ZJHTC(600895) 中国银河·2024-08-28 04:31Investment Rating - The report maintains a "Recommended" rating for the company Zhangjiang Hi-Tech (stock code: 600895) [3] Core Views - The company achieved significant revenue growth of 126.54% year-on-year, reaching 1.225 billion yuan in the first half of 2024, while the net profit attributable to shareholders decreased by 32.13% to 266 million yuan [1] - The decline in net profit is attributed to a decrease in gross margin, increased taxes and surcharges, a significant drop in investment income, and higher credit impairment losses [1] - The company has a stable growth in rental area, with a total rental area of 1.507 million square meters, an increase of 3.08% from Q1 2024 and 13.21% from the end of 2023 [1] - The company has a substantial investment scale, with a cumulative industrial investment of 9.441 billion yuan, reflecting an 8.36% year-on-year growth [2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.225 billion yuan, a 126.54% increase year-on-year, while net profit was 266 million yuan, down 32.13% [1] - The gross margin for H1 2024 was 60.10%, a decrease of 6.54 percentage points compared to the same period last year [1] - The company’s sales expense ratio, management expense ratio, and financial expense ratio were 1.3%, 3.51%, and 22.46%, respectively, all showing a decrease from the previous year [1] Real Estate Operations - The company generated real estate sales revenue of 726 million yuan in H1 2024, a significant increase from 23 million yuan in the same period last year [1] - Rental income for H1 2024 was 485 million yuan, a decrease of 3.24% year-on-year [1] - The average rental price in H1 2024 was 1.79 yuan per square meter per day, down 5.14% from Q1 2024 [1] Investment Activities - The company made equity investments totaling 307 million yuan in H1 2024, a decrease of 18.10% year-on-year [2] - The company has established a cumulative industrial investment scale of 9.441 billion yuan, with direct investment projects totaling 55, amounting to 4.077 billion yuan [2] - The company successfully issued 800 million yuan in medium-term notes in July 2024, with a coupon rate of 2.15% [2]