HUATIE(SH:603300) EBSCN·2024-05-22 13:02Investment Rating - The report maintains a "Buy" rating for the company [2][13]. Core Insights - The entry of Hainan State-owned Assets Supervision and Administration Commission (SASAC) as a controlling shareholder is expected to enhance the company's strategic development, positioning it as a leading global equipment operator. This support is reflected in three main areas: improved credit capability, leveraging policy advantages of Hainan Free Trade Port, and promoting innovative leasing and light-asset cooperation strategies [1][11]. - The company forecasts net profits for 2024-2026 to be 1.004 billion, 1.261 billion, and 1.592 billion yuan respectively, indicating a strong growth trajectory [2][3]. Financial Projections - Revenue is projected to grow from 3.278 billion yuan in 2022 to 10.899 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 34.66% [3]. - The net profit is expected to increase from 641 million yuan in 2022 to 1.592 billion yuan in 2026, reflecting a CAGR of 26.25% [3]. - Earnings per share (EPS) is anticipated to rise from 0.46 yuan in 2022 to 0.81 yuan in 2026 [3]. Market Position and Valuation - The company’s total shares are 1.964 billion, with a market capitalization of approximately 132.98 billion yuan [4]. - The stock has shown a 1-year absolute return of 16.37% [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 15 in 2022 to 8 in 2026, indicating an attractive valuation [3]. Strategic Developments - The company plans to invest 1 billion yuan in developing intelligent computing power leasing, which is expected to accelerate the growth of its smart computing business [11][12]. - Strategic partnerships have been established with firms like Wuxian Xinqun and Kela Software to enhance service offerings in high-end computing resource leasing [11].