证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-18 股票投资评级 买入 |首次覆盖 网宿科技(300017) CDN 龙头，有望受益 AI 产业发展 l 全面聚焦 CDN 及边缘计算，有望受益于 AI 发展 公司成立于 2000 年 1 月，致力于成为全球领先的 IT 基础平台 服务提供商。近年来，公司秉承深耕主业，精细化运营的经营思路进 行战略优化，全面聚焦 CDN 及边缘计算、安全两大核心业务。公司边 缘计算平台 ECP 融合计算、网络、存储等核心能力，让用户在网络边 缘获得快速、智能且安全的体验；网宿安全着力于打造 WAAP 全站防 护体系，SASE 办公安全一体化体系以及综合安全服务体系，满足企业 在线生产和在线办公的体验和安全。4 月 14 日，公司发布《2025 年 限制性股票激励计划（草案）》，拟向 287 名激励对象授予限制性股票 合计 7,338.00万股，占本激励计划公告时公司股本总额的 3.0003%， 授予价格为每股 5.71 元。我们认为，激励计划有助于调动员工的积 极性，确保公司未来发展战略和经营目标的实现。 l 盈利水平良好，积极投入研发开拓新业务 2024 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-18 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 10.68 | | --- | --- | | 总股本/流通股本（亿股）24.46 | / 22.88 | | 总市值/流通市值（亿元）261 | / 244 | | 52 周内最高/最低价 | 15.60 / 6.53 | | 资产负债率(%) | 16.3% | | 市盈率 | 38.14 | | 第一大股东 | 陈宝珍 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 网宿科技(300017) CDN 龙头，有望受益 AI 产业发展 l 全面聚焦 CDN 及边缘计算，有望受益于 AI 发展 公司成立于 2000 年 1 月，致力于成为全球领先的 IT 基础平台 服务提供商。近年来，公司秉承深耕主业，精细化运营的经营思路进 行战略优化，全面聚焦 CDN 及边缘计算 ...

网宿科技（300017.SZ）2024 年年报点评 全球化布局与高毛利海外业务贡献显著 2025 年 04 月 16 日 ➢ 网宿科技发布 2024 年年报。2025 年 4 月 14 日，网宿科技发布 2024 年 年度业绩。全年实现收入 49 亿元，同比增长 4.8%；实现归母净利润 7 亿元，同 比增长 10.0%；实现扣非净利润 5 亿元，同比增长 27.5%。单季度看，4Q24 公 司实现收入 13 亿元，同比增长 11.3%；实现归母净利润 2.5 亿元，同比增长 31.0%，环比增长 86.2%；实现扣非净利润 2.2 亿元，同比增长 90.1%，环比增 长 139.5%。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2024 年继续推进 CDN 及边缘计算、安全两大核心业务。公司在国内市场围绕技术升级和精细化 运营开展工作，深耕核心客户，提升了服务质量，采取了平衡收入和利润的市场 策略。公司进一步发挥国内和海外两个市场联动效应，推动全线产品出海，积极 拓展"一带一路"沿线市场，为全球化业务提供支持。例如，公司升级游戏出海安 全加速解决方案，支持安全加速一体化，为出海游戏企业提供强 ...

网宿科技（300017.SZ）2024 年年报点评 全球化布局与高毛利海外业务贡献显著 2025 年 04 月 16 日 ➢ 网宿科技发布 2024 年年报。2025 年 4 月 14 日，网宿科技发布 2024 年 年度业绩。全年实现收入 49 亿元，同比增长 4.8%；实现归母净利润 7 亿元，同 比增长 10.0%；实现扣非净利润 5 亿元，同比增长 27.5%。单季度看，4Q24 公 司实现收入 13 亿元，同比增长 11.3%；实现归母净利润 2.5 亿元，同比增长 31.0%，环比增长 86.2%；实现扣非净利润 2.2 亿元，同比增长 90.1%，环比增 长 139.5%。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2024 年继续推进 CDN 及边缘计算、安全两大核心业务。公司在国内市场围绕技术升级和精细化 运营开展工作，深耕核心客户，提升了服务质量，采取了平衡收入和利润的市场 策略。公司进一步发挥国内和海外两个市场联动效应，推动全线产品出海，积极 拓展"一带一路"沿线市场，为全球化业务提供支持。例如，公司升级游戏出海安 全加速解决方案，支持安全加速一体化，为出海游戏企业提供强 ...

