Investment Rating - The investment rating for Hainan Huatie is "Buy" (maintained) [2] Core Views - The company reported a turning point in performance in Q1 2025, with expectations for revenue from computing power leasing to contribute positively to earnings [5] - The company achieved a revenue of 5.171 billion yuan in 2024, a year-on-year increase of 16.4%, while the net profit attributable to shareholders was 605 million yuan, a year-on-year decrease of 24.5% [5] - In Q1 2025, the company reported a revenue of 1.288 billion yuan, a year-on-year increase of 16.6%, and a net profit of 191 million yuan, a year-on-year increase of 21.7% [5] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 5.927 billion yuan, with a year-on-year growth rate of 14.6% [6] - The net profit forecast for 2025 is 1.096 billion yuan, with a year-on-year growth rate of 81.3% [6] - The company’s gross margin is expected to be 43.4% in 2025, with a return on equity (ROE) of 15.4% [6] - The company has a significant backlog of computing power service orders amounting to 6.67 billion yuan, which is expected to enhance future earnings [7] - The company’s financing costs are anticipated to decrease significantly due to its transformation into a state-owned enterprise, improving its credit rating to AA+ [7] Business Segment Analysis - The aerial work platform segment contributed 70% of revenue, with a revenue of 3.94 billion yuan in 2024, a year-on-year increase of 26.9% [7] - The computing power leasing segment generated 12.05 million yuan in revenue, accounting for 0.2% of the main business [7] - The company’s equipment management quantity reached 168,100 units by the end of 2024, a year-on-year increase of 38.8% [7]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie, with a target price not specified [7]. Core Views - The company has shown strong performance in Q1 2025, with revenue of 1.288 billion, a year-on-year increase of 16.58%, and a net profit of 191 million, up 21.72% year-on-year, driven by an increase in asset scale and a 4.18 percentage point rise in aerial work vehicle rental rates [1][2]. - The company is expected to face pressure in 2024 due to a decline in gross profit margins, with projected net profits of 605 million and 558 million for the year, down 24.49% and 14.68% respectively [1]. - The demand for computing power is expanding, and the computing power leasing business is anticipated to become a second growth curve for the company, with signed computing power orders reaching 2.475 billion in 2024 and 4.195 billion in Q1 2025 [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.288 billion, a 16.58% increase year-on-year, and a net profit of 191 million, up 21.72% year-on-year [1]. - For 2024, the company expects revenue of 5.171 billion, a 16.38% increase, but a decline in net profit to 605 million, down 24.49% [6]. - The gross profit margin for 2024 is projected to be 43.2%, a decrease of 3.34 percentage points year-on-year [4]. Market Position - The company has increased its market share, with revenue from aerial work platforms and construction support equipment reaching 3.94 billion and 1.13 billion respectively in 2024, with year-on-year growth of 26.94% and a decline of 13.66% [2]. - The rental rate for aerial vehicles in 2024 is expected to be 81.67%, a decrease of 3.64 percentage points year-on-year [2]. Growth Opportunities - The computing power leasing business is projected to become a significant growth driver, with a total of 6.67 billion in signed orders and 1.159 billion in delivered computing assets [3]. - The company is expanding its product offerings, including forklifts and heavy-duty drones, to enhance its market presence [2]. Cash Flow and Financial Health - The company reported a net operating cash inflow of 2.84 billion in 2024, an increase of 896 million year-on-year, indicating strong cash flow performance [4]. - The net profit margin for Q1 2025 was 15.34%, up 0.82 percentage points year-on-year, reflecting improved profitability [4].

