in the park, and help strengthen the integration of Zhangjiang Science City, thus promoting the smooth development of rental and sale business and venture capital business of listed companies ploughing Zhangjiang Science City.
The reasonable value range is 21.28-25.08 yuan, maintaining the "better than the market" rating. We estimate that the EPS of the company from 2023 to 2024 is 0.76 yuan and 0.89 yuan respectively. Considering that the company is the important development main body of Zhangjiang Science City and the only listed company among the main operators of Zhangjiang Science City, the net profit of homing in the first half of 23 years maintained high growth, so the company was given a dynamic price-to-earnings ratio of 28-33 times in 2023, with a corresponding reasonable value range of 21.28-25.08 yuan and a dynamic PB of 2.56-3.01 times in 2023, maintaining a "better than the market" rating. 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.