The Zhitong Finance app learned that Societe Generale Securities published a research report stating that it maintained the “increased holdings” rating of Shenzhen International (00152). Due to an increase in profit forecasts, the target price rose to HK$10, and the company is expected to maintain a 50% + dividend rate. The company is basically looking good, and at the same time, the burden of performance is gradually being cleared. The transformation and implementation of the South China Logistics Park project is expected to become an important growth point for performance in the next few years. It adheres to closed-loop management of investment and construction finance, and promotes project withdrawal and publication of REITs. Furthermore, the company is actively adjusting its debt structure. Foreign currency debt has been drastically reduced, exchange losses have been narrowed, the impact of Shenzhen Airlines has been reduced, and the impact of Shenzhen Airlines has been reduced to zero, and performance burdens have been gradually cleaned up.

According to the report, on November 1, the Longhua District of Shenzhen officially issued a land preparation plan notice for the South China Logistics Park to promote urban renewal for the project. It is expected that the project will pass, and land conversion will gradually release value through a two-stage approach of land conversion to achieve value-added land benefits and self-ownership regardless of development and sales. South China Logistics Park is located in the core area of Longhua District (Longhua Minzhi Street). The planned GFA of the project is 690,000 square meters, of which 580,000 square meters are residential, and the project has a total of 4 plots of land. It is expected that the value-added benefits of the first demolished plot of land will be realized starting next year. According to current market fair value estimates, the amount that can be released is expected to reach 2 billion yuan. The South China Logistics Park is expected to become an important incremental part of the company's performance growth in the next 5-8 years.

In addition, on December 8, the Shenzhen Stock Exchange officially accepted the Huaxia Shenzhen Warehousing and Logistics Closed Infrastructure Securities Investment Fund. The underlying assets include two projects in Hangzhou and Guiyang. The GFA has 350,000 square meters of property rights, a total valuation of 1,605 billion yuan, and plans to raise 1,624 billion yuan. The estimated distribution rate for 23 and 24 is 4.24% and 4.70%. The two projects are about to be spun off and listed, which is expected to be another contribution point to the 24-year results. In addition, the company carried out financial treatment of Shenzhen Airlines, and the equity in the statement returned to zero. 23H1 in the Shenzhen International Report, Shenzhen Airlines showed that it should account for joint venture profit, which has returned to zero. It is expected that in the short term, Shenzhen Airlines will no longer have a fluctuating impact on the company's performance.