华铁应急：细说海南国资对公司如何赋能

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The entry of state-owned capital is seen as an optimal solution for the development of domestic equipment leasing leaders, addressing funding and customer channel issues [9][15]. - Hainan state-owned enterprises are expected to provide multiple empowerment opportunities for the company, enhancing its operational capabilities and market reach [16][19]. - The company's debt financing costs are projected to decrease by 1.2 percentage points due to the backing of Hainan state-owned enterprises [9][10]. - The high machinery industry continues to expand, and the company is diversifying its product offerings to create new growth drivers [9][10]. Financial Projections - The company is forecasted to achieve net profits of 8.4 billion, 10.5 billion, and 13.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 4%, 25%, and 25% [2][9]. - Earnings per share (EPS) are expected to be 0.42, 0.53, and 0.66 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 9.8, 7.8, and 6.3 [2][9]. Business Development - The company has successfully expanded its high machinery business, with a significant increase in the number of units owned, projected to reach 121,000 by the end of 2023, a 55% increase from the previous year [9][10]. - The company is actively investing in intelligent computing power business, with a planned investment of 1 billion yuan and an expected payback period of 3.5 years [9][10]. Market Context - The Hainan Free Trade Port policies are expected to provide favorable tax conditions, including a corporate income tax rate of 15%, which could benefit the company's operations if it relocates its headquarters [9][21]. - The report highlights the strategic importance of Hainan's state-owned enterprises in facilitating the company's growth through collaboration in various sectors, including airport operations and clean energy [16][19].