HUATIE(603300) 天风证券·2025-04-22 09:46Investment 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]