List of Concept Leaders of Shanghai Free Trade Zone

What are the concept leaders of Shanghai Free Trade Zone? List of Concept Leaders of Shanghai Free Trade Zone

Shanghai Sanmao (600689)

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

Category: Company Research Institute: Northeast Securities Co., Ltd. Researcher: Gao Jian Date: 20 17-09-08

Event: In the first half of 20 17, the company realized operating income of 496 million yuan, down 57.89% year-on-year; The net profit of returning to the mother was 36,543,800 million yuan, a year-on-year increase of 6.82%; EPS0.2 yuan, with a weighted average return on equity of 3.70%.

Revenue dropped sharply 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 the previous period, they were no longer included in the merger scope in this period, resulting in a year-on-year decrease in the company's operating income of 2. 1 1 billion yuan; The company's real estate sales revenue decreased by 520 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 high-tech enterprises, and increased the protection of the properties held in the park, thus reducing the sales of real estate. 2065438+At the end of June 2007, the company's real estate area was 1 196200 square meters, up 39% year-on-year; The company's real estate business realized a total rental income of 320 million yuan, a year-on-year increase of 65,438+03.23%. The company's investment income in the first half of the year was 320 million yuan, an increase of11.55% compared with the same period of last year. The rapid growth of investment income has led to a slight increase in the company's net profit. 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 move towards professional fund managers. In the first half of 20 17, the company highlighted the role of "landlord+shareholder" and "shareholder drives landlord" and accelerated the renovation project of overseas expert building. After completion, it will provide 362 sets of fully intelligent management apartments for the park; There are about 1 100 sea election projects, 162 inbound projects, 68 venture capital projects and 38 credit projects in the company's 895 venture camp, with a total project valuation of 100 billion yuan, which provides 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 30 billion yuan to serve the development of national strategic emerging industries. The first phase of the company has invested 500 million yuan. The company and Shenzhen Xinghe Holdings jointly established Zhangjiang Xinghe Fund, with the initial fundraising scale of 654.38 billion yuan, which was managed by its subsidiary Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd., and the company achieved a leap from investment fund participants to investment fund managers and built a complete PE investment chain.

Get rid of a single financing channel and move towards diversification. The company explores financial product innovation. At present, 2 billion yuan of double-creation special debt financing instruments have 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 technological 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 company's financing channels are diversified by a single bank, and the use of funds is more flexible.

For the first coverage, give an "overweight" rating. It is estimated that the EPS of 20 17, 20 18 and 2022 will be 0.58 yuan, 0.67 yuan and 0.82 yuan respectively. At present, the stock price is 29.97 times, 25.95 times and 2 1. 14 times that of PE in 2022, respectively.

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

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

Category: Company Research Institute: Lianxun Securities Co., Ltd. Researcher: Date of Xu: 2017-11-27.

Shanghai Jinqiao Export Processing Zone Development Co., Ltd. was jointly funded by Shanghai Jinqiao (Group) Co., Ltd. and Shanghai International Trust and Investment Co., Ltd. and was incorporated in Shanghai on May 20 14/992. The company is mainly engaged in the development, operation and management of Jinqiao Economic and Technological Development Zone, including the investment and construction of industrial, office, scientific research, residential and commercial facilities, and provides subsequent rental, sale, management and value-added services.

In the third quarterly report, the total operating income was165438+43 million yuan, a year-on-year increase of 4.09%; The net profit of returning to the mother was 547 million yuan, a year-on-year increase of15.65%; 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 returned to the mother. On the whole, the company's total operating income and net profit attributable to the mother decreased in 20 14 and 20 15 respectively, and gradually stabilized last year, and the net profit attributable to the mother increased substantially in 20 16.

The average and median P/E ratios of Pudong Jinqiao in the three-year cycle are 42. 16X and 39.70X, respectively, and the PE(TTM) of Pudong Jinqiao1on October 23rd is 28.3 1X, which is far below 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 the lessor is located in the Development Zone. 20 17 semi-annual report shows that the occupancy rate of houses is 96.75%, that of factories and warehouses is 75.92%, that of office buildings is 73.30%, that of R&D building is 82. 18%, that of commerce is 8 1.07%, and that of hotels is 75.63%. The sales area of the company's real estate and commercial housing under construction is 250,000 square meters, and it holds 5 plots of land to be developed, with an area of 200,000 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 greatly improved 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 be copied and imitated by other ports. It has a unique geographical advantage and plays a role in connecting the Yangtze River Economic Belt and undertaking the Belt and Road transit station. The company has been deeply involved in Jinqiao area, and the income from the existing leasing business is stable. Jinqiao area has built 2.09 million square meters of commercial, office and industrial properties for leasing business, 6.5438+0.23 million square meters of commercial, office and industrial properties under construction for leasing business, with a sales area of 250,000 square meters and a real estate land reserve of 200,000 square meters. Will directly benefit from the development of a free trade port and enjoy the policy dividend. With the gradual economic recovery at home and abroad, the market business will also improve, 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 Biyun 10 project (Phase I and Phase II) will be carried over at the end of 20 18, and Biyun 10 (other periods) will be carried over in 2022. We predict that the real estate business income of the company 17/ 18/ 19 will be 65,438+1600 million yuan,1/0 billion yuan and 2/kloc-0 billion yuan respectively.

