GREATTOWN(600094) 东吴证券·2024-08-12 11:34Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [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 222.55 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 strategic position in Fujian province [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 Development Company and AVIC Jin Cheng to develop low-altitude operations, holding 56%, 34%, and 10% stakes respectively [12][14]. 2. Significance of Fujian's Low-altitude Construction - Fujian province's geographical features and proximity to Taiwan create a pressing need for low-altitude defense and operations [22][40]. - The company aims to build a "Smart Intercity Low-altitude Hub Airport" in Fuzhou New District, which is expected to provide a competitive edge in low-altitude operations [12][34]. 3. Layout of Computing Power Sector - The company is collaborating with Fujian Big Data Investment and Business Planning Technology to establish a joint venture for the "Hong Kong Data and Fujian Computing" project, with a stake distribution of 44%, 51%, and 5% [2][14]. - The first batch of 2000P computing power has been delivered, and Hong Kong clients have begun testing, indicating strong profitability potential for the project [2][14]. 4. Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 209.31 million yuan, 160.72 million yuan, and 145.27 million yuan respectively, reflecting a positive outlook on the company's transition and new business ventures [3].