Summary of the Conference Call Company and Industry - The conference call involved **DataPort**, a company in the **IDC (Internet Data Center)** industry, known for its long-term partnerships with major internet companies and rapid expansion since its IPO [2][3]. Key Points and Arguments 1. **Financial Performance**: - DataPort's revenue continues to grow, driven by natural business growth and one-time billing increases from contracts with 24 clients [3]. - Q4 showed significant revenue but lower profits due to an asset impairment of 80 million, attributed to a downturn in the leasing business [4]. - The company maintains a healthy balance sheet with a debt-to-asset ratio around 55% and sufficient cash reserves [4]. 2. **Project Pipeline and Capacity**: - Current capacity stands at 371 MW, with limited growth expected in 2025 and 2026 due to a lack of confirmed projects [5]. - The company is actively seeking new projects, particularly those over 50 MW, to enhance future growth [6]. 3. **Capital Expenditure (Capex)**: - Capex is expected to increase slightly due to ongoing projects, but overall growth in expenditure will be modest as many projects are already underway [7]. 4. **Profit Margins**: - The gross margin improved from 29% in 2023 to approximately 31% in 2024, primarily due to increased revenue from new contracts [8]. - Future margins may stabilize around 30%, but could decline if project costs rise significantly [9]. 5. **Tax Implications**: - Increased profits have led to higher income tax obligations, influenced by local government requirements for corporate contributions [10]. 6. **Market Demand**: - Demand from internet companies is uncertain, with expectations for growth tempered by previous overestimations [11]. - The company is observing a shift in demand dynamics, particularly in AI-related computing needs, although it does not currently engage in this segment [12]. 7. **Client Relationships**: - New contracts are being signed with major internet firms, although specific client identities are confidential [13]. - The company is cautious about project approvals and timelines, especially for larger investments that require extensive regulatory processes [19]. 8. **Future Directions**: - DataPort is exploring new business avenues, including potential investments in green energy solutions, but no immediate plans are in place due to cost concerns [20]. Other Important Content - The company emphasizes the importance of maintaining a stable dividend policy despite potential adjustments in capital allocation [11]. - The management is aware of the competitive landscape and is actively seeking to secure prime locations for future data centers [14]. - The call concluded with a note on the importance of confidentiality regarding client contracts and project details [21]. This summary encapsulates the critical insights from the conference call, highlighting DataPort's current financial health, strategic direction, and market challenges.

本次会议为天风政策研究所闭门会议,仅限受邀嘉宾参会,未经天风政策研究所和演讲嘉宾书面许可。 任何机构和个人不得任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为天峰证券研究所保留追究相关方法律责任的权利好的谢谢会议秘书各位投资者朋友大家晚上好我是天峰通信首席王一红 欢迎大家来参加数据港的年报解读电话会议今天我们也是非常荣幸邀请到了公司的董秘易排总来跟我们做这个解读和交流那么今天这个电话会议的话是由我和我们组的这个洪浩共同主持那么今天这个电话会的话是分为三个环节 然后第一个环节是我简单的汇报一下我们的一个观点然后第二个环节是由公司来跟大家做分享和交流最后的话会有这个请问互动环节那么我这边的话主要简单是分享三个点那么第一个点的话就是 大家也知道我们在去年12月18号就在最底部发布了数据杆的深度报告然后做了我们想持续坚定的一轮的推荐因为当时的时候是看到我们讲数据杆的一个位置比较低EVB打那时候在启动的时候其实是在10倍不到的EVB打的一个 估值而且当时时候的预期差是在整个市场都在关注字节的一个资本开支的时候我们明确的提出来就是说字节的这种豆包的一个免疫效应一定会去驱动BAT后续的一个资本 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained) [4] Core Insights - Domestic computing power demand is surging, with a focus on computing power leasing and AI infrastructure investment opportunities [1][3] - The scale of domestic intelligent computing power is expected to grow significantly, from 259.9 EFLOPS in 2022 to 1117.4 EFLOPS by 2027, representing a compound annual growth rate (CAGR) of 33.9% [1][14] - The "East Data West Computing" project is accelerating the nationwide layout of computing power networks, with over 250 intelligent computing centers built or under construction as of mid-2024 [1][17] Summary by Sections 1. AI Applications Driving Demand for Computing Facilities - The demand for AI servers is rapidly increasing, with the market size expected to grow from 14.9 billion RMB in 2020 to 143.3 billion RMB by 2028 [10][14] - The cloud computing market reached 616.5 billion RMB in 2023, with a year-on-year growth of 35.5% [10] - Major cloud service providers hold 71.5% of the public cloud market share in China [10] 2. Scarcity of High-End Computing Resources and High Returns from Leasing - Computing power leasing is driven by a shortage of intelligent computing resources, particularly AI chips like GPUs [2][29] - A server equipped with 8 H100 GPUs can yield a net profit margin of 32% to 37% over five years, with a payback period of around three years [2][33] - Recommended stocks in the computing power leasing sector include Hainan Huatie and Gan Consulting, with a focus on investment opportunities in AI infrastructure [2][40] 3. Surge in Demand for Intelligent Computing Centers - The investment scale in the intelligent computing center sector reached 87.9 billion RMB in 2023, a year-on-year increase of over 90% [3][42] - The market size for intelligent computing centers is projected to exceed 288.6 billion RMB by 2028, with a CAGR of 26.8% from 2023 to 2028 [3][42] - The operational model of data centers is primarily divided into retail and wholesale types, with significant investments in AI-driven data centers [3][45]

