HUATIE(603300) 国盛证券·2025-03-05 05:50Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [6] Core Views - Hainan Huatie has secured a significant contract worth 3.69 billion yuan for computing power services, bringing its total orders to over 6 billion yuan, indicating strong order acquisition capabilities in the computing power sector [1] - The company is strategically expanding its intelligent computing layout, with the establishment of subsidiaries and partnerships aimed at enhancing its service offerings in the computing power domain [2] - The domestic demand for computing power is robust, with major tech companies increasing their investments, positioning Hainan Huatie to benefit from this trend [3] - The company is diversifying its business by expanding into high-altitude work platforms and other equipment categories, which is expected to drive new growth momentum [3] Summary by Sections Financial Performance - The projected net profits for Hainan Huatie from 2024 to 2026 are estimated at 612 million, 950 million, and 1.279 billion yuan respectively, with year-on-year changes of -23.5%, +55.1%, and +34.7% [4] - Revenue is expected to grow from 5.117 billion yuan in 2024 to 7.929 billion yuan in 2026, reflecting a compound annual growth rate [5] Business Development - The company has established a new subsidiary, Shanghai Keshihan, to enter the computing power service market and has plans to expand into cloud computing services by October 2024 [2] - Strategic partnerships have been formed to enhance service offerings in artificial intelligence and financial sectors, indicating a proactive approach to market expansion [2] Market Position - Hainan Huatie is well-positioned to benefit from the increasing capital expenditures in computing power by major internet companies, particularly in Hangzhou, where it is based [3] - The company is expected to gain from government initiatives in Hainan aimed at developing international data centers and smart transportation [3]