Electronics City (600658) Company In-depth Report: Future Growth of Industrial Park Technology Service Operation + National Reform Core Targets Expected

Electronics City (600658) Company In-depth Report: Future Growth of Industrial Park Technology Service Operation + National Reform Core Targets Expected

Backed by Beijing State-owned Assets Supervision and Administration Commission, Beijing area is rich in high-quality resources: The predecessor of Electronic City Group was Beijing Electronic City Co., Ltd. In 1994, the Beijing Municipal Government approved the “Beijing Electronic City Plan” and approved the establishment of Beijing Electronic City Co., Ltd.The main body of the implementation of the reconstruction task of the old industrial base in the city.

In 1999, with the approval of the Ministry of Science and Technology and the State Council, the old industrial base of the Electronic City was divided into Zhongguancun Science and Technology Park; in the same year, the Beijing Electronic City Science and Technology Park Management Committee was set up to work with the company.

In 2009, Electronic City and Zhaowei Technology carried out asset replacement and issued shares to purchase assets, successfully reorganized and listed, and “Electronic City Shares” as an industrial real estate 武汉夜生活网 operator faces the public.

  At present, the largest shareholder of Electronic City is Beijing Electronics Holdings Co., Ltd., which holds a total of 47.

61% of the shares.

  The main business park real estate has begun to actively expand in recent years: before 2013, the electronic city was at the stage of regional development, and the main park and commercial real estate projects were concentrated in the Beijing Jiuxianqiao area.

From 2013 to 2018, the company’s cross-regional development stage. At this stage, the company expanded to other regions in Shanxi, Tianjin, Xiamen, Kunming, and Nanjing through brand building, model replication, and technology industry clustering, and exported technological innovation to the national region.Park project.

  Active strategic transformation to technology services: The company 杭州夜网论坛 has continuously focused on the field of industrial real estate and has accumulated rich experience in industrial real estate development, construction, and operation management.

At the same time, with its own unique space resources, industrial resources, customer resources and other competitive advantages, in the “technological innovation gathering”, “smart city”, “technology city update” and other business sectors continue to grow in scale.

Thoroughly, based on technology space services, continue to explore and develop technology innovation services in areas such as technology incubation, technology finance, etc., and comprehensively promote the strategic transformation to “technology services”, further increasing the company’s major progress in the transformation of technology services, such asDating 5G and integrated circuit design industries, building industrial funds with China Life, and so on.

  Adequate reserves of projects under construction and proposed projects can effectively support future sales and income: as of the end of June 2019, the company’s total construction area of projects under construction totaled 245.

130,000 square meters, with a total construction area of 89.

900,000 square meters, with sufficient project reserves, which can effectively support the company’s sales and income carry forward in the future development stage.

  Equity incentives are sufficient to demonstrate confidence in profit growth: On April 10, 2019, the company released a stock budget incentive plan budget, and plans to grant stock returns to the incentive objects.

60,000 shares, accounting for 1.
.

0%, of which 1006 was awarded for the first time.

80,000 shares, accounting for 0 of the maximum share capital.

9%, accounting for 90% of the total incentive plan stock budget award.

0%; constant 111.

80,000 shares, accounting for 0 of the maximum share capital.

1%, accounting for 10.
.

0%.

A total of 92 incentive objects were awarded in the first phase, including: senior management personnel, core backbone and core business personnel, and exercise price 6.

78 yuan / share.

On June 15, 2019, the equity incentive plan was approved by the Beijing State-owned Assets Supervision and Administration Commission, and it is the first real estate enterprise under the Beijing State-owned Assets Supervision and Administration Commission to provide distribution incentives.

  The budget involved in the company’s proposed partnership fund and wholly-owned subsidiary’s sales of assets and related party transactions to the fund, approved by the shareholders meeting on November 21, 201940.

39 million asset pack sale, we expect the company 19?
The 21-year operating income was 24.

76, 46.

42 and 64.

4.9 billion, net profit attributable to mother 3.

64, 4.

76 and 6.

510,000 yuan, corresponding to PE 13.

5X / 10.

3 times / 7.
5 times.

Considering that 1) the company has many years of experience in park development and operation, 2) the asset layout and quality are good, 3) it is expected to be further replaced in the reform of state-owned enterprises in the future, 4) the allocation of incentives shows confidence and the level of replacement, we give a “recommended” level.

  Risk reminder: the formulation of policies and credit policies tightened faster than expected, the industry boom continued to decline, and the company’s expansion effect was less than expected

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