Investment Rating - The investment rating for Hainan Huatie is "Buy" with a target price not specified [7] Core Views - The company has shown strong performance in Q1 2025 with a revenue of 1.288 billion, up 16.58% year-on-year, and a net profit of 191 million, up 21.72% year-on-year, driven by an increase in asset scale and a 4.18 percentage point rise in aerial work vehicle rental rates [1][2] - The company is expected to face pressure in 2025 due to overall downstream demand challenges, leading to a downward revision of profit forecasts for 2025, while the outlook for 2026 and 2027 has been raised due to sufficient orders in hand for computing power [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.17 billion, a year-on-year increase of 16.38%, but net profit decreased by 24.49% to 604.72 million due to pressure on gross margins [1][6] - The gross margin for 2024 was 43.2%, down 3.34 percentage points year-on-year, with Q1 2025 gross margin at 42.8%, down 0.27 percentage points year-on-year [4] - The company reported a net profit margin of 12.15% for 2024, down 6.76 percentage points year-on-year, while Q1 2025 net profit margin improved to 15.34%, up 0.82 percentage points year-on-year [4] Market Position and Growth - The company has been expanding its market share, with aerial work platforms and construction support equipment generating revenues of 3.94 billion and 1.13 billion respectively in 2024, with year-on-year growth of 26.94% and a decline of 13.66% [2] - The company’s fleet of engineering machinery reached 173,200 units by Q1 2025, an increase of 52,100 units from the end of 2023, capturing over 54% of the industry’s incremental growth [2] Computing Power Rental Business - The computing power business generated revenue of 12.005 million in 2024, with a gross margin of 61.4%, and the company signed computing power orders worth 2.475 billion in 2024, with Q1 2025 adding 4.195 billion in new orders [3] - The rapid development of the AI industry is expected to drive continuous expansion in computing power demand, positioning computing power rental as a potential second growth curve for the company [3] Cash Flow and Financial Health - The company reported an operating cash flow of 2.84 billion in 2024, an increase of 896 million year-on-year, indicating strong cash flow performance [4] - The company has an AA+ credit rating and plans to issue bonds worth 1 billion, with a registered amount of 2 billion for medium-term notes and short-term financing, which is expected to further reduce financial costs [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.12 RMB [8][9]. Core Views - The company reported a slight miss in its 2024 earnings expectations due to declining rental prices, but a strong performance in Q1 2025 indicates potential for revenue and profit growth driven by stabilizing rental prices and the ramp-up of intelligent computing leasing business [1][5]. - The company has successfully expanded its equipment management scale, with a notable increase in the number of managed devices, which supports revenue growth despite a decline in gross margins due to lower rental prices [2]. - The company has benefited from a reduction in management expense ratios due to the reversal of equity incentive expenses and has secured financing at historically low costs, aided by support from state-owned enterprises [3]. - The intelligent computing service orders are robust, with significant contracts signed, indicating that this segment could become a new growth driver for the company [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 5.17 billion RMB and a net profit of 604.72 million RMB, reflecting a year-on-year growth of 16.4% and a decline of 24.5% respectively [1]. - For Q1 2025, the company reported revenues of 1.29 billion RMB and a net profit of 190 million RMB, showing year-on-year increases of 16.6% and 21.7% respectively [1]. Equipment Management - The company’s high-altitude work platforms and construction support equipment generated revenues of 3.94 billion RMB and 1.13 billion RMB in 2024, with year-on-year growth rates of 26.9% and a decline of 13.7% respectively [2]. - The total management scale of various equipment reached 168,000 units by the end of 2024, representing a year-on-year increase of 38.8% [2]. Cost Management and Financing - The company’s expense ratio for 2024 was 27.8%, with a decrease in management expense ratio attributed to the reversal of equity incentive expenses [3]. - The company has been approved for a 1 billion RMB private bond issuance at a historically low interest rate of 2.66% [3]. Growth Potential - The intelligent computing business generated 10 million RMB in service revenue in 2024, with a gross margin of 61.4% [4]. - As of March 2025, the company had signed contracts worth 6.67 billion RMB in intelligent computing services, indicating strong future revenue potential [4]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 810.63 million RMB, 946 million RMB, and 1.11 billion RMB respectively, reflecting growth rates of 34.05%, 16.70%, and 17.55% [7][5].

浙江海控南科华铁数智科技股份有限公司 独立董事 2024 年度述职报告 （许诗浩） 本人作为浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的独立董事，按照中国证监会《上市公司独立董事管理办法》《上海证券交易 所股票上市规则》及《公司章程》等有关规定，勤勉尽职的履行职责，切实维 护全体股东尤其是中小股东的合法权益，有效发挥独立董事在公司经营及重大 决策中的作用，现将本人 2024 年的履职情况报告如下： 一、 独立董事的基本情况 （一）个人履历 二、 独立董事年度履职概况 （一）出席公司董事会、股东大会、董事会专门委员会、独立董事专门会 议的情况 2024 年公司共计召开 15 次股东大会、21 次董事会、2 次战略委员会会议、 9 次审计委员会会议、1 次提名委员会会议、4 次薪酬与考核委员会会议及 2 次 独立董事专门会议。报告期内，本人除担任独立董事外，还担任公司审计委员 会主任委员及提名委员会委员，报告期内本人共出席 21 次董事会会议、1 次股 东大会会议、9 次审计委员会会议、1 次提名委员会会议及 2 次独立董事专门会 议。具体情况如下： | 参加 | 参加 | 参加 | 参加 | 参 ...

浙江海控南科华铁数智科技股份有限公司 一、 独立董事的基本情况 独立董事 2024 年度述职报告 （王绍宏） 本人作为浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的独立董事，按照中国证监会《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》及《公司章程》等有关规定，勤勉尽职的履行职责，切实维护 全体股东尤其是中小股东的合法权益，有效发挥独立董事在公司经营及重大决 策中的作用，现将本人 2024 年的履职情况报告如下： （一）个人履历 王绍宏，男，1963 年 7 月出生，中共党员，中国国籍，无境外永久居留权， 博士研究生学历，经济学博士学位，高级经济师。1986 年 7 月至 1993 年 3 月， 在天津财经大学从事金融教学与研究；1993 年 4 至 1996 年 3 月，任中国建设银 行海南省海口市分行业务拓展部、信贷部总经理；1996 年 4 月至 1999 年 3 月， 任中国投资银行深圳分行市场部副总经理、罗湖支行行长；1999 年 3 月至 2003 年 2 月，任中国光大银行深圳分行华丽路支行行长；2003 年 3 月至 2015 年 9 月， 任中国进出口银行深圳分行行 ...

