GREATTOWN(600094) 东吴证券·2024-08-12 10:30Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][3]. Core Insights - The company is transitioning from its core real estate business to low-altitude economy and computing power sectors, which is expected to significantly change its revenue potential and business model [2][3]. - The company achieved a revenue of 11.695 billion yuan in 2023, with a net profit of 223 million yuan, indicating a year-on-year growth of 58.88% and 29.98% respectively [2][17]. - The company has established joint ventures to develop low-altitude operations and computing power services, leveraging its existing real estate assets to support these new ventures [2][11]. Summary by Sections 1. Low-altitude and Computing Power Business Initiation - The company is primarily engaged in real estate development, including residential and commercial properties, and is now expanding into low-altitude economy and computing power [11][12]. - The company plans to establish a joint venture with aviation companies to develop a "low-altitude urban smart hub airport" in Fuzhou, aiming to capture the core competitive advantage in low-altitude operations [12][14]. 2. Significance of Low-altitude Construction in Fujian - Fujian's geographical features and proximity to Taiwan create a pressing need for low-altitude defense and operational capabilities [2][40]. - The company is positioned to lead in low-altitude operations by establishing key infrastructure, such as hub airports, which are critical for the development of the low-altitude economy [34][38]. 3. Expansion into Computing Power Sector - The company is collaborating with local data firms to create a joint venture focused on providing computing power services, capitalizing on the cost advantages of Fujian compared to Hong Kong [2][14]. - The first batch of 2000P computing power has been delivered, with strong profitability expected from this project, which will also support the low-altitude business [2][3]. 4. Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 209 million, 161 million, and 145 million yuan respectively, reflecting the anticipated growth from new business ventures [3].