Northeast Securities: First to “buy” rating transformation into a “digital ecosystem operator” for Guangdong Harbour Holdings (01396)
The Zhitong Finance App learned that Northeast Securities released a research report stating that it first gave Guangdong Harbour Holdings (01396) a “buy” rating, and that it successfully entered the AI intelligent computing circuit through the acquisition, achieving a strategic upgrade from a traditional real estate agent to a “digital ecosystem operator.” The company is expected to create a diversified revenue structure and reshape valuation by using the green energy intelligent calculation model of the new business and collaborating with the resources of the original industrial city.
The main views of Northeast Securities are as follows:
The company is a new type of “industry-city ecological service provider” that is deeply involved in the Guangdong-Hong Kong-Macao Greater Bay Area
Guangdong-Hong Kong Bay Holdings Co., Ltd. is one of the top 100 real estate stars in the country. It focuses on the Guangdong-Hong Kong-Macao Greater Bay Area, using the Greater Bay Area as a highland of strategic value to develop residential and urban renewal projects. In recent years, the company has continued to promote the strategic transformation from a traditional real estate developer to an “industrial and urban ecological service provider”. On October 23, 2025, through a major merger and acquisition, the company transformed idle plant and land resources into a high-performance intelligent computing center to achieve a strategic upgrade from a “physical space builder” to a “digital ecosystem operator”.
Complete major asset acquisitions and strategically enter the AI and green energy intelligent computing circuit
On October 23, Guangdong Harbour Holdings announced that it had completed the acquisition of Wisdom Knight Holdings Limited, with a total price of HK$977 million. The domestic entity controlled by Wisdom Knight Holdings Limited (Shenzhen Tiandun Data Technology Co., Ltd.) is a first-tier intelligent computing construction operator in China. It is one of the earliest domestic enterprises to lay out a national standard A-level third-party data center. It is a supplier of “Green Energy Intelligent Computing” full life cycle services, providing AI intelligent computing full life cycle services.
Traditional businesses are boosted, and new businesses are expected to continue to grow
On May 7, 2025, Guangdong-Hong Kong Bay Holdings completed a debt-for-equity swap plan of US$440 million with a high approval rate of 98.33%, becoming the first domestic housing stock company to pay off almost all of its foreign dollar bonds. The interest-bearing debt ratio was reduced from 45% to 7%, and the traditional industrial and urban business was no longer a burden but a boost. The dual main business development model of Tiantun Data's “multi-source derivative computing power service+AIDC construction and operation” has been commercialized and verified, and its AI intelligent computing center business model has improved operational efficiency and profitability.
Upgrading the “Industry-City Ecology” strategy, promoting resource complementarity and capital logic restructuring, and opening up a new growth curve
The “green energy intelligent calculation” model deeply cultivated by Tientun Data forms a perfect fit with the company's accumulated industrial and urban development capabilities, transforming idle plants and land resources into high-performance intelligent computing centers and AI computing power infrastructure, completely changing the profit logic of traditional industrial operations. Furthermore, the injection of high-value B-side resources such as large cloud service providers and leading AI companies among Tiantun Data customers has opened up a new growth curve for Guangdong-Hong Kong Bay. By building diversified revenue structures such as AI computing power services, energy management revenue, and intelligent computing space operating income, the resilience to risk and profit resilience of enterprises has been significantly enhanced. Mergers and acquisitions drive the restructuring of capital logic and create a two-wheel drive model of “securitization of industrial operating assets+computing power operating income”, and the company's valuation will be reshaped.
Profit prediction & investment advice
It is estimated that in 2025-2027, the company's net profit to mother will be 718/579/789 million yuan, with year-on-year increases of +139.13%/-19.41%/+36.41%, respectively. The corresponding PE is 9x/11x/8x, respectively, covered for the first time, giving a “buy” rating.
Risk Alerts
Orders fall short of expectations; computing power and capital expenditure fall short of expectations; risk of falling rents; performance forecasts and valuation judgments fall short of expectations.