4月14日晚，网宿科技发布2024年财报。报告期内，网宿科技实现营收49.32亿元，同比增长4.81%，归 母净利润为6.75亿元，同比增长10.02%；扣非后的归母净利润为5.2亿元，同比增长27.46%。 意识到这点后，网宿科技从2015年起便开始进行从CDN到边缘计算的业务革新，逐步将 CDN 节点升级 为具备存储、计算、传输、安全功能的边缘计算节点。目前，网宿科技已经搭建了边缘计算平台 ECP，推出多款边缘计算产品。 21世纪经济报道记者白杨 北京报道 成立于2000年的网宿科技，靠CDN业务起家。此前，作为CDN行业龙头，网宿科技曾连续八年位居 CDN市场份额第一，鼎盛时期更是占据了CDN行业半壁江山。 但是，随着互联网云厂商入局并以价格战围剿CDN市场，网宿科技的业绩曾一度萎靡。然而，经过近 几年的战略转型，网宿科技已经找到新的业务锚点，业绩也开始回升。 目前，网宿科技主要聚焦于CDN 及边缘计算、安全两大核心业务。其中，CDN及边缘计算业务2024年 贡献的营收为45.91亿元，占总营收的比重为93.11%，毛利率为31.93%。 从CDN到边缘计算 CDN的全称是"Content Delive ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.04 RMB [8][9]. Core Views - The company is expected to benefit from the acceleration of AI applications, leading to significant revenue growth in 2025, particularly in its core business areas of CDN, edge computing, and IDC [1][2]. - The company's overseas revenue is projected to grow significantly, contributing to overall profitability, with a notable increase in the revenue share from international markets [4]. - The integration of AI capabilities into product development is enhancing operational efficiency and cost management, which is expected to improve profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 49.32 billion RMB, a year-on-year increase of 4.81%, and a net profit of 6.75 billion RMB, up 10.02% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 13.22 billion RMB, reflecting an 11.26% year-on-year growth, with a net profit of 2.45 billion RMB, up 30.99% year-on-year [1]. Business Segments - The CDN and edge computing business is expected to generate 45.92 billion RMB in revenue for 2024, a 4.93% increase year-on-year, while IDC and liquid cooling business revenue is projected at 2.55 billion RMB, down 4.51% year-on-year [2]. - The gross margin for CDN and edge computing is 31.93%, slightly down by 0.89 percentage points year-on-year, while IDC and liquid cooling have a gross margin of 21.10%, down by 0.30 percentage points [2]. Global Strategy - The company has established a strong global presence with branches in countries like Singapore, South Korea, Japan, the USA, and Malaysia, leading to a 33% year-on-year increase in overseas revenue, which accounted for 57.66% of total revenue in 2024 [4]. Profitability Forecast - The company’s net profit margin improved to 13.61% in 2024, up 0.72 percentage points year-on-year, indicating enhanced profitability driven by overseas market demand [4]. - The profit forecast for 2025-2027 estimates net profits of 7.39 billion RMB, 8.88 billion RMB, and 10.79 billion RMB respectively, reflecting a slight downward adjustment due to competitive pressures [5]. Valuation - The report suggests a valuation based on a price-to-earnings ratio of 83.5x for 2025, leading to a target price of 25.04 RMB, which is an increase from the previous target of 17.61 RMB [5].

