HUATIE(SH:603300) Tebon Securities·2024-05-22 05:00Investment Rating - The report maintains a "Buy" rating for the company [1][18]. Core Views - The actual controller of the company is set to change to Hainan State-owned Assets Supervision and Administration Commission, which is expected to empower the company's development and create new opportunities [4]. - The company is a leading player in the aerial work platform rental industry, with a market share increasing from 14.32% in 2021 to 22.12% in 2023, and it is well-positioned for continued growth [6]. - The company plans to invest 1 billion yuan in building an intelligent computing center, aligning with Hainan's strategic focus on developing the computing power industry [5]. - The company has set ambitious performance commitments for the years 2024-2026, with projected revenues of no less than 32 billion, 40 billion, and 50 billion yuan, and net profits of at least 6 billion and 6.3 billion yuan for 2024 and 2025 respectively [4]. Summary by Sections Market Performance - The company's stock has shown a relative increase of 9.35% over the past month compared to the CSI 300 index [3]. Financial Projections - Revenue is projected to grow from 4,444 million yuan in 2023 to 10,398 million yuan by 2026, with a compound annual growth rate (CAGR) of 29.48% for the aerial work platform rental market [12][9]. - Net profit is expected to rise from 801 million yuan in 2023 to 1,740 million yuan in 2026, reflecting a strong growth trajectory [12]. Strategic Developments - The new controlling shareholder will enhance the company's financing capabilities, potentially lowering financing costs and supporting expansion in both core and new business areas [18][8]. - The company is expected to benefit from policy support and resource allocation due to its alignment with Hainan's development strategies [5][18].