Core Viewpoint - First Shanghai Securities (Hong Kong) has issued a deep research report on Huitongda Network (9878.HK), giving it a "Buy" rating and setting a target price of HKD 23.38, indicating a potential upside of 50.8% from the closing price prior to the report [1][2] Group 1: Company Strategy and Market Position - Huitongda is positioned as a leader in China's sinking market, benefiting from the empowerment of innovative technologies such as AI, marking a turning point in its development [1] - The company has found a stable, high-quality, and sustainable growth path since its strategic upgrade and proactive business structure optimization in 2024, reinforcing its supply chain advantages while solidifying its core business [1] - Huitongda has established an AI strategic partnership with Alibaba Cloud, continuously optimizing its digital business and aligning its growth strategies with national policies and market trends, such as "AI+" and "targeted county assistance" [1] Group 2: Market Environment and Execution - The sinking market where Huitongda operates exceeds a scale of "trillions" and aligns well with national policy directions, providing a favorable environment for growth [2] - The company’s core business segments, smart supply chain and AI+SaaS, are entering a fast development phase, supported by investments and acquisitions to enhance its industrial layout and activate existing capital [1][2] Group 3: Capital Market Actions - Huitongda is expected to reach an inflection point in its performance by the first half of 2025, aided by a combination of "full circulation + repurchase plan + dividends," which will help the company re-enter the Hong Kong Stock Connect and enhance its long-term value [2] - The company is anticipated to achieve significant high-quality and rapid growth potential driven by rural revitalization policies, AI empowerment, and external acquisition strategies [2]
大行评级丨第一上海证券：给予汇通达网络(9878.HK)“买入”评级，目标价23.38港元