看好 AI 驱动下 25 年业绩放量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 计算机应用 | 网宿科技发布年报，2024 年实现营收 49.32 亿元（yoy+4.81%），归母净利 6.75 亿元（yoy+10.02%），扣非净利 5.20 亿元（yoy+27.46%）。其中 Q4 实现营收 13.22 亿元（yoy+11.26%），归母净利 2.45 亿元（yoy+30.99%）。 公司业绩优于我们此前预期，主要由于海外业务收入进展优于预期，24 年 公司海外收入占比 57.66%。我们认为，伴随 AI 应用进入放量周期，25 年 公司"CDN+边缘计算+IDC"核心主业有望加速成长，维持"买入"评级。 AI 产业趋势持续推进，公司有望向高附加值环节渗透 证券研究报告 网宿科技 (300017 CH) 2024 年公司 CDN 及边缘计算业务收入 45.92 亿元，同比+4.93%，毛利率 31.93%，同比-0.89pct；IDC 及液冷业务收入 2.55 亿元，同比-4.51%，毛 利率 21 ...

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.64%。 2025年4月15日，网宿科技(300017.SZ)发布2024年年度报告。截至2025年4月14日，共有309个机构投资 者披露持有网宿科技A股股份，合计持股量达3.12亿股，占网宿科技总股本的12.78%。其中，前十大机 构投资者包括中国工商银行股份有限公司-易方达创业板交易型开放式指数证券投资基金、中国农业银 行股份有限公司-中证500交易型开放式指数证券投资基金、中国建设银行股份有限公司-华安创业板50 交易型开放式指数证券投资基金、香港中央结算有限公司、博时基金-招商银行-西藏信托-晋泽1号单一 资金信托、博时基金-招商银行-长城国融投资管理有限公司、华夏中证5G通信主题ETF、广发创业板 ETF、天弘创业板ETF、工银互联网加股票，前十大机构投资者合计持股比例达7.88%。相较于上一季 度，前十大机构持股比例合计下跌了2.90个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计5个，包括华安创业板50ETF、华夏中证大数据 产业ETF、华宝大数据ETF、南方国证在线消费ETF、易方 ...

Group 1: Macroeconomic Insights - In March 2025, exports increased significantly with a year-on-year growth rate of 12.4%, up from 2.3% in January-February, surpassing Bloomberg's consensus estimate of 4.6% [2] - The trade surplus for March reached $102.6 billion, contributing to a cumulative trade surplus of nearly 2 trillion RMB in the first quarter, which is an increase of approximately 600 billion RMB year-on-year [2] - The estimated contribution of external demand to actual GDP growth is projected to be 2.9 percentage points, potentially pushing the actual GDP year-on-year growth rate to 5% or higher [2] Group 2: Market Trends and Fund Flows - In the A-share market, there was a net outflow of financing funds close to 100 billion RMB last week, but the financing balance stabilized in the latter half of the week, indicating a potential market reversal [3] - The week saw significant inflows into broad-based ETFs, with net inflows reaching a record high since 2018, driven by institutional announcements of increased holdings [3] - The scale of share buybacks and capital increases reached new highs for 2025, indicating strong support for market stabilization [3] Group 3: Real Estate Sector Analysis - In 2024, the overall performance of domestic real estate companies was under pressure, with declines in both sales and land acquisition amounts, but the industry concentration increased, showing resilience among leading firms [12] - The main theme for 2025 is expected to be "steady operation and focus on core business," with a strategy of "sales-driven investment" to revitalize old inventory [12] - There is an anticipated increase in the proportion of operating profits for some real estate companies, alongside a continuous push for product quality upgrades [12] Group 4: Lithium Battery Materials Outlook - In 2024, capital expenditures for most lithium battery material companies declined year-on-year, with significant changes in supply-demand dynamics and profitability [13] - The report forecasts a tightening supply-demand situation for lithium iron phosphate and lithium hexafluorophosphate in the second half of 2025, leading to potential price increases [13] - Companies with cost or technological advantages in the supply chain are expected to see improvements in market share and profitability [13] Group 5: Company-Specific Performance - Shanghai Construction Group reported a revenue of 300.2 billion RMB for 2024, a slight decline of 1.45% year-on-year, but net profit increased by 39.2% [14] - Net profit for Guoyuan Securities reached 2.244 billion RMB in 2024, a year-on-year increase of 20%, driven by a 123% increase in investment income [15] - Net profit for NetEase Technology in 2024 was 675 million RMB, reflecting a 10.02% year-on-year increase, with expectations for accelerated growth in 2025 due to AI applications [15]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]