HUATIE(SH:603300) EBSCN·2025-04-26 11:43Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6] Core Views - The company's performance for 2024 is generally in line with expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 5.17 billion, 600 million, and 560 million yuan respectively, reflecting year-on-year changes of +16.4%, -24.5%, and -14.7% [1] - The cash flow from operating activities for 2024 was 2.84 billion yuan, up 46.1% year-on-year, indicating strong operational cash generation [1] - The company's high machine leasing business continues to grow, achieving revenue of 3.94 billion yuan in 2024, a year-on-year increase of 26.9%, with a gross margin of 44.4% [2] - The computing power business is expected to contribute significantly to future growth, with orders reaching 6.67 billion yuan by the end of Q1 2025 [2][4] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 5.17 billion yuan, a net profit of 600 million yuan, and a net profit excluding non-recurring items of 560 million yuan, with respective year-on-year changes of +16.4%, -24.5%, and -14.7% [1] - In Q1 2025, the company achieved revenue of 1.29 billion yuan, a net profit of 190 million yuan, and a net profit excluding non-recurring items of 170 million yuan, with year-on-year increases of +16.6%, +21.7%, and +7.1% [1] Business Segments - The high machine leasing segment generated 3.94 billion yuan in revenue for 2024, with a gross margin of 44.4%, while the computing power equipment service segment contributed 12 million yuan with a gross margin of 61.4% [2] - The construction support segment saw a revenue decline to 1.13 billion yuan, down 13.7% year-on-year, with a gross margin of 42.7% [2] Profitability and Valuation - The company's gross margin for 2024 was 43.2%, down 3.3 percentage points year-on-year, primarily due to declining rental prices [3] - The report projects a net profit of 848 million yuan for 2025, an increase of 40.3% year-on-year, and raises the 2026 net profit forecast to 1.202 billion yuan, reflecting a 22% increase from previous estimates [4]