Investment Rating - The investment rating for Hainan Huatie is "Buy" and is maintained [9] Core Views - The company has signed a "Computing Power Service Agreement" with Hangzhou X Company, with a total contract value of 3.69 billion yuan over a service period of 5 years [2][6] - The company has established a Digital Intelligence Technology Division to enhance its AI capabilities, led by a former Huawei expert [12] - The company's credit rating has improved to AA+ following the entry of Hainan state-owned assets, which has also led to reduced financing costs [12] Summary by Sections Company Overview - Hainan Huatie has made significant progress in its computing power business, with a total signed computing power service amount reaching 2.475 billion yuan by the end of 2024 [12] - The company plans to invest over 2 billion yuan in capital expenditures related to the new computing power contracts [12] Financial Performance - The company expects to achieve revenues of 7.0 billion, 8.9 billion, and 10.9 billion yuan for the years 2024 to 2026, respectively, with corresponding valuations of 27.2, 21.3, and 17.4 times [12] - The projected net profits for the same period are 840 million, 747 million, 952 million, and 1.164 billion yuan [15] Market Position - The company is strategically positioned to leverage the growing AI industry and has signed a strategic cooperation agreement with Hainan Provincial Computing Power Technology Co., Ltd. to further its computing power business [12] - The company’s management team has shown confidence in its future by increasing their shareholdings [12]

浙江海控南科华铁数智科技股份有限公司（以下简称"公司"）股票于 2025 年 3 月 5 日、3 月 6 日、3 月 7 日连续三个交易日内收盘价格涨幅偏离值累 计超过 20%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 经公司自查并向公司控股股东、实际控制人核查及沟通，截至本公告披 露日，公司不存在应披露而未披露的重大信息。 其他风险提示：公司已签订的算力服务合同期限较长，履行过程中存在 相关风险：1、采购风险：除公司已交付的部分算力设备外，其他相关设备尚未 采购，后续将根据客户计划逐步交付，相关产品可能受市场环境、行业政策等影 响导致采购难度加大，存在供应商无法持续稳定供货的风险；2、资金支出风险： 公司签订的算力服务合同对应资本支出较大，存在资金筹集不足的风险；3、合 同履约风险：公司签订的算力服务合同履行期限较长，收入将分期确认，存在因 自身经营变化导致合同履约情况发生变化的风险。 近期股价交易风险：自 2025 年 2 月以来，公司股价涨幅达 146.26%，最 近三个交易日平均换手率 15.30%，最近一个交易日换手率 42.59%，存在炒作风 险，敬请广大投资者理性投资，注意投资 ...

关于《浙江海控南科华铁数智科技股份有限公司 股票交易异常波动的征询函》的回复 浙江海控南科华铁数智科技股份有限公司: 截止本回复出具日,除已披露事项外,我司不存在涉及你公司的应披露而未 披露的重大信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业 务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等重大事项。 你公司股票交易异常波动期间，我司不存在买卖你公司股票的情况。 特此函复。 海南 你公司《股票交易异常波动的征询函》已收悉，经核查，现函复如下: ...

