According to the Guosheng Securities Research Report, Hongjing Technology has relied on the long-term accumulation of the smart city business to transform into a computing power service business, and has now entered a stage of high growth. As demand for computing power continues to be released, the computing power service business will enter a period of rapid growth, and the share of revenue from computing power operation services is constantly increasing. Business revenue is skewed towards continuous operation services, and profit quality is expected to improve simultaneously. We estimate that in 2026-2028, the company's revenue will be 37.61/71.49/10.540 billion yuan, respectively, and net profit to mother will be 4.94/11.06/1.707 billion yuan, respectively. Judging from the valuation results, the company's 2027 and 2028 PE is slightly lower than the average of comparable companies. Considering that the company's business has basically completed transformation, the computing power business order reserves are abundant, and the computing power service industry is in a booming stage, future revenue delivery is highly certain. Coverage for the first time gave it a “buy” rating.

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