Incident: On May 21, 2024, the company issued an indicative announcement regarding the transfer of shares of the controlling shareholder and actual controller, proposed changes in control rights and changes in equity. Hu Danfeng, Huatie Hengsheng, Hornet Holdings, and Huang Jianxin transferred a total of 275 million shares of listed companies to Haikong Real Estate Investment Agreement at a price of 7.258 yuan/share, accounting for 14.01% of the total share capital of the listed company, with a total price of 1,997 billion yuan. After the transfer is completed, Haikong Investment will hold 14.01% of the listed company's shares and become the controlling shareholder of the listed company, and the Hainan Provincial State-owned Assets Administration Commission will take actual control of the listed company.
State-owned shares are expected to comprehensively help the company's strategic development and build a leading global equipment operator: Hainan Provincial State-owned Assets Administration Commission, Haikong Investment and its parent company Hainan Holdings will mainly reflect three aspects: 1) The state-owned holding background will enhance the company's creditworthiness, and Hainan Holdings will vigorously promote the financing of listed companies to help the company obtain sustainable and stable financing sources and lower financing costs; 2) Hainan Holdings will give full play to the institutional and policy advantages of the Hainan Free Trade Port, coordinate the resources of its airport sector and regional comprehensive development sector, and develop collaboratively with the company's high-altitude vehicle operating platform and construction support sector. Effectively enhance the company's profitability; 3) Hainan Holdings will focus on supporting the comprehensive development of the company's innovative leasing business and asset-light cooperation, promoting the implementation of the company's asset-light and multi-category strategies, and further enhancing the company's sustainable management capacity and profitability.
It plans to invest 1 billion yuan to develop computing power leasing, and the intelligent computing business is expected to accelerate development after state-owned assets enter: On May 7, 2024, the company announced that it plans to invest 1 billion yuan to develop intelligent computing power business to obtain benefits from GPU-level high-end computing resource leasing and value-added technology services to customers through its subsidiary Cosihan Intelligent Computing. Coxham Intelligent Computing has successively signed strategic cooperation agreements with Wuwen Xinqiong, Kelan Software, etc. The company has now signed 2 contracts with a total amount of about 240 million yuan, and is conducting commercial negotiations with communication operators, state-owned enterprises, etc., which will be gradually implemented in the future.
Furthermore, in December 2023, Hainan Province issued the “Hainan Province's Three-Year Action Plan for Cultivating the Data Element Market (2024-2026)”, which clearly implements actions to improve computing power network infrastructure capabilities: promote the construction of a national cloud resource pool, build a distributed cloud network integrated resource pool, and form a “one network” for computing power throughout the island. Promote the construction of new infrastructure such as data centers, artificial intelligence, and submarine optical cables, and turn Hainan into an international data hub.
Focus on data center construction and accelerate the construction of “dual gigabit” networks represented by gigabit optical networks and 5G. Promote collaboration between data centers, cloud platforms, and networks, and explore the construction of new international data centers.
The two sides are expected to reach strategic collaboration in the computing power leasing business after Hainan's state-owned assets take over, and the company's intelligent computing business is expected to accelerate development.
Profit forecasting, valuation and ratings: Optimistic about improving the financing side after Hainan State-owned Assets enters the market, empowering the development of aerial work platform leasing and computing power leasing businesses, and accelerating the advancement of asset-light strategies. We maintain the 24-26 net profit forecast of 10.04/12.61/1,592 billion yuan, maintaining a “buy” rating.
Risk warning: macroeconomic fluctuations, high-aircraft rental price fluctuations, increased industry competition, and repayment falls short of expectations.