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [6] Core Views - Hainan Huatie has secured a significant contract worth 3.69 billion yuan for computing power services, bringing its total orders to over 6 billion yuan, indicating strong order acquisition capabilities in the computing power sector [1] - The company is strategically expanding its intelligent computing layout, with the establishment of subsidiaries and partnerships aimed at enhancing its service offerings in the computing power domain [2] - The domestic demand for computing power is robust, with major tech companies increasing their investments, positioning Hainan Huatie to benefit from this trend [3] - The company is diversifying its business by expanding into high-altitude work platforms and other equipment categories, which is expected to drive new growth momentum [3] Summary by Sections Financial Performance - The projected net profits for Hainan Huatie from 2024 to 2026 are estimated at 612 million, 950 million, and 1.279 billion yuan respectively, with year-on-year changes of -23.5%, +55.1%, and +34.7% [4] - Revenue is expected to grow from 5.117 billion yuan in 2024 to 7.929 billion yuan in 2026, reflecting a compound annual growth rate [5] Business Development - The company has established a new subsidiary, Shanghai Keshihan, to enter the computing power service market and has plans to expand into cloud computing services by October 2024 [2] - Strategic partnerships have been formed to enhance service offerings in artificial intelligence and financial sectors, indicating a proactive approach to market expansion [2] Market Position - Hainan Huatie is well-positioned to benefit from the increasing capital expenditures in computing power by major internet companies, particularly in Hangzhou, where it is based [3] - The company is expected to gain from government initiatives in Hainan aimed at developing international data centers and smart transportation [3]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [6] Core Views - Hainan Huatie has secured a significant contract worth 3.69 billion, bringing its total orders to over 6 billion, indicating strong capabilities in the computing power service sector [1] - The company is strategically expanding its intelligent computing layout, with new subsidiaries and partnerships aimed at enhancing its service offerings in the computing power domain [2] - The domestic demand for computing power is robust, with major tech companies increasing their investments, positioning Hainan Huatie to benefit from this trend [3] - Financial forecasts for the company show a projected net profit of 612 million, 950 million, and 1.279 billion for 2024, 2025, and 2026 respectively, reflecting a growth trajectory [4] Summary by Sections Orders and Contracts - Hainan Huatie's subsidiary signed a computing power service agreement worth 3.69 billion, with a service period of 5 years, expected to generate approximately 700 million annually [1] - Cumulative orders have reached 6.165 billion, showcasing the company's strong order acquisition capabilities [1] Business Expansion - The company established a new subsidiary, Shanghai Keshihan, to enter the computing power service market and has plans to expand into cloud computing services [2] - Strategic partnerships have been formed to enhance service offerings in artificial intelligence and financial sectors [2] Market Demand - The report highlights a surge in computing power demand, with Alibaba planning to invest over 380 billion in cloud and AI infrastructure over the next three years [3] - Hainan Huatie is expected to benefit from the increasing capital expenditures of major internet companies in Hangzhou [3] Financial Projections - The report adjusts the net profit forecasts for 2024, 2025, and 2026 to 612 million, 950 million, and 1.279 billion respectively, with year-on-year growth rates of -23.5%, +55.1%, and +34.7% [4] - The current stock price corresponds to a price-to-earnings ratio of 31, 20, and 15 for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Views - The company has signed a "Computing Power Service Agreement" with a subsidiary, expected to generate approximately 3.69 billion yuan in total revenue over five years, averaging about 700 million yuan annually [6] - The company is expected to invest over 2 billion yuan in capital expenditures related to this contract [6] - Hainan Huatie's competitive advantage in the computing power leasing sector is bolstered by its strong balance sheet and the support from state-owned enterprises, which enhances its financing capabilities [7][8] - The company has secured approximately 2.5 billion yuan in computing power orders as of December 5, 2024, demonstrating its resource advantages and execution capabilities [8] Financial Performance and Forecast - The projected revenue for Hainan Huatie is expected to grow from 4.44 billion yuan in 2023 to 7.38 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.53% [12] - The net profit forecast for the company is set to increase from 801 million yuan in 2023 to 985 million yuan in 2026, reflecting a growth rate of 13.20% [12] - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.50 yuan in 2026 [12] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 24 in 2023 to 19 in 2026, indicating a potential undervaluation of the stock [12] - The price-to-book (P/B) ratio is expected to decline from 3.4 in 2023 to 2.4 in 2026, further suggesting a favorable valuation outlook [12] Industry Context - The computing power leasing market is characterized as a heavy asset industry, where the ability to manage and expand the balance sheet is crucial [7] - The report highlights that Hainan Huatie is one of the early players in the A-share market to secure large orders in the computing power leasing sector, positioning it favorably against competitors [8] - The domestic high machine leasing prices are anticipated to recover, benefiting from the exit of smaller enterprises and the consolidation of market leaders [9]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Views - The company has signed a "Computing Power Service Agreement" with a total contract value of 3.69 billion yuan, expected to generate approximately 700 million yuan in annual revenue over five years [6] - The company is expected to see significant capital expenditures exceeding 2 billion yuan related to this contract [6] - Hainan Huatie's competitive advantage in the computing power leasing sector is bolstered by its strong balance sheet and the support from state-owned enterprises, which enhances its financing capabilities [7] - The company has a strong execution capability and local resources in Hangzhou, facilitating connections with major internet clients and access to technical talent [8] - The domestic high-end equipment leasing market is showing signs of recovery, with Hainan Huatie positioned to benefit from this trend [9] Financial Performance and Forecast - The company forecasts revenue growth from 4.44 billion yuan in 2023 to 7.38 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.53% [12] - Net profit is projected to increase from 801 million yuan in 2023 to 985 million yuan in 2026, with a notable growth rate of 25.18% in 2025 [12] - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.50 yuan in 2026 [12] Valuation Metrics - The report maintains the price-to-earnings (P/E) ratio at 27 for 2024, decreasing to 19 by 2026, indicating a potential undervaluation as the company grows [12] - The price-to-book (P/B) ratio is projected to decline from 3.4 in 2023 to 2.4 in 2026, suggesting improving value for shareholders [12] Industry Context - The report highlights that Hainan Huatie is one of the early players in the A-share market to secure large orders in the computing power leasing sector, showcasing its resource advantages and execution capabilities [8] - The Hangzhou government is actively promoting the development of the AI industry, which is expected to benefit companies like Hainan Huatie involved in computing power services [8]

