HUATIE(SH:603300) EBSCN·2024-09-30 10:09Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is experiencing a steady increase in demand for high-altitude machinery, with a proactive rental price increase of 10% expected to uplift market rental price levels [1][2]. - The entry of state-owned capital is enhancing the company's financial strength and improving its credit rating, which is anticipated to lower financing costs significantly [1][4]. - The company has secured a long-term computing power leasing order worth 2.02 billion, indicating strong revenue potential and a short investment recovery period [1]. Summary by Sections Demand and Pricing - Demand for high-altitude machinery is steadily increasing, with 65,000 units sold in the first eight months of 2024, despite a general market slowdown [1]. - The rental price index for high-altitude machinery has decreased by 18% year-on-year, with August showing a 20% decline [1]. - The company is taking the initiative to raise rental prices by 10%, which may restore market confidence and improve overall rental price levels [2][4]. Financial Performance and Projections - The company is projected to achieve net profits of 896 million, 1.258 billion, and 1.587 billion for the years 2024, 2025, and 2026 respectively, reflecting a growth rate of 11.92%, 40.31%, and 26.22% [4]. - Revenue is expected to grow from 6.008 billion in 2024 to 10.899 billion by 2026, with a compound annual growth rate of approximately 34% [4][8]. Strategic Developments - The acquisition by state-owned capital is expected to enhance the company's operational efficiency and competitive edge, facilitating better integration of internal operations and strategic initiatives [4]. - The company plans to issue bonds not exceeding 1 billion to further support its financial strategy [1][4].