昨天（4月2日），"扬帆丝路新征程·智绘发展新蓝图"全球业务合作暨国际数据港建设研讨会在苏 州工业园区举行。 园区作为全国首批自贸试验区、国家级开发区、跨境数据流动安全管理试点城市，依托人工智能、 智能网联汽车、生物医药等产业集群，构建了以数据治理、流通、应用为核心的产业生态。国际数据港 的建设不仅是城市转型的迫切需求，更是"数字中国"战略在长三角落地的重要支点。 作为苏州国际数据港建设运营单位，新建元数科以阳澄数谷为核心承载区，聚焦数字贸易核心领域 与数据跨境流通关键环节，创新建设离岸数据专区，围绕四位一体数据支撑体系及3项协同机制，建设 新建元智算中心、国际数据通信网络、星火·链网（骨干节点）、统一大模型数据底座等一批高质量基 础设施，打造"苏数通"数据跨境公共服务平台、园区跨境电商服务平台、园区数据要素流通平台等一批 高效能服务平台，并同步推进国内外生态营造、企业出海服务保障等举措，推动更高水平对外开放，助 力企业扬帆远航。 中国电信集团数据要素产品孵化中心（苏州）正式揭牌。该中心的成立是落实双方战略合作的重要 举措，将聚焦多场景数据要素产品孵化，助力数字经济发展迈向新台阶。 本次研讨会吸引来自亚太、欧 ...

股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 34.84 | | --- | --- | | 52 周股价波动（元） | 11.75-44.41 | | 总股本/流通 A 股（百万股） | 599/599 | | 总市值/流通市值（百万元） | 20857/20857 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -21.27% 19.73% 60.73% 101.73% 142.73% 183.73% 2024/4 2024/7 2024/10 2025/1 数据港 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -1.6 | 66.1 | 68.3 | | --- | --- | --- | --- | | 相对涨幅（%） | -2.2 | 63.5 | 70.0 | | 资料来源：海通证券研究所 | | | | | 分析师:余伟民 | | --- | | Tel:(010)50949926 | | Email:ywm11574@haitong.com | | 证书:S0850517090006 | | 分析师:杨彤昕 ...