证券代码：603300 证券简称：海南华铁 公告编号：临 2025-011 浙江海控南科华铁数智科技股份有限公司 关于子公司签署《算力服务协议》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 风险提示： 3、履约能力分析：X 公司依法存续且经营正常，具备良好的资信情况和履 约能力。 4、公司与 X 公司不存在关联关系，X 公司不属于失信被执行人。 三、合同的主要内容 1、采购风险：公司本次算力合同对应的设备尚未采购，由于相关产品受 到市场环境、行业政策等影响较大，公司可能面临采购难度加大或供应 商无法持续稳定供货的风险，进而可能导致本次合同未能部分或全部如 期顺利履行。 2、资金支出风险：本次算力合同对应的资本支出预计超 20 亿元，占公 司 2024 年三季度末净资产的比例超 33%，存在资产扩张过快和资金筹 集不足的风险。截止 2024 年三季度末，公司货币资金为 3.14 亿元，本 次采购设备的资金主要来源于融资租赁公司、银行等金融机构授信，采 购合同签署后将与相关金融机构进行磋商，因金融机构授信尚未签署正 式的 ...

证券代码：603300 证券简称：海南华铁 公告编号：临 2025-010 浙江海控南科华铁数智科技股份有限公司 对外担保进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：海南华铁大黄蜂建筑机械设备有限公司（以下简称"华 铁大黄蜂"） 担保人名称：浙江海控南科华铁数智科技股份有限公司（以下简称"海 南华铁"或"公司"） 一、担保情况概述 （一）担保事项基本情况 公司分别于 2024 年 11 月 14 日、2024 年 12 月 2 日召开第五届董事会第八 次会议和 2024 年第十三次临时股东大会，审议通过了《关于新增担保额度的议 案》，公司拟新增对子公司提供总计不超过人民币 230,000 万元的担保额度，单 一子公司拟对公司提供担保额度不超过人民币 85,000 万元。具体内容详见公司 在上海证券交易所网站（www.sse.com.cn）披露的《浙江海控南科华铁数智科技 股份有限公司关于新增担保额度的公告》（公告编号：临 2024-140）及《浙江海 控南科华铁数智科技股份有限公司 ...

二、增持计划的实施结果 证券代码：603300 证券简称：海南华铁 公告编号：临 2025-009 浙江海控南科华铁数智科技股份有限公司 关于公司骨干团队增持公司股份计划实施完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 增持计划的基本情况：浙江海控南科华铁数智科技股份有限公司（以下简 称"公司"）骨干管理人员基于对公司未来发展的信心以及对公司投资价值的认 可，为维护股东利益，增强投资者信心，拟自 2024 年 9 月 3 日起 6 个月内通过 设立信托/资管计划/证券投资基金或个人账户直接购买等方式，以自有及自筹资 金增持公司股份，金额不低于人民币 1 亿元，不超过人民币 2 亿元（以下简称 "本次增持计划"）。本次增持计划不设定价格区间，将根据公司股票价格波动 情况及资本市场整体趋势择机实施增持计划。增持方式包括但不限于集中竞价、 大宗交易等。 增持计划的实施结果：截至公告披露日，公司骨干团队增持计划已通过泽 丰瑞气盈门 3 号私募证券投资基金（以下简称"增持主体"）以集中竞价方式累 计增持公司 ...