HUATIE(603300) 长江证券·2025-04-24 23:30Investment 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].