2025 年 04 月 30 日 完成国企身份华力转变，AI 算力租赁再乘东风 —海南华铁（603300.SH）公司事件点评报告 买入(首次) 事件 | 分析师：高永豪 | S1050524120001 | | --- | --- | | gaoyh7@cfsc.com.cn | | | 联系人：何鹏程 | S1050123080008 | | hepc@cfsc.com.cn | | | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 11.25 | | 总市值（亿元） | 224 | | 总股本（百万股） | 1990 | | 流通股本（百万股） | 1990 | | 52 周价格范围（元） | 4.16-12.83 | | 日均成交额（百万元） | 1020.45 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 海南华铁 沪深300 相关研究 公司发布 2024 年年报以及 2025 年一季报：2024 年全年实现 营业收入 51.71 亿元，同比提升 16.38%；归母净利润 6.05 亿元，同比下降 24.49%； ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 30 日 (二)股东大会召开的地点：公司会议室 证券代码：603300 证券简称：海南华铁 公告编号：2025-036 浙江海控南科华铁数智科技股份有限公司 2025年第二次临时股东大会决议公告 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 3,583 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 558,743,118 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 28.1858 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，董事长张祺奥先生主持，采取现场投票与网络 投票相结合的表决方式。会议的召集、召开程序、出席会议人员的资格、会议的 表决方式和程序 ...

2025 年第二次临时股东大会 之 国浩律师（杭州）事务所 关 于 浙江海控南科华铁数智科技股份有限公司 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会之 法律意见书 致：浙江海控南科华铁数智科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江海控南科华铁数智 技股份有限公司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第二 次 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：海南华铁大黄蜂建筑机械设备有限公司（以下简称"华 铁大黄蜂"）、浙江吉通地空建筑科技有限公司（以下简称"浙江吉通"）、 浙江海控南科华铁数智科技股份有限公司（以下简称"海南华铁"或"公司"） 担保人名称：海南华铁、浙江大黄蜂建筑机械设备有限公司（以下简称 "浙江大黄蜂"）、浙江华铁宇硕建筑支护设备有限公司（以下简称"华铁宇硕"） 一、担保情况概述 公司分别于 2024 年 4 月 15 日、2024 年 5 月 6 日召开第四届董事会第五十 五次会议和 2023 年年度股东大会，审议通过了《关于 2024 年度担保额度预计 的议案》，同意 2024 年度公司对子公司提供总计不超过人民币 198,000 万元的 担保额度，子公司对子公司提供总计不超过人民币 46,000 万元的担保额度。具 体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《浙江华铁 应急设备科技股份有限公司关于 2024 年度担保额度预计的公告》（公告编号： 临 ...

2025 年 4 月 26 日 公司研究 业绩基本符合预期，算力业务值得期待 ——海南华铁（603300.SH）跟踪研究之三十 要点 事件：公司发布 24 年年报及 25 年一季报，24 年实现营收/归母净利/扣非归母 净利 51.7/6.0/5.6 亿元，同比+16.4%/-24.5%/-14.7%；24 年经营活动产生的现 金流量净额 28.4 亿元，同比+46.1%。业绩基本符合预期。25Q1 实现营收/归母 净利/扣非归母净利 12.9/1.9/1.7 亿元，同比+16.6%/+21.7%/+7.1%，经营活动 产生的现金流量净额 7.8 亿元，同比+17.0%。 高机主业持续增长，算力开始贡献利润。24 年高机租赁实现营收 39.4 亿，同比 +26.9%，毛利率 44.4%，同比-1.2pcts，毛利率下降主要系行业租金下滑；算 力设备服务实现收入 0.12 亿，毛利率达 61.4%；建筑支护实现收入 11.3 亿，同 比-13.7%，毛利率 42.7%，同比-7.1pcts。公司线下网络持续完善，24 年末全 国网点达到 370 个，同比增长 35.0%；各类设备管理规模达 16.81 万台（其 ...

浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 二〇二五年四月 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议资料 浙江海控南科华铁数智科技股份有限公司 2025 年第二次临时股东大会会议议程 现场会议时间：2025 年 4 月 30 日下午 14:30； 网络投票时间：2025 年 4 月 30 日。 采用上海证券交易所网络投票系统，通过交易系统投票平台的 投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30- 11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大 会召开当日的 9:15-15:00。 现场会议地点：公司会议室 会议议程： 1、宣布会议开始 4、推选计票人、监票人 5、宣读、审议议案 | 序号 | 议案名称 | | | --- | --- | --- | | 1 | 《关于公司 | 2025 年度向金融机构申请综合授信额度的议案》 | | 2 | 《关于 2025 | 年度担保额度预计的议案》 | 6、股东发言及公司董事 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 5.171 billion yuan in 2024, representing a year-on-year growth of 16.38%. However, the net profit attributable to shareholders decreased by 24.49% to 605 million yuan. The adjusted net profit after excluding non-recurring items was 558 million yuan, down 14.68% year-on-year. In Q1 2025, the company reported a revenue of 1.288 billion yuan, up 16.58% year-on-year, with a net profit of 191 million yuan, an increase of 21.72% [2][8]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 5.171 billion yuan, with a net profit of 605 million yuan, down 24.49% year-on-year. The adjusted net profit was 558 million yuan, a decrease of 14.68%. For Q1 2025, revenue reached 1.288 billion yuan, up 16.58%, and net profit was 191 million yuan, an increase of 21.72% [2][8]. Business Development - The company’s equipment scale drove revenue growth in 2024, with a total of 370 outlets nationwide, a year-on-year increase of 35.04%. The management scale of various equipment reached 168,100 units, up 38.82%. The rental rate for aerial work platforms was 81.67% in 2024, with a price increase policy implemented since October 2024 [15]. Profitability and Margins - The overall gross margin for 2024 was 43.17%, a decline of 3.34 percentage points year-on-year. The company’s expense ratio increased to 27.79%, up 1.97 percentage points. In Q1 2025, the gross margin was 42.76%, with an expense ratio of 29.13%, reflecting a slight increase [15]. Strategic Initiatives - The company signed contracts for computing power services amounting to 6.67 billion yuan by the end of March 2025, with over 900 million yuan in asset delivery. Strategic partnerships were established with key players in the computing power industry, enhancing the company’s capabilities in this sector [15]. Future Outlook - The company is expected to achieve revenues of 800 million yuan, 1.05 billion yuan, and 1.31 billion yuan from 2025 to 2027, with corresponding valuations of 26.66, 20.49, and 16.35 times [15].