浙江海控南科华铁数智科技股份有限公司 独立董事 2024 年度述职报告 （张雷宝） 本人作为浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的独立董事，按照中国证监会《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》及《公司章程》等有关规定，勤勉尽职的履行职责，切实维护 全体股东尤其是中小股东的合法权益，有效发挥独立董事在公司经营及重大决 策中的作用，现将本人 2024 年的履职情况报告如下： 一、 独立董事的基本情况 （一）个人履历 张雷宝先生，1973 年 5 月出生，中国国籍，无境外永久居留权，博士研究 生学历，教授、高级会计师。2013 年 10 月至 2015 年 10 月，云南省地税局局长 助理；2016 年 1 月至 2020 年 2 月任浙江财经大学研究生院院长、学科建设办主 任；2019 年 6 月至今浙商期货有限公司独立董事；2020 年 3 月至 2021 年 12 月 任浙江财经大学财税学院教授、博导；2020 年 9 月至今任浙文影业集团股份有 限公司独立董事；2022 年 1 月至今任浙大城市学院商学院院长；2021 年 1 月至 今任浙江海控南科华铁数智科技股 ...

浙江海控南科华铁数智科技股份有限公司 独立董事 2024 年度述职报告 （顾国达） 本人作为浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的独立董事，按照中国证监会《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》及《公司章程》等有关规定，勤勉尽职的履行职责，切实维护 全体股东尤其是中小股东的合法权益，有效发挥独立董事在公司经营及重大决 策中的作用，现将本人 2024 年的履职情况报告如下： 一、 独立董事的基本情况 （一）个人履历 顾国达先生，1962 年 12 月出生，中国国籍，无境外永久居留权，博士研 究生学历。2009 年 6 月至 2017 年 8 月任浙江大学经济学院副院长、教授、博导； 2017 年 8 月至 2018 年 2 月任浙江大学经济学院教授、博导；2018 年 3 月至今 任浙江大学中国与全球经济研究中心主任、教授、博导；2019 年 5 月至今任浙 江大学国际经济研究所所长、教授、博导。2020 年 11 月至今任浙江省钱塘数 字贸易研究院院长。2021 年 1 月至 2024 年 8 月任浙江海控南科华铁数智科技股 份有限公司独立董事。 （二）是否存在影响独 ...

浙江海控南科华铁数智科技股份有限公司 独立董事 2024 年度述职报告 （许能锐） 本人作为浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的独立董事，按照中国证监会《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》及《公司章程》等有关规定，勤勉尽职的履行职责，切实维护 全体股东尤其是中小股东的合法权益，有效发挥独立董事在公司经营及重大决 策中的作用，现将本人 2024 年的履职情况报告如下： 一、 独立董事的基本情况 （一）个人履历 许能锐先生，1978 年 11 月出生，中共党员，中国国籍，无境外永久居留 权，博士研究生学历，教授，博士生导师，海南大学会计中外人文交流研究院 院长、国际商学院副院长。2005 年 7 月至 2006 年 9 月，任华南热带农业大学经 管学院讲师；2008 年 10 月至 2010 年 9 月，任海南大学管理学院教研办公室主 任；2010 年 9 月至 2013 年 9 月，任海南大学党委办公室科长；2011 年 10 月至 2012 年 9 月，任海南大学计划财务处副处长（挂职）；2012 年 7 月至 2013 年 3 月，于天津大学财务处担任挂职干部 ...

浙江海控南科华铁数智科技股份有限公司 董事会审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号—规范运作》《浙江海控南科华铁数智科技股份有限 公司章程》等规定和要求，2024 年，浙江海控南科华铁数智科技股份有限公司 （以下简称"公司"或"海南华铁"）董事会审计委员会认真履行忠实和勤勉义 务，恪尽职守，审慎履行对会计师事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 致同所于 1981 年成立，注册地址为北京市朝阳区建国门外大街 22 号赛特广 场五层，首席合伙人为李惠琦先生。截至 2024 年末，致同所从业人员近六千人， 其中合伙人 239 名，注册会计师 1,359 名，签署过证券服务业务审计报告的注册 会计师超过 400 人。致同所 2023 年度业务收入 27.03 亿元，其中审计业务收入 22.05 亿元，证券业务收入 5.02 亿元。2023 年年报上市公司审计客户 257 家，主 要行业包括制造业；信息传输、软件和信息技术服 ...