GREATTOWN(600094) 东吴证券·2024-09-01 08:33Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Despite the challenging industry environment, the company achieved profitability in the first half of 2024, although revenue and net profit decreased significantly due to a lack of new real estate investment projects over the past three years [2] - The company's financial metrics remain relatively strong, with a net debt ratio of 12.42% and a cash-to-short-term debt ratio of 1.07, indicating good financial flexibility [2] - The "Port Data and Computing" strategy is being implemented, with the establishment of a smart computing center in Fuzhou, equipped with Nvidia H800 servers, providing approximately 2000P of computing power [2] - The company is also entering the low-altitude economy sector, planning to invest in a "Low-altitude Intercity Smart Hub Airport" project in Fuzhou, with a registered capital of RMB 100 million [2] - The company forecasts net profits of RMB 209.31 million, RMB 161 million, and RMB 145.27 million for 2024, 2025, and 2026 respectively, indicating potential for rapid growth if new business lines succeed [2] Financial Summary - In the first half of 2024, the company reported total revenue of RMB 1.232 billion, a decrease of 76% year-on-year, and a net profit of RMB 145 million, down 49% year-on-year [1][2] - The company's total assets are projected to decrease from RMB 25.326 billion in 2023 to RMB 20.393 billion in 2024, with total liabilities also expected to decline [8] - The earnings per share (EPS) is projected to be RMB 0.08 for 2024, with a price-to-earnings (P/E) ratio of 38.91 based on the latest diluted EPS [1][8]