HUATIE(SH:603300) Tianfeng Securities·2025-08-29 07:12Investment Rating - The report maintains a "Buy" rating for Hainan Huatie, with a target price not specified [6][17]. Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2025, representing a year-on-year growth of 18.89%. The net profit attributable to shareholders was 341 million yuan, up 1.85% year-on-year, while the net profit excluding non-recurring items decreased by 10.76% to 298 million yuan [1]. - The report highlights the stable growth of the company's computing power leasing business and its strategic expansion into overseas markets, including plans for a listing in Singapore to diversify financing [4]. Financial Performance - In H1 2025, the company's operating leasing, sales, and processing services generated revenues of 2.775 billion yuan and 10 million yuan, respectively, with year-on-year growth rates of 20.13% and a decline of 72.28%. The gross margins for these segments were 40.25% and 78.46%, showing a slight decrease and increase year-on-year, respectively [2]. - The gross margin for H1 2025 was 40%, down 2.96 percentage points year-on-year, while the net profit margin was 12.33%, down 2.39 percentage points year-on-year. The company reported a cash flow from operations of 1.372 billion yuan, an increase of 224 million yuan year-on-year [3]. Business Expansion - The company has expanded its engineering equipment fleet to over 180,000 units, with a stable rental rate of over 87%. It has also opened 10 new offline outlets, bringing the total to 380, and established its first store in Hong Kong [2]. - The company is actively pursuing overseas business opportunities in regions such as South Korea, Saudi Arabia, and the UAE, while its online business channels generated nearly 90 million yuan in rental income, reflecting a growth of over 25% year-on-year [2]. Future Projections - The projected net profits for the company from 2025 to 2027 are estimated at 650 million yuan, 1.06 billion yuan, and 1.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 33.8, 20.7, and 17.1 times [1][5].