Gelonhui June 14 丨 Open Source Securities Research Report on the 13th pointed out that Pudong Jinqiao (600639.SH) relies on the development of the Jinqiao Economic and Technological Development Zone, with the two major products of the Industrial Innovation Community and the Biyun International Community as the core, focusing on the three major sectors of “Urban Development and Sales+Operation Service+Industrial Investment”. Saleable real estate resources are sufficient, real estate rental income is rising steadily, rental rates have bucked the trend, location advantages and industrial agglomeration effects are remarkable. The company's net profit from 2023-2025 is estimated to be 1,784, 1,506 and 1,937 billion yuan, and the corresponding EPS is 1.59, 1.34, and 1.73 yuan. The current stock price corresponding to PE is 8.1, 9.6, and 7.5 times, covering the “buy” rating for the first time. It is worth mentioning that in January 2023, the company consortium was identified as the final implementing entity for two urban renewal projects in Hongkou District. The two projects are only one street away from the core area of the North Bund. The estimated value of goods is about 7 billion yuan, which will greatly increase the company's land reserves.