Core Viewpoint - Multiple institutions, including Zheshang Securities, Western Securities, and Huachuang Securities, have issued research reports on Huitongda Network (9878.HK), all giving "recommend" or "buy" ratings, highlighting the company's ongoing business optimization and significant improvement in profitability indicators since the launch of its "quality enhancement and efficiency improvement" strategy in the second half of 2024 [1] Group 1 - Western Securities has given Huitongda a "buy" rating, noting that the company's business structure has improved and profitability indicators have significantly increased since the strategic transformation [1] - The company is enhancing its smart supply chain construction and expanding its own brand and new product categories to further improve profitability, supported by the deep integration of AI technology and favorable policies [1] - Huitongda has submitted an application for the full circulation of 350 million domestic shares, which is expected to significantly enhance its market attractiveness [1] Group 2 - Huachuang Securities emphasizes the strategic partnership between Huitongda and Alibaba Cloud, believing that the AI+SaaS business will help the company return to a rapid growth trajectory [1] - The comprehensive cooperation with Alibaba Cloud in AI will deepen collaboration in cloud computing, artificial intelligence, and digitalization in lower-tier markets [1] - Huitongda's self-developed Qiancheng Cloud AI will fully integrate with Alibaba Cloud's Tongyi Qianwen large model, enhancing the platform's value across multiple business scenarios [1] Group 3 - Zheshang Securities believes that full circulation will greatly enhance Huitongda's market capitalization and assist the company in re-entering the Hong Kong Stock Connect [1] - Following the submission of the full circulation application in June, the total number of H shares is expected to reach 530 million, significantly increasing the circulating market value [1] - Overall, multiple institutions anticipate that with the effectiveness of the strategic upgrade, the commercialization of AI-related businesses, and the advancement of full circulation, Huitongda Network is likely to continue releasing its profit potential and achieve high-quality growth, potentially re-entering the Hong Kong Stock Connect next year [1]