HUATIE(603300) 长江证券·2024-06-13 02:31Investment Rating - The report maintains a "Buy" rating for the company [5][34]. Core Insights - The company is expected to continue high growth in its main business of aerial work platform leasing, with the introduction of multiple categories of rental equipment further enhancing profitability. The company aims to expand its scale through procurement and light asset strategies, with projected revenues of 1.02 billion, 1.26 billion, and 1.51 billion for 2024-2026, corresponding to current valuations of 10.98, 8.87, and 7.40 times [5][34]. Summary by Sections Company Overview - The company has signed strategic cooperation agreements with five financial institutions, including Hainan Bank and CITIC Bank, to stabilize its funding chain and reduce financial costs. The financing will primarily support equipment procurement, technology development, and market expansion [18][34]. Financial Projections - The company anticipates total revenue of 4.444 billion in 2023, increasing to 5.810 billion in 2024, 7.246 billion in 2025, and 8.728 billion in 2026. The gross profit is projected to rise from 2.066 billion in 2023 to 4.009 billion in 2026, maintaining a gross margin of approximately 46% [23]. Strategic Initiatives - Hainan Holdings aims to leverage its resources to support the company in financing, targeting a credit line of over 5 billion. The company is also focusing on expanding its "light asset" model, with a goal of achieving over 10 billion in light asset cooperation [34].