Core Viewpoint - Multiple institutions, including CITIC Construction Securities and Northeast Securities, have recently issued research reports on Huitongda Network (09878), giving it a "buy" rating, with Northeast Securities setting a target price of HKD 20.08, indicating nearly 40% upside potential from the closing price of HKD 14.55 on the report release date [1]. Group 1 - Northeast Securities highlights that Huitongda has transformed from a "platform service provider" to an "AI + SaaS platform service provider" after over a decade of deepening its presence in lower-tier markets [1]. - The report suggests that through business optimization and AI empowerment, Huitongda has ample cash on hand and is positioned to acquire quality assets, which could lead to a recovery in revenue growth and a rapid improvement in profitability [1]. - Huitongda is actively advancing its H-share full circulation work, which is expected to increase the total number of H-shares to 530 million, significantly enhancing its market capitalization [1]. Group 2 - The market generally believes that the increase in market capitalization may create conditions for Huitongda to be re-included in the Hong Kong Stock Connect [1]. - CITIC Jianzhong Securities emphasizes Huitongda's impressive AI performance, which continues to enhance customer quality [1]. - Huitongda's AI + SaaS products are set to enter the commercialization phase in May 2025, with member stores experiencing an average efficiency improvement of over 30% and inventory turnover reduction of 15% to 20% [1][2]. Group 3 - The research report indicates that as AI products continue to iterate, Huitongda's service business is expected to achieve high growth and become a major growth engine for the company [2]. - The report also recognizes Huitongda's strategic transformation direction in supply chain trading business and the resulting improvement in profitability [2].