HUATIE(SH:603300) EBSCN·2025-06-05 07:44Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [3][5] Core Views - The company plans to accelerate its internationalization strategy by issuing shares overseas and listing on the Singapore Exchange, enhancing its core competitiveness and brand influence [1] - Singapore is recognized as a leading hub for AI infrastructure, which supports the company's strategy to establish overseas intelligent computing centers in Southeast Asia [1] - The company is expected to extend its upstream channels, ensuring smooth procurement of computing power equipment and reducing costs [3] Financial Projections - Revenue is projected to grow from 4,444 million yuan in 2023 to 9,690 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.6% [4][8] - Net profit is forecasted to increase from 801 million yuan in 2023 to 1,523 million yuan in 2027, with significant growth in 2025 and 2026 [4][8] - Earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.77 yuan in 2027 [4][10] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 in 2027, indicating potential undervaluation as earnings grow [4][11] - The price-to-book (P/B) ratio is expected to decline from 3.6 in 2023 to 2.1 in 2027, suggesting improving shareholder value [4][11] Market Context - Singapore ranks fourth globally in terms of cryptocurrency regulatory friendliness, with a high adoption rate among residents [2] - The country has a robust AI talent pool and research output, which aligns with the company's strategic goals [1][2]