Core Viewpoint - The company is a leading IDC service provider in China, deeply integrated with major internet clients, and is expected to benefit from the growing demand for computing power driven by AI advancements and infrastructure investments by internet giants [1][3]. Group 1: Financial Performance - In 2024, the company's revenue is projected to reach 1.721 billion yuan, representing a year-on-year increase of 11.57%, with an EBITDA of 1.055 billion yuan, up 0.30% year-on-year, and an EBITDA margin of 61.3%, down 6.9 percentage points [1]. - The company's gross profit margin is 31.00%, an increase of 2.02 percentage points year-on-year, with a net profit attributable to shareholders of 132 million yuan, up 7.49% year-on-year [1]. - For Q4 2024, revenue is expected to be 538 million yuan, a year-on-year increase of 26.02%, with an EBITDA of 266 million yuan, down 2% year-on-year, and an EBITDA margin of 49.45%, down 14.1 percentage points [1]. Group 2: Client Structure and Market Position - The top five clients contributed 1.693 billion yuan to the company's revenue, accounting for 98.38% of total revenue, indicating a highly concentrated client structure [1]. - Revenue from a major internet company and its controlled enterprises accounts for 98.01% of the company's main business revenue, highlighting the company's close ties with internet firms [1]. Group 3: IDC Business Growth and Projects - The company's IDC business primarily focuses on wholesale data center services, with a total of 35 data centers operational across key regions in China, maintaining a total operational power capacity of 371 MW, equivalent to approximately 74,200 standard cabinets [2]. - The company anticipates IDC service revenue of 1.710 billion yuan in 2024, a year-on-year increase of 12.12%, driven by an increase in the rack utilization rate [2]. - The ongoing Langfang project is expected to bring additional growth, with orders from internet clients already secured [2]. Group 4: Industry Trends and AI Development - The domestic internet sector is entering a phase of rapid capital expenditure growth for computing power, with Alibaba planning to invest more in cloud and AI infrastructure over the next three years than in the past decade [3]. - The emergence of AI applications is accelerating demand for computing resources, with new models like DeepSeek-R1 showing significant performance improvements and cost efficiency compared to existing models [3][4]. - The development of AI capabilities, including new models from Alibaba and other companies, is expected to further drive the demand for IDC resources, benefiting IDC service providers [4]. Group 5: Expense Ratios and Future Projections - The company's expense ratios for sales, management, finance, and R&D are projected to be 0.25%, 4.34%, 5.75%, and 5.09% respectively for 2024, with slight year-on-year changes [5]. - Revenue forecasts for 2025-2027 are 1.810 billion yuan, 1.999 billion yuan, and 2.160 billion yuan, with net profits of 153 million yuan, 187 million yuan, and 206 million yuan respectively [5].

Summary of Data Port Conference Call Company Overview - **Company**: Data Port - **Year**: 2024 - **Revenue**: 1.72 billion (17.2亿元), up 11.57% YoY [2][4] - **Profit**: 132 million (1.32亿元), up 7.49% YoY [2][4] - **Net Profit (Excluding Non-recurring Items)**: 127 million (1.27亿元), up 27% YoY [2][4] - **Data Center Capacity**: 371 MW, primarily 8,000 W cabinets [2][4] - **Customer Concentration**: Single customer accounts for 98% of revenue [2][4] Key Business Insights - **2025 Business Expansion Focus**: - Mergers and acquisitions of existing projects [5] - Purchase of land with completed energy consumption management [5] - Self-acquisition of land and application for energy evaluation and power filing [5] - **Financial Position**: Cash and trading financial assets around 1.6 to 1.7 billion (十六七亿元) [6] - **Expected Revenue from Langfang Project**: Anticipated to generate income in Q4 2025, with costs recognized earlier [6][10] Market Dynamics - **Industry Pricing Trends**: Market prices have been low since November 2022, with expectations of a potential recovery in the second half of 2025 [11] - **Supply and Demand Challenges**: Difficulty in achieving supply-demand balance due to mismatched data [12] - **Energy Consumption and Power Approval**: Tightening since H2 2021, with core cities still facing challenges [13] Operational Insights - **Current Project Utilization**: Average project utilization rate over 80%, meeting expectations [8] - **Langfang Project Details**: Pricing aligns with market averages, delivery schedule consistent with market standards [9] - **IRR Expectations**: Langfang project IRR initially expected at 10%, but industry conditions have led to a decline [11] Future Strategic Directions - **Focus on Wholesale Business**: Emphasis on large clients and bulk orders to achieve scale [15] - **Exploration of Computing and Intelligent Computing**: Plans to develop computing power leasing and related services [15] - **AI Data Center Conversion**: Challenges in converting old data centers to AI centers, with wholesale data centers being easier to modify [16] Emerging Trends - **Customer Demand Changes**: Increased scale and faster delivery requirements, with more dispersed bidding projects [19][20] - **Liquid Cooling Technology**: Adoption depends on necessity; usage varies by region [24] - **Domestic Equipment Utilization**: Shift towards domestic equipment for diesel generators, indicating a trend towards local alternatives [25] Conclusion - **Overall Performance**: Data Port shows solid growth in revenue and profit, with strategic plans for expansion and adaptation to market conditions. The focus on large clients and new technologies positions the company for future opportunities despite current market challenges.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [5]. Core Insights - The company achieved a revenue of 1.721 billion yuan in 2024, representing a year-on-year growth of 11.57%. The net profit attributable to the parent company was 132 million yuan, up 7.49% year-on-year, with a non-recurring profit growth of 27.81% [1]. - In Q4 2024, the company reported a revenue of 538 million yuan, marking a year-on-year increase of 26.02% and a quarter-on-quarter increase of 33.08%. The net profit for the quarter was 27 million yuan, up 27.02% year-on-year [1]. - The company plans to distribute a cash dividend of 26 million yuan (before tax), which, along with the interim dividend, totals 40 million yuan for the year, accounting for 30.34% of the net profit attributable to the parent company [1]. IDC Service Performance - The IDC service revenue reached 1.710 billion yuan in 2024, growing by 12.12% year-on-year, with a gross margin of 32.12%. The first half of 2024 saw revenue of 770 million yuan with a gross margin of 27.27%, while the second half achieved 940 million yuan, a quarter-on-quarter growth of 22.2%, and a gross margin of 36.10% [2]. - The company has successfully energized its data center cabinets, contributing to steady revenue growth. The Langfang project has secured orders from internet clients, with the external power supply portion completed by December 2024 [2]. Operational Quality Improvement - Sales expenses increased to 4 million yuan in 2024, a rise of 68.55% due to business expansion and increased sales channel development. Management expenses reached 75 million yuan, up 8.60%, with a decrease in management expense ratio compared to 2023. Financial expenses decreased by 25.07% to 99 million yuan [3]. - Asset impairment losses amounted to 81 million yuan, an increase of 132.91% year-on-year, primarily due to fixed asset and goodwill impairment provisions [3]. Investment Recommendations and Profit Forecast - In the short term, the company is expected to maintain stable revenue growth following a rapid expansion phase in fixed assets during 2021 and 2022. The increase in cabinet utilization rates and overall operational quality improvement supports short-term profitability [4]. - For the medium to long term, the company emphasizes R&D investment and has ample cash reserves, indicating positive future prospects. The projected net profits for 2025, 2026, and 2027 are 154 million yuan, 178 million yuan, and 203 million yuan, respectively, maintaining the "Buy" rating [4].