We predict that the company's operating income will be 17/ 18/ 19, 3 1.48, 371.70 million yuan; The net profit of returning to the mother was 622.833959 billion yuan; EPS is 0.55, 0.74 and 0.85 yuan.

Relative valuation method: the company belongs to the park development company under the classification of Shenwan industry, and we select real estate enterprises with similar business as comparable companies. Compared with the average level of comparable companies, the discount range of the company's 2017e/2018e/2022e is 16.77%, 23.89% and 20.38% 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: 2018-06-1.

Investment advice.

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 for 20 18 years, introduce the forecast value for 2022, and raise the target price to 63 yuan, corresponding to the valuation multiples 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 20 17 was 8.06 billion yuan, up by 15.9% year-on-year. The net profit of homecoming was 3.68 billion yuan, up by 365,438+0.3% year-on-year, and the basic earnings per share was 65,438+0.965,438+0 yuan, which basically met our expectations and was slightly higher by about 3%. The dividend per share is 0.58, and the dividend ratio is 30%. The weighted return on equity rose by 2.6 percentage points to 15.5%.

The financial report of the first quarter of 20 18 shows that the growth momentum of the company's performance has not diminished, with 20 18Q 1 and its operating income reaching 228 1 100 million yuan, a year-on-year increase of 20.35%. Realized a net profit of101800 million yuan, a year-on-year increase of 28.62%; The basic earnings per share is 0.53 yuan.

Gross profit margin soared and profitability was in the fast lane of growth.

20 17:

In 20 17, the traffic volume of Shanghai airport was controlled, and the aviation business volume only recorded a low single-digit growth (take-off and landing sorties +3.5%, passenger throughput +6%), and the aviation business income only increased by 6% year-on-year to 3.724 billion yuan. Despite the restrictions on aviation business, the company's non-aviation business still recorded rapid growth. The revenue from non-aviation business increased by 26% year-on-year to 4.34 billion yuan, of which the revenue from commercial leasing increased by 43% year-on-year.

On the other hand, the operating cost remained stable, only increasing by 6. 1%, and the gross profit margin in 20 17 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.

20 18:

In 20 18, the air traffic in Shanghai airport continued to be under pressure, with flights taking off and landing +2.7% and passenger throughput +5.5%. It is estimated that aviation revenue will remain low. However, the growth rate of international routes continued to be higher than the overall growth rate, and the route structure was further optimized.

Due to the re-tendering of some commercial contracts and other reasons, the income of non-aviation business continued to maintain high growth, and the increase in airport fees and other factors drove the overall income growth rate to a new high in the past eight years, with a year-on-year increase of more than 20%. The improvement of route structure and revenue structure promoted the gross profit margin in the first quarter to increase by 5.3 percentage points year-on-year to 50.68%, a record high in nine years.

The financial report shows that in the first quarter of 20 18, the three expense ratios decreased by 1.2 percentage points: due to the year-on-year decrease in operating costs of subsidiaries and the change in expense accounting caliber, the sales expenses decreased by 93% year-on-year; The financial expenses decreased by 155% compared with the same period of last year, mainly because the corporate bonds have expired and there is no bond interest expense in this period. The final net profit margin increased by 2.7 percentage points to 46.4%.

Lujiazui: When the stock is revitalized,

Category: Company Research Institute: CITIC Jiantou Securities Co., Ltd. Researcher: Chen Shen, Liu Lu Date: 20 18-06-0 1.

Lujiazui released the first quarterly report of 18, achieving revenue of12.96 million 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%; Epson 0.20 yuan.

Revitalize stock and promote performance growth

During the reporting period, the company's operating income declined, mainly because the company's real estate settlement was in the empty window period, and almost all operating income was contributed by leasing business. Despite the sharp decline in revenue, the overall performance increased by 53%, mainly due to investment income: in February, the company transferred 50% equity of Qianxiu Industry for 65.438+34.9 billion yuan, which brought 560 million net profit to the company during the reporting period, and its performance was greatly improved. We expect that this strategy will continue to be implemented 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, and the progress of new projects entering the market has accelerated.

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 existing residential buildings in Shanghai. At present, the company is accelerating project development. 18 years ago, Qiantan Residential Phase I and Suzhou Project were sold and 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 synergistic effect between them to seek further growth will be the focus of the company's future consideration.

Lease has grown steadily, bringing about continuous and stable cash flow.

Holding property contributes to the company's continuous and stable cash flow. During the reporting period, the company realized cash inflow related to real estate leasing of 896 million yuan, a year-on-year increase of 7.95%. 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, as a large number of property owners in the core area, has a complete financial platform and is expected to win broader development opportunities in the future.

The peak wealth of investment has surplus capacity, paving the way for the new model.

In the first quarter, the short-term debt repayment pressure and net debt ratio both 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 amount currently under construction, the annual project investment will still be more than 3.5 billion in the next three years, and financing channels need to be further opened in the future.

Profit forecast and investment rating

It is estimated that the EPS of the company 17 to 18 will be 0.93 yuan and 1. 12 yuan respectively, maintaining the "overweight" rating.