HUATIE(603300) 光大证券·2025-03-05 03:57Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Views - The company has signed a "Computing Power Service Agreement" with a subsidiary, expected to generate approximately 3.69 billion yuan in total revenue over five years, averaging about 700 million yuan annually [6] - The company is expected to invest over 2 billion yuan in capital expenditures related to this contract [6] - Hainan Huatie's competitive advantage in the computing power leasing sector is bolstered by its strong balance sheet and the support from state-owned enterprises, which enhances its financing capabilities [7][8] - The company has secured approximately 2.5 billion yuan in computing power orders as of December 5, 2024, demonstrating its resource advantages and execution capabilities [8] Financial Performance and Forecast - The projected revenue for Hainan Huatie is expected to grow from 4.44 billion yuan in 2023 to 7.38 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.53% [12] - The net profit forecast for the company is set to increase from 801 million yuan in 2023 to 985 million yuan in 2026, reflecting a growth rate of 13.20% [12] - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.50 yuan in 2026 [12] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 24 in 2023 to 19 in 2026, indicating a potential undervaluation of the stock [12] - The price-to-book (P/B) ratio is expected to decline from 3.4 in 2023 to 2.4 in 2026, further suggesting a favorable valuation outlook [12] Industry Context - The computing power leasing market is characterized as a heavy asset industry, where the ability to manage and expand the balance sheet is crucial [7] - The report highlights that Hainan Huatie is one of the early players in the A-share market to secure large orders in the computing power leasing sector, positioning it favorably against competitors [8] - The domestic high machine leasing prices are anticipated to recover, benefiting from the exit of smaller enterprises and the consolidation of market leaders [9]