What are the concept leaders of Shanghai Free Trade Zone? Overview of the concept leader of Shanghai Free Trade Zone

Shanghai Sanmao (6689)

Zhangjiang Hi-Tech: Accelerate the transformation of technology investment banks and build innovative service platforms

Category: Company Research Institute: Northeast Securities Co., Ltd. Researcher: Gao Jian Date: 217-9-8

Event: In the first half of 217, the company realized operating income of 496 million yuan, a year-on-year decrease of 596 million yuan. The net profit of returning to the mother was 31 million yuan, a year-on-year increase of 6.82%; EPS.2 yuan, with a weighted average return on equity of 3.7%.

revenue decreased significantly and net profit increased slightly. After the subsidiaries within the original merger scope of the company sold part of their shares at the end of last period, they were no longer included in the merger scope in this period, resulting in a year-on-year decrease of 211 million yuan in the company's operating income; The company's real estate sales revenue decreased by 52 million yuan year-on-year, down by 84.22% compared with the same period of last year, and the gross profit of real estate business decreased by 287 million yuan. The company changed from a traditional industrial real estate developer to a time partner of a high-tech enterprise, and increased the protection of the property held in the park, thus reducing the sales of real estate. At the end of June 217, the company's manageable real estate area was 1,196,2 square meters, a year-on-year increase of 39%; The company's real estate business earned a total rental income of 32 million yuan, a year-on-year increase of 13.23%. The company's investment income in the first half of the year was 32 million yuan, an increase of 111.55% compared with the same period of last year. The rapid increase of investment income led to a slight increase in the company's net profit returned to its mother. The transformation of the company's technology investment bank has achieved results, and equity investment has gradually entered the harvest period.

accelerate the transformation of technology investment banks and become professional fund managers. In the first half of 217, the company highlighted the role of "landlord+shareholder" and "shareholder-led landlord" and accelerated the renovation project of the overseas expert building. After completion, it will provide 362 fully intelligent management apartments for the park; The Company's 895 Venture Camp has about 1,1 sea election projects, 162 inbound projects, 68 venture capital projects and 38 credit projects, with a total project valuation of 1 billion yuan, providing high-quality project reserves for the company's investment. The company participated in the establishment of the Shanghai Science and Technology Innovation Equity Investment Fund with a total scale of 3 billion yuan to serve the development of national strategic emerging industries. The first phase of the company has invested 5 million yuan. The company and Shenzhen Xinghe Holdings jointly established Zhangjiang Xinghe Fund, with an initial fundraising scale of 1 million yuan, which is managed by its subsidiary Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd. The company realized the leap from investment fund participant to investment fund manager, and built a complete PE investment chain.

get rid of a single financing channel and move towards diversification. The company explores the innovation of financing products. At present, the double-creation special debt financing tool of 2 billion yuan has been accepted and registered by the association. This financing tool can break through the restrictions on the use of funds raised by traditional financing tools, and part of the funds can be used to invest in scientific and innovative enterprises in the park in the form of equity investment or entrusted loans, which provides sufficient financial support for the company's transformation. The financing channels of the company are diversified from single bank financing, and the use of funds is more flexible.

for the first coverage, give an "overweight" rating. It is estimated that the EPS in 217, 218 and 222 will be .58 yuan, .67 yuan and .82 yuan respectively. The current share price corresponds to 29.97 times, 25.95 times and 21.14 times of PE in 217, 218 and 222 respectively.

risk warning: the return on investment is less than expected; Monetary policy tightened.

Pudong Jinqiao: Deeply cultivate the leasing market, and the real estate project will enter the carry-over period next year

Category: Company Research Institute: Lianxun Securities Co., Ltd. Researcher: Xu Xiaolei Date: November 27, 217

Shanghai Jinqiao Export Processing Zone Development Co., Ltd. was established by Shanghai Jinqiao (Group) Co., Ltd. and Shanghai International Trust and Investment Co., Ltd. on May 19, 1992. The company is mainly engaged in the development, operation and management of Jinqiao Economic and Technological Development Zone, including industrial, office, scientific research, residential and commercial supporting investment and construction, and provides follow-up rental, sale, management and value-added services.

in the third quarterly report, the total operating income was 1.143 billion yuan, up 4.9% year-on-year; The net profit of returning to the mother was 547 million yuan, a year-on-year increase of 15.65%; Combined with the data analysis of the semi-annual report, the steady growth of leasing business ensures the stability of total operating income and net profit attributable to the mother. On the whole, the company's total operating income and net profit attributable to the mother have gradually stabilized last year after falling in 214 and 215 respectively, and the net profit attributable to the mother has increased significantly in 216.

