HUATIE(SH:603300) Tianfeng Securities·2024-04-16 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.43 CNY, indicating an expected return of over 20% within the next six months [26]. Core Insights - The company has shown robust revenue growth, achieving 4.44 billion CNY in 2023, a year-on-year increase of 35.6%. The net profit attributable to the parent company reached 800.84 million CNY, up 24.88% from the previous year [24][26]. - The average rental rate for aerial work platforms was 85.31% in 2023, reflecting a year-on-year increase of 4.17 percentage points [12]. - The company has strengthened its digital operational capabilities and plans to provide up to 1 billion CNY in guarantees to enhance intelligent computing power for its subsidiary [12][24]. Financial Data and Valuation - Revenue (in million CNY): - 2022: 3,278.20 - 2023: 4,443.58 - 2024E: 6,006.47 - 2025E: 8,147.74 - 2026E: 10,843.20 - Growth Rate (%): - 2022: 25.75 - 2023: 35.55 - 2024E: 35.17 - 2025E: 35.65 - 2026E: 33.08 [2][6][8]. - EBITDA (in million CNY): - 2022: 1,463.95 - 2023: 1,979.25 - 2024E: 2,370.39 - 2025E: 3,050.80 - 2026E: 3,739.66 [2][6]. - Net Profit (in million CNY): - 2022: 641.29 - 2023: 800.84 - 2024E: 1,042.41 - 2025E: 1,356.19 - 2026E: 1,745.53 [2][6]. - EPS (CNY per share): - 2022: 0.33 - 2023: 0.41 - 2024E: 0.53 - 2025E: 0.69 - 2026E: 0.89 [2][6]. Market Position and Strategy - The company has increased its aerial work platform fleet to 121,100 units by the end of 2023, a growth of 55.3% year-on-year, with a market share of 20% [3]. - Strategic partnerships have been established, including a collaboration with Dongyang City Investment for the delivery of 3,400 units valued at 330 million CNY, with plans for further equipment deployment [3]. - The company has also signed strategic agreements with various leasing firms, aiming to enhance its asset management capabilities [3].