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Core Viewpoint - Hainan Huatie has announced its first share buyback plan after a change of ownership, indicating stable operational performance and a strategic shift towards the computing power sector. Group 1: Share Buyback Plan - Hainan Huatie plans to repurchase shares worth between 200 million to 300 million yuan, with a maximum buyback price of 15.95 yuan per share [1] - The estimated number of shares to be repurchased ranges from approximately 12.54 million to 18.81 million shares, accounting for 0.63% to 0.95% of the total share capital [1][2] - The repurchased shares will be used for employee stock ownership plans or equity incentives, with any unutilized shares to be canceled after 36 months [1] Group 2: Financial Performance - As of March 31, 2025, Hainan Huatie's total assets were 23.822 billion yuan, with net assets of 6.595 billion yuan and current assets of 5.785 billion yuan [2] - If the maximum buyback amount of 300 million yuan is fully utilized, it would represent 1.26% of total assets, 4.55% of net assets, and 5.19% of current assets, indicating a relatively low impact on the company's financials [2] - From 2019 to 2023, Hainan Huatie's revenue grew from 1.154 billion yuan to 4.444 billion yuan, and net profit increased from 276 million yuan to 801 million yuan, reflecting growth rates of nearly 300% and 190% respectively [2] Group 3: Recent Financial Results - In 2024, Hainan Huatie reported revenue of 5.171 billion yuan, a year-on-year increase of 16.38%, while net profit decreased by 24.49% to 605 million yuan [3] - For the first quarter of 2025, the company achieved revenue of 1.288 billion yuan, up 16.58% year-on-year, and net profit of 191 million yuan, an increase of 21.72% [4] - The company's cash flow from operating activities was 780 million yuan, a year-on-year increase of 17.03%, with cash and cash equivalents rising by 578.25% to 395 million yuan [4]

2025 年 04 月 28 日 海南自贸港：面对全球贸易变局的 一张王牌 ——海南主题组合报告 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 王雪蓉 A0230523070003 wangxr@swsresearch.com 联系人 相关研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 A 股 策 略 - ⚫ "对等关税"扰动全球贸易格局，海南自贸港将迎来前所未有的战略机遇！2018 年，在海南经济特区成立 30 周年之际，面对保护主义、单边主义抬头的国际格局，党中央着眼国内国际两个大局，制定了海南全岛推 进中国特色自由贸易港建设这一重大战略决策。2025 年 4 月 2 日，美国单边推出所谓"对等关税"，为海南 带来 ...

Core Viewpoint - Hainan Huatie's financial performance for 2024 and Q1 2025 meets expectations, with a revenue increase of 16.4% year-on-year, but a decline in net profit due to competitive pressures in the high-altitude work platform sector [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 5.17 billion yuan, a year-on-year increase of 16.4%, and a net profit attributable to shareholders of 600 million yuan, a year-on-year decrease of 24.5% [1] - For Q1 2025, the company reported a net profit of 190 million yuan, a year-on-year increase of 21.7% [1] - The revenue breakdown shows that high-altitude work platform business generated 3.94 billion yuan, a year-on-year increase of 26.9%, while construction support equipment revenue was 1.13 billion yuan, a year-on-year decrease of 13.7% [1] Group 2: Operational Metrics - The company’s equipment inventory reached 168,000 units by the end of 2024, with an addition of 47,000 units compared to 2023, achieving a market share of 27.9%, an increase of 4.8 percentage points year-on-year [2] - The rental rate for 2024 was 81.67%, a year-on-year decrease of 3.64 percentage points, indicating pressure on demand but still maintaining industry-leading asset management efficiency [2] Group 3: Business Development - The company expanded its offline channels to 370 locations by the end of 2024, with 96 new outlets, and established a presence in South Korea with nearly 600 units of equipment [3] - Online business channels generated 1.7 billion yuan in revenue, a year-on-year increase of 29%, with 30,300 effective orders [3] - The company is exploring a multi-category operational strategy, focusing on forklifts and heavy-duty drones, with forklift rental rates increasing from 8% to 84% [3] Group 4: Growth Opportunities - The company has accelerated its computing power leasing business, signing service contracts worth 6.67 billion yuan by March 2025, with asset delivery exceeding 900 million yuan [4] - The computing power service contracts are billed monthly, and significant revenue growth is expected in the second half of 2025 as order deliveries accelerate [4] - Projected net profits for 2025-2027 are 840 million yuan, 990 million yuan, and 1.12 billion yuan, representing year-on-year growth rates of 39%, 18%, and 13% respectively [4]