The average and median P/E ratios of Pudong Jinqiao in the three-year cycle were 42.16X and 39.7X, respectively. On November 23rd, the PE(TTM) of Pudong Jinqiao was 28.31X, which was much lower than the average and median and close to the minimum of 26.72X in the three-year cycle.

The company mainly develops Jinqiao Development Zone, and its leaseholders should be located in the Development Zone. In the semi-annual report of 217, the rental rates were 96.75% for houses, 75.92% for factories and warehouses, 73.3% for office buildings, 82.18% for R&D buildings, 81.7% for businesses and 75.63% for hotels. The semi-annual report of 217 showed that the rental income was 631 million yuan. The sales area of real estate and commercial housing under construction of the company is 25, square meters, and it holds five land areas to be developed, accounting for 2, square meters, mainly located in Jinqiao area of Shanghai, which can provide stable support for the company's subsequent performance.

We believe that the free trade port has been greatly upgraded from the national strategic level compared with the free trade zone, and Shanghai Free Trade Port is the first region to submit the plan. Its political, construction and development level is of great significance, which can serve as a copy for other ports, and it has a unique geographical advantage, which plays a role in connecting the Yangtze River Economic Belt and undertaking the Belt and Road transfer station. The company has deeply cultivated Jinqiao area, and its existing leasing business income is stable. In Jinqiao area, there are 2.9 million square meters of commercial, office and industrial properties that have been built for leasing business, 1.23 million square meters of commercial, office and industrial properties that are under construction for leasing business, 25, square meters of real estate commercial housing sales area and 2, square meters of real estate land reserve. It will directly benefit from the development of the free trade port and enjoy the policy dividend. With the gradual recovery of the domestic and foreign economies, the market business will also be improved, the utilization rate and rent will increase, and we will continue to be optimistic about the stability of the company's leasing business.

(1) Real estate leasing business and hotel apartment service business maintained steady growth;

(2) For real estate sales projects, we expect that the Biyun 1 project (Phase I and Phase II) will be carried forward at the end of 218, and Biyun 1 (other phases) will be carried forward in 222. We predict that the company's real estate business income in 17/18/19 will be 116 million yuan, 1.61 billion yuan and 2.1 billion yuan respectively.

we estimate that the company's operating income will be 1.565 billion yuan, 3.148 billion yuan and 3.717 billion yuan in 17/18/19. The net profit of returning to the mother was 622,833,959 million yuan; EPS is .55, .74 and .85 yuan.

relative valuation method: the company belongs to the park development company under Shenwan industry classification, and we select real estate enterprises with similar business as comparable companies. Compared with the average of comparable companies, the company's 217E/218E/222E discounts were 16.77%, 23.89% and 2.38% respectively.

after comprehensive consideration, we give the company a target price of 19.1-19.5 yuan. For the first coverage, give an "overweight" rating.

Shanghai Airport: the first quarter started well

Category: Company Research Institute: Huili Securities (Hong Kong) Co., Ltd. Researcher: Huili Securities (Hong Kong) Research Institute Date: June 11, 218

Investment suggestion.

Based on the strong revenue growth expectation of non-aviation business, it indicates that the company is starting a new round of steady growth cycle: we raise EBITDA per share of the company in 218, and at the same time introduce the forecast value for 222, and raise the target price to RMB 63 yuan, corresponding to the valuation multiple of 18.3/16.6, respectively, and maintain the "overweight" rating. (Current price as of June 7th) The performance maintained rapid growth.

The operating income of Shanghai Airport in 217 was 8.6 billion yuan, up by 15.9%; The net profit of returning to the mother was 3.68 billion yuan, up by 31.3%, and the basic earnings per share was 1.91 yuan, which basically met our expectations and was slightly higher by about 3%. The dividend per share is .58, and the dividend payout ratio is 3%. The weighted return on equity increased by 2.6 percentage points to 15.5%.

The financial report for the first quarter of 218 shows that the growth momentum of the company's performance has not diminished. In Q1 of 218, the operating income reached 2.281 billion yuan, up by 2.35% year-on-year; Realized a net profit of 1.18 billion yuan, up 28.62% year-on-year; The basic earnings per share is .53 yuan.

the gross profit margin is soaring, and the profitability is in the fast lane of growth.

