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]

公司是深耕粤港澳大湾区的新型"产城生态服务商" 粤港湾控股有限公司是全国地产百强之星，重点聚焦粤港澳大湾区，以大湾区为战略价值高地，发展住 宅及城市更新项目。近年来，公司持续推动从传统地产开发商向"产城生态服务商"的战略转型。2025年 10月23日，公司通过一宗重大并购，将闲置厂房、土地资源转化为高性能智算中心，实现从"物理空间 建造者"向"数字生态运营商"的战略升级。 完成重大资产收购，战略性切入AI与绿能智算赛道 10月23日，粤港湾控股发布公告称已完成对Wisdom Knight Holdings Limited的收购，总价为9.77亿港 元。Wisdom Knight Holdings Limited控制的国内主体(深圳天顿数据科技有限公司)是中国第一梯队智算 建设运营商，国内最早布局国标A级第三方数据中心的企业之一，是"绿能智算"全生命周期服务的供应 商，提供AI智算全生命周期服务。 传统业务成为助推，新业务有望持续放量 智通财经APP获悉，东北证券发布研报称，首予粤港湾控股(01396)"买入"评级，其通过收购成功切入AI 智算赛道，实现从传统地产商向"数字生态运营商"的战略升级。公司借助新业务 ...

[Table_Info1] 粤港湾控股(01396.HK) 通信 [Table_Title] 证券研究报告 / 港股公司报告 [Table_Summary] 公司是深耕粤港澳大湾区的新型"产城生态服务商"。粤港湾控股有限公 司是全国地产百强之星，重点聚焦粤港澳大湾区，以大湾区为战略价值 高地，发展住宅及城市更新项目。近年来，公司持续推动从传统地产开 发商向"产城生态服务商"的战略转型。2025 年 10 月 23 日，公司通过 一宗重大并购，将闲置厂房、土地资源转化为高性能智算中心，实现从 "物理空间建造者"向"数字生态运营商"的战略升级。 完成重大资产收购，战略性切入 AI 与绿能智算赛道。10 月 23 日，粤港 湾控股发布公告称已完成对 Wisdom Knight Holdings Limited 的收购，总 价为 9.77 亿港元。Wisdom Knight Holdings Limited 控制的国内主体（深 圳天顿数据科技有限公司）是中国第一梯队智算建设运营商，国内最早 布局国标 A 级第三方数据中心的企业之一，是"绿能智算"全生命周期 服务的供应商，提供 AI 智算全生命周期服务。 传统业务成为 ...