HUATIE(603300) GOLDEN SUN SECURITIES·2025-06-05 02:52Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and digital currency applications [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates [3]. Summary by Sections Investment Rating - The report predicts net profits for 2025-2027 to be 8.5 billion, 11.2 billion, and 13.6 billion respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. Business Expansion - The company aims to accelerate its computing power business overseas, establishing a strategic base in Hainan and expanding into Southeast Asia and the Middle East by 2025 [1]. - The overseas financing will help meet the foreign currency needs for establishing intelligent computing centers in Southeast Asia [1]. RWA Exploration - The company has partnered with Ant Chain since 2022 to digitize high-altitude work platform assets, facilitating the conversion of real assets into digital assets [2]. - In 2023, the company collaborated with MyBank and Ant Chain to launch a digital RMB-based industrial digital collaboration case, automating revenue distribution through smart contracts [2]. High-altitude Work Platform Business - The domestic market for high-altitude work platforms is seeing steady growth, with a rental rate of 70.89% in Q1 2025, up 4.18 percentage points year-on-year [3]. - The company is expanding its product offerings, including forklifts and drones, with significant growth in rental rates and contract values [3]. Financial Projections - The report provides financial forecasts, including operating revenues of 4.444 billion, 5.171 billion, and 6.554 billion for 2023, 2024, and 2025 respectively, with growth rates of 35.5%, 16.4%, and 26.7% [5]. - The projected earnings per share (EPS) for 2025 is 0.43 yuan, with a corresponding price-to-earnings (P/E) ratio of 24 [4][5].