217:

In 217, the traffic volume of Shanghai Airport was controlled, and the aviation business volume only recorded a low single-digit increase (take-off and landing sorties +3.5%, passenger throughput +6%), and the aviation business revenue only increased by 6% year-on-year to 3.724 billion yuan. Despite the restrictions on aviation business, the company's non-aviation business recorded rapid growth, and its non-aviation business income increased by 26% year-on-year to 4.34 billion yuan, of which commercial leasing income increased by 43% year-on-year.

on the other hand, the operating cost remained stable, with an increase of only 6.1%, so the gross profit margin in 217 increased by 4.7 percentage points year-on-year to 49.82%. In addition, thanks to the ideal performance of its subsidiaries (oil companies and advertising companies), the investment income increased by 34% year-on-year to 975 million yuan.

218:

In 218, the air traffic of Shanghai Airport continued to be under pressure, with +2.7% of take-off and landing sorties and +5.5% of passenger traffic. It is estimated that the air revenue will remain low. However, international routes continued to record a higher growth rate than the whole, and the route structure was further optimized.

due to the re-tendering of some commercial contracts and other reasons, the revenue of non-aviation business continued to maintain high growth, and the increase of airport charges and other factors drove the overall revenue growth rate to a new high in the past eight years, rising by more than 2% year-on-year. The improvement of route structure and revenue structure boosted the gross profit margin in the first quarter by 5.3 percentage points year-on-year to 5.68%, a record high in nine years.

According to the financial report, in the first quarter of 218, the three expense ratios decreased by 1.2 percentage points: sales expenses decreased by 93% year-on-year due to the year-on-year decrease in operating costs of subsidiaries and the change in expense accounting caliber; Financial expenses decreased by 155% year-on-year, mainly due to the maturity of corporate bonds and no bond interest expense in this period. The final net profit margin increased by 2.7 percentage points to 46.4%.

Lujiazui: inventory is being revitalized

Category: Company Research Institute: CITIC Jiantou Securities Co., Ltd. Researcher: Chen Shen, Liu Lu Date: June 1, 218

Lujiazui released its first quarterly report for 18 years, achieving revenue of 1.296 billion yuan, down 49.1% year-on-year; The net profit attributable to the parent company was 686 million yuan, a year-on-year increase of 52.3%; EPS.2 yuan.

inventory revitalization promotes performance growth

during the reporting period, the company's operating income decreased, mainly because the company's real estate settlement was in the blank window period, and almost all operating income was contributed by leasing business. Despite the sharp decline in revenue, the overall performance increased by 53%, which mainly came from investment income: in February, the company transferred 5% equity of Qianxiu Industry for 1.349 billion yuan, which brought 56 million net profit to the company during the reporting period, greatly improving its performance. We expect that this strategy will continue in the short term. Before Suzhou and Qiantan projects gradually enter the sales settlement, the company's abundant stock resources can still support the company's performance.

real estate development has entered an empty window period, accelerating the progress of new projects entering the market

At present, the company's residential real estate development and sales have also entered a stagnant stage. In the first quarter, the company's residential sales were only 26 million yuan, mainly from Shanghai's existing residential buildings. At present, the company is accelerating project development. 18 years ago, the first phase of the beach house and the Suzhou project were sold, partially completed and the income was confirmed. With the completion of the company's overall "real estate+finance" platform, we believe that how to make full use of the financial control platform and the synergy between them to seek further growth will be the focus of the company's consideration in the future.

Lease grows steadily, contributing to continuous and stable cash flow

Holding property contributes to continuous and stable cash flow for the company. During the reporting period, the company realized cash inflow related to real estate leasing of 896 million yuan, up by 7.95% year-on-year. This is also the main attraction of the company in the future. Especially when Reits have broken the ice and real estate funds have stood on the cusp of development, the company is expected to win broader development opportunities in the future as a large number of property owners in the core area and has a complete financial platform.

There is spare capacity to invest in the peak wealth, paving the way for a new pattern

In the first quarter, the short-term debt repayment pressure and net debt ratio all declined. In May this year, it was approved to issue corporate bonds with a scale of 5 billion, which shows the financing advantage of the company as a local state-owned enterprise. The peak of project investment has passed, but with the current amount under construction, the annual project investment will still be above 3.5 billion in the next three years, so it is still necessary to further open financing channels in the future.

profit forecast and investment rating

it is estimated that the EPS of the company in 17-18 years will be .93 yuan and 1.12 yuan respectively, maintaining the "overweight" rating.