重要内容提示： — 1 — 被担保人名称：项目融资被担保人为廊坊市京云科技有限公司（以下简 称"廊坊京云"）、张北数据港信息科技有限公司（以下简称"张北数 据港"），均为上海数据港股份有限公司（以下简称"数据港"或"公 司"）全资子公司。并拟代全资子公司开具保函，全资子公司范围包括 目前已成立的纳入合并范围内的全资子公司，以及在担保额度有效期内 新成立的或新纳入合并报表范围内的全资子公司。 本次担保金额及已实际为其提供的担保余额：公司拟对下属全资子公司 项目融资提供总额不超过 128,000 万元的担保额度。其中，廊坊京云不 超过人民币 88,000 万元，张北数据港不超过人民币 40,000 万元。此外， 公司拟代全资子公司向银行申请开具保函，保函合计金额不超过 5,000 万元。截至本公告披露日，公司合计对外担保余额为 66,387.56 万元， 占公司 2024 年末经审计净资产值 20.59%，其中已分别为廊坊京云、张 北数据港提供的担保余额为 0 万元、34,618.58 万元。 本次担保不存在反担保。 截至本公告日，公司无对外担保逾期情况。 本次担保预计事项尚需提交公司股东大会审议批准。 特别风险 ...

上海数据港股份有限公司（以下简称"公司""本公司""数据港"）于 2025 年 3 月 20 日召开的第四届董事会第四次会议、第四届监事会第四次会议分别审 议通过了《关于 2024 年度计提资产减值准备的议案》（以下简称"本次计提资产 减值准备"）。现将有关情况公告如下： 一、本次计提资产减值准备情况概述 为了更加客观、公正地反映公司（即本公司及控股子公司/单位，下同）截 至 2024 年 12 月 31 日的财务状况和资产价值，根据中华人民共和国财政部（以 下简称"财政部"）《企业会计准则第 8 号——资产减值》、中国证券监督管理委 员会（以下简称"中国证监会"）《会计监管风险提示第 8 号——商誉减值》及本 公司会计政策等相关规定，结合实际经营情况和资产现状，本公司定期对资产进 行评估及减值测试。 本着谨慎性原则，公司拟对其中存在减值迹象的相关资产计提减值准备， 2024 年度计提各项资产减值准备共计 8,142.50 万元，详见下表: 单位：人民币 万元 证券代码：603881 股票简称：数据港 公告编号：2025-013 号 上海数据港股份有限公司 关于 2024 年度计提资产减值准备的公告 本公司董 ...