HUATIE(603300) 申万宏源证券·2025-04-22 12:41Investment 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]