HUATIE(603300) 国盛证券·2025-03-05 05:23Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [6] Core Views - Hainan Huatie has secured a significant contract worth 3.69 billion, bringing its total orders to over 6 billion, indicating strong capabilities in the computing power service sector [1] - The company is strategically expanding its intelligent computing layout, with new 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] - Financial forecasts for the company show a projected net profit of 612 million, 950 million, and 1.279 billion for 2024, 2025, and 2026 respectively, reflecting a growth trajectory [4] Summary by Sections Orders and Contracts - Hainan Huatie's subsidiary signed a computing power service agreement worth 3.69 billion, with a service period of 5 years, expected to generate approximately 700 million annually [1] - Cumulative orders have reached 6.165 billion, showcasing the company's strong order acquisition capabilities [1] Business Expansion - The company established a new subsidiary, Shanghai Keshihan, to enter the computing power service market and has plans to expand into cloud computing services [2] - Strategic partnerships have been formed to enhance service offerings in artificial intelligence and financial sectors [2] Market Demand - The report highlights a surge in computing power demand, with Alibaba planning to invest over 380 billion in cloud and AI infrastructure over the next three years [3] - Hainan Huatie is expected to benefit from the increasing capital expenditures of major internet companies in Hangzhou [3] Financial Projections - The report adjusts the net profit forecasts for 2024, 2025, and 2026 to 612 million, 950 million, and 1.279 billion respectively, with year-on-year growth rates of -23.5%, +55.1%, and +34.7% [4] - The current stock price corresponds to a price-to-earnings ratio of 31, 20, and 15 for the years 2024, 2025, and 2026 respectively [4]