HUATIE(603300) 长江证券·2025-03-10 07:35Investment Rating - The investment rating for Hainan Huatie is "Buy" and is maintained [9] Core Views - The company has signed a "Computing Power Service Agreement" with Hangzhou X Company, with a total contract value of 3.69 billion yuan over a service period of 5 years [2][6] - The company has established a Digital Intelligence Technology Division to enhance its AI capabilities, led by a former Huawei expert [12] - The company's credit rating has improved to AA+ following the entry of Hainan state-owned assets, which has also led to reduced financing costs [12] Summary by Sections Company Overview - Hainan Huatie has made significant progress in its computing power business, with a total signed computing power service amount reaching 2.475 billion yuan by the end of 2024 [12] - The company plans to invest over 2 billion yuan in capital expenditures related to the new computing power contracts [12] Financial Performance - The company expects to achieve revenues of 7.0 billion, 8.9 billion, and 10.9 billion yuan for the years 2024 to 2026, respectively, with corresponding valuations of 27.2, 21.3, and 17.4 times [12] - The projected net profits for the same period are 840 million, 747 million, 952 million, and 1.164 billion yuan [15] Market Position - The company is strategically positioned to leverage the growing AI industry and has signed a strategic cooperation agreement with Hainan Provincial Computing Power Technology Co., Ltd. to further its computing power business [12] - The company’s management team has shown confidence in its future by increasing their shareholdings [12]