Investment Rating - The investment rating for Hainan Huatie is "Buy" (maintained) [2] Core Views - The company reported a turning point in performance in Q1 2025, with expectations for revenue from computing power leasing to contribute positively to earnings [5] - The company achieved a revenue of 5.171 billion yuan in 2024, a year-on-year increase of 16.4%, while the net profit attributable to shareholders was 605 million yuan, a year-on-year decrease of 24.5% [5] - In Q1 2025, the company reported a revenue of 1.288 billion yuan, a year-on-year increase of 16.6%, and a net profit of 191 million yuan, a year-on-year increase of 21.7% [5] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 5.927 billion yuan, with a year-on-year growth rate of 14.6% [6] - The net profit forecast for 2025 is 1.096 billion yuan, with a year-on-year growth rate of 81.3% [6] - The company’s gross margin is expected to be 43.4% in 2025, with a return on equity (ROE) of 15.4% [6] - The company has a significant backlog of computing power service orders amounting to 6.67 billion yuan, which is expected to enhance future earnings [7] - The company’s financing costs are anticipated to decrease significantly due to its transformation into a state-owned enterprise, improving its credit rating to AA+ [7] Business Segment Analysis - The aerial work platform segment contributed 70% of revenue, with a revenue of 3.94 billion yuan in 2024, a year-on-year increase of 26.9% [7] - The computing power leasing segment generated 12.05 million yuan in revenue, accounting for 0.2% of the main business [7] - The company’s equipment management quantity reached 168,100 units by the end of 2024, a year-on-year increase of 38.8% [7]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie, with a target price not specified [7]. Core Views - The company has shown strong performance in Q1 2025, with revenue of 1.288 billion, a year-on-year increase of 16.58%, and a net profit of 191 million, up 21.72% year-on-year, driven by an increase in asset scale and a 4.18 percentage point rise in aerial work vehicle rental rates [1][2]. - The company is expected to face pressure in 2024 due to a decline in gross profit margins, with projected net profits of 605 million and 558 million for the year, down 24.49% and 14.68% respectively [1]. - The demand for computing power is expanding, and the computing power leasing business is anticipated to become a second growth curve for the company, with signed computing power orders reaching 2.475 billion in 2024 and 4.195 billion in Q1 2025 [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.288 billion, a 16.58% increase year-on-year, and a net profit of 191 million, up 21.72% year-on-year [1]. - For 2024, the company expects revenue of 5.171 billion, a 16.38% increase, but a decline in net profit to 605 million, down 24.49% [6]. - The gross profit margin for 2024 is projected to be 43.2%, a decrease of 3.34 percentage points year-on-year [4]. Market Position - The company has increased its market share, with revenue from aerial work platforms and construction support equipment reaching 3.94 billion and 1.13 billion respectively in 2024, with year-on-year growth of 26.94% and a decline of 13.66% [2]. - The rental rate for aerial vehicles in 2024 is expected to be 81.67%, a decrease of 3.64 percentage points year-on-year [2]. Growth Opportunities - The computing power leasing business is projected to become a significant growth driver, with a total of 6.67 billion in signed orders and 1.159 billion in delivered computing assets [3]. - The company is expanding its product offerings, including forklifts and heavy-duty drones, to enhance its market presence [2]. Cash Flow and Financial Health - The company reported a net operating cash inflow of 2.84 billion in 2024, an increase of 896 million year-on-year, indicating strong cash flow performance [4]. - The net profit margin for Q1 2025 was 15.34%, up 0.82 percentage points year-on-year, reflecting improved profitability [4].

Investment Rating - The investment rating for Hainan Huatie is "Buy" with a target price not specified [7] Core Views - The company has shown strong performance in Q1 2025 with a revenue of 1.288 billion, up 16.58% year-on-year, and a net profit of 191 million, up 21.72% year-on-year, driven by an increase in asset scale and a 4.18 percentage point rise in aerial work vehicle rental rates [1][2] - The company is expected to face pressure in 2025 due to overall downstream demand challenges, leading to a downward revision of profit forecasts for 2025, while the outlook for 2026 and 2027 has been raised due to sufficient orders in hand for computing power [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.17 billion, a year-on-year increase of 16.38%, but net profit decreased by 24.49% to 604.72 million due to pressure on gross margins [1][6] - The gross margin for 2024 was 43.2%, down 3.34 percentage points year-on-year, with Q1 2025 gross margin at 42.8%, down 0.27 percentage points year-on-year [4] - The company reported a net profit margin of 12.15% for 2024, down 6.76 percentage points year-on-year, while Q1 2025 net profit margin improved to 15.34%, up 0.82 percentage points year-on-year [4] Market Position and Growth - The company has been expanding its market share, with aerial work platforms and construction support equipment generating revenues of 3.94 billion and 1.13 billion respectively in 2024, with year-on-year growth of 26.94% and a decline of 13.66% [2] - The company’s fleet of engineering machinery reached 173,200 units by Q1 2025, an increase of 52,100 units from the end of 2023, capturing over 54% of the industry’s incremental growth [2] Computing Power Rental Business - The computing power business generated revenue of 12.005 million in 2024, with a gross margin of 61.4%, and the company signed computing power orders worth 2.475 billion in 2024, with Q1 2025 adding 4.195 billion in new orders [3] - The rapid development of the AI industry is expected to drive continuous expansion in computing power demand, positioning computing power rental as a potential second growth curve for the company [3] Cash Flow and Financial Health - The company reported an operating cash flow of 2.84 billion in 2024, an increase of 896 million year-on-year, indicating strong cash flow performance [4] - The company has an AA+ credit rating and plans to issue bonds worth 1 billion, with a registered amount of 2 billion for medium-term notes and short-term financing, which is expected to further reduce financial costs [4]