Core Insights - The company is a new type of "industrial-city ecological service provider" focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to transform from a traditional real estate developer to a digital ecological operator through strategic acquisitions and business model upgrades [1] Summary by Sections Company Overview - Guangdong-Hong Kong-Macao Holdings Limited is recognized as a top 100 real estate company in China, with a strategic focus on the Greater Bay Area [1] Strategic Transformation - The company is undergoing a strategic transformation to become an "industrial-city ecological service provider," moving away from traditional real estate development [1] Major Acquisition - On October 23, 2025, the company completed a significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., a leading operator in intelligent computing and green energy services in China [1] Financial Restructuring - The company successfully completed a debt-to-equity swap of USD 440 million on May 7, 2025, reducing its interest-bearing debt ratio from 45% to 7%, allowing traditional business operations to become a growth driver rather than a burden [1] Business Model and Growth Potential - The dual business model of Tiandun Data, focusing on multi-source computing power services and AIDC construction operations, has been commercially validated, enhancing operational efficiency and profitability [1] New Growth Opportunities - The integration of the "green energy computing" model with the company's existing capabilities is expected to create new growth avenues by transforming idle factory and land resources into high-performance computing centers [1] Revenue Diversification - The company aims to diversify its revenue streams through AI computing services, energy management, and intelligent computing space operations, significantly enhancing its risk resilience and profitability [1] Profit Forecast - The projected net profit for the company from 2025 to 2027 is expected to be CNY 718 million, CNY 579 million, and CNY 789 million, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41% respectively, with corresponding PE ratios of 9x, 11x, and 8x [1]

Core Viewpoint - Northeast Securities initiates coverage of Guangdong-Hong Kong Bay Holdings (01396.HK) with a "Buy" rating, highlighting the company's strategic shift towards becoming a digital ecosystem operator through the acquisition of TianDun Data, a leading computing power enterprise [1] Group 1: Company Overview - Guangdong-Hong Kong Bay Holdings was listed on the Hong Kong Stock Exchange on October 31, 2013, and emphasizes long-termism while strengthening its industrial foundation and enhancing technological empowerment [1] - The company plans to implement a dual-driven business development strategy focusing on infrastructure and AI following the acquisition of TianDun Data on October 23, 2025 [1] Group 2: Strategic Acquisition - The acquisition of TianDun Data aligns with the company's capabilities in urban development, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing infrastructure [1] - This strategic move is expected to fundamentally change the profitability logic of traditional industry operations [1] Group 3: Growth Potential - The integration of high-value B-end resources from major cloud service providers and leading AI companies into TianDun Data's client base opens new growth avenues for Guangdong-Hong Kong Bay Holdings [1] - The acquisition is anticipated to reconstruct capital logic, creating a dual-driven model of "industrial operation asset securitization + computing power operation revenue," which will reshape the company's valuation [1]

Core Viewpoint - Northeast Securities initiates a "Buy" rating for Guangdong-Hong Kong Bay Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban-rural ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban-rural ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1] Group 2: Major Asset Acquisition - On October 23, the company announced the completion of the acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company completing a USD 440 million debt-to-equity swap on May 7, 2025, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company [4] - The company aims to establish a diversified income structure through AI computing services, energy management revenues, and computing space operation income, significantly enhancing its risk resistance and profitability resilience [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively [5] - Corresponding price-to-earnings ratios are expected to be 9x, 11x, and 8x, with a first-time coverage and a "Buy" rating recommended [5]

Core Viewpoint - Northeast Securities has initiated a "buy" rating for Guangdong-Hong Kong-Macau Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban and industrial ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macau Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban and industrial ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1][2] Group 2: Major Acquisition - On October 23, the company announced the completion of its acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company achieving a 98.33% approval rate for a USD 440 million debt-to-equity swap, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company, enhancing its revenue structure and resilience against risks [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively, with corresponding P/E ratios of 9x, 11x, and 8x [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].