Shanghai Pudong proposed to achieve a new era of high-quality development, high-tech enterprise Yunji Inc's Zhangjiang Park is expected to become the core engine. This year marks the 30th anniversary of the development and opening up of Pudong. In the 30 years since the development and opening up of Pudong in Shanghai in 1990, the regional GDP has increased from 6.02 billion yuan to 1.27 trillion yuan in 2019, an increase of more than 210 times. In order to achieve the new goal of doubling GDP by 2025, Pudong strives to create "China Core", "innovative drugs", "Blue Sky Dream", "Future cars", "Intelligent Building" and "Dataport" six hundred billion-level hard core industrial clusters, relying on advanced manufacturing and scientific and technological innovation will lead Pudong's future development. In the industrial cluster of Pudong, Zhang Jiang of Yunji Inc, a high-tech enterprise, is regarded as the core engine to drive the high-end industry and drive the high-quality development of Pudong.

Zhangjiang Park has become the center of Shanghai integrated circuit industry with great potential for development. China has made rapid economic development since the reform and opening up, but there is still the problem of unbalanced development. At present, it has faced the dual challenges of the decline in the proportion of working-age population and the continuous increase of aging. Referring to the historical experience of Silicon Valley in the United States, we can find that the center of scientific innovation plays a vital role in the industrial upgrading of the country. Under the dual effects of policy guidance and industrial chain agglomeration effect, Zhang Jiang has become the center of Shanghai integrated circuit industry. With complete supporting facilities, adequate financial support and strong support from the state, the region has the potential to become the next Silicon Valley.

Zhangjiang Hi-Tech complies with the transformation of venture capital in the wave of scientific and technological development, and investment income has gradually become the core of profits. Sitting on the dividend of the science and technology innovation center, the listed company Zhangjiang Hi-Tech has transformed from a park developer to a science and technology investment bank. The company holds unicorn companies including Shanghai Microelectronics, Huaqin Communications, Coolcore Microelectronics, Himalaya, Qiniu Limited (Qiniuyun), etc., involving medical robots, semiconductors, integrated circuits, lithography machines, cloud computing, Internet and other cutting-edge technology fields. The company's investment income shows steady growth, and exceeds the gross profit of the main business, becoming the core of the company's profits. The scale of long-term equity investment is maintained at about 3.3 billion yuan, showing the company's sound investment style.

Cover for the first time to give a buy rating. We predict that the EPS of the company from 2020 to 2022 will be 0.42 won 0.46 won 0.53 yuan.