本报告导读： 通信行业 2025 中期业绩总结 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 2025 年 H1 通信行业整体营收稳健增长、盈利提速。以行业 91 家公司作为样本，整 体实现营收17850.03亿元（同比+10.07%），归母净利润1604.32亿元（同比+11.26%）， 扣非后归母净利润 1490.23 亿元（同比+13.04%）。 投资要点： 盈利提速，算力板块表现亮眼 通信设备及服务 [Table_Industry] 风险提示：中美贸易摩擦影响；行业投资低于预期；需求低于预期。 股票研究 /[Table_Da ...

光环新网 20250912 摘要 AIDC 行业逐步修复改善，华为、寒武纪和海光等公司芯片出货量提升， 字节跳动等巨头重启自建项目，阿里、腾讯等公司也陆续开始洽谈项目， 对 AIDC 行业形成利好。 高性能计算卡（如 H20 和 N1）短期供应不足是当前 AIDC 行业主要挑 战，影响项目确认、交付和上架速度，制约了光环新网等企业机柜上架 速度和订单收入兑现。 光环新网作为国内老牌领军企业，机柜交付量大幅增加，风冷、液冷相 关项目订单持续落地。一旦计算卡供应问题解决，其订单确认和收入将 会加速兑现。 国内 AIGC 行业发展前景广阔，AI 芯片与 AIDC 之间存在线性相关关系， 解决芯片供应问题并形成 AI 应用闭环，将直接拉动产业链需求，字节跳 动等大型科技公司对国内 AI 需求量巨大。 国家对能耗的严格管控影响数据中心行业发展，大部分公司尚未获得新 增能耗指标，市场竞争格局有望改善并提升行业集中度，资源将集中在 八大节点城市。 Q&A 今年第三季度，国内 AIDC 行业的基本面发生了哪些变化？ 光环新网作为国内老牌领军企业，其表现相对稳定。今年上半年其机柜交付量 较往年大幅增加。此外，上游风冷、液冷相关 ...

Core Viewpoint - The company experienced a decline in mid-2025 performance, but the accelerated layout in IDC and computing power business driven by AI presents new growth opportunities [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2] - The non-recurring net profit attributable to shareholders was 112 million yuan, reflecting a year-on-year decline of 53.70% [2] - IDC business revenue decreased by 2.08% year-on-year, with a gross margin dropping to 32.71% [3] - Cloud computing revenue fell by 7.67% year-on-year, with a gross margin of 7.76% [3] Group 2: Business Strategy and Growth - The company is actively expanding its cabinet deployment, with over 72,000 cabinets in operation and 16,000 new cabinets added in the first half of the year [3] - Ongoing projects include the Tianjin Baodi Phase III project, Hohhot computing power base, and other strategic initiatives aimed at enhancing scale and bargaining power [3] - The company has established strategic partnerships with AI firms like Geling Deep Vision, positioning itself to benefit from the growing demand for intelligent computing [3] Group 3: Shareholder Returns - The company has implemented a profit distribution plan for 2024, distributing a cash dividend of 0.60 yuan per 10 shares (tax included) to all shareholders [4] - A "Quality Return Dual Improvement" action plan has been established to enhance long-term investment value [4]

Group 1 - The three major indices opened mixed, with the computer sector showing a strong upward trend, as evidenced by the Computer ETF (159998) rising by 1.73% and trading volume exceeding 30 million yuan [1] - The Computer ETF (159998) has a latest scale of 3.092 billion yuan and tracks the CSI Computer Theme Index, which reflects the overall performance of the computer industry with a weight of nearly 93.22% in software development, computer equipment, and IT services [1] - The Cloud Computing ETF (517390) has seen a net inflow of over 70 million yuan in the past four days, indicating strong investor interest [1] Group 2 - The Cloud Computing ETF (517390) has a high AI computing power content and covers popular concepts such as optical modules, computing power leasing, data centers, and AI servers [2] - The National Development and Reform Commission emphasized the importance of enhancing the innovation development environment for AI applications, which includes increasing financial and fiscal support in the AI sector [2] - The policy support for the "Artificial Intelligence +" initiative is expected to strengthen the promotion of AI industry scale, with state-owned enterprises and government-led funds playing a crucial role in infrastructure development and commercialization of AI applications [3]

兴全中证800六个月持有指数增强A（010673）基金经理为申庆、张晓峰。 截至发稿，申庆累计任职时间14年318天，现任基金资产总规模78.38亿元，任职期间最佳基金回报 162.82%， 任职期间最差基金回报-14.31%。 张晓峰累计任职时间4年112天，现任基金资产总规模14.91亿元，任职期间最佳基金回报22.39%， 任职 期间最差基金回报12.11%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，北京光环新网科技股份有限公司位于北京市东城区东中街9号东环广场A座三层，成立日期 1999年1月27日，上市日期2014年1月29日，公司主营业务涉及互联网数据中心业务(IDC及其增值服务) 及云计算业务。主营业务收入构成为：云计算及相关服务69.17%，IDC及其增值服务28.83%，其他 1.40%，互联网宽带接入服务0.59%。 从基金十大重仓股角度 数据显示，兴证全球基金旗下1只基金重仓光环新网。兴全中证800六个月持有指数 ...

Group 1 - The core viewpoint of the news is that Guanghuan New Network's stock price increased by 5.37% to 14.90 CNY per share, with a trading volume of 977 million CNY and a market capitalization of 26.784 billion CNY as of the report date [1] - Guanghuan New Network, established on January 27, 1999, and listed on January 29, 2014, primarily engages in Internet Data Center (IDC) services and cloud computing, with revenue composition of 69.17% from cloud computing and related services, 28.83% from IDC and its value-added services, 1.40% from other services, and 0.59% from Internet broadband access services [1] Group 2 - Among the top ten circulating shareholders of Guanghuan New Network, Southern Fund's Southern CSI 500 ETF (510500) increased its holdings by 3.5912 million shares in the second quarter, now holding 21.9528 million shares, which is 1.22% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 113.438 billion CNY, with a year-to-date return of 22.64% and a one-year return of 55.74% [2]

Market Overview - The Shanghai Composite Index closed at 3855.10 points, above the six-month moving average, with an increase of 1.12% [1] - The total trading volume of A-shares reached 14961.95 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 118 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xinxiangwei (688593) with a deviation rate of 18.44% and a price increase of 20.00% [1] - Fabon Information (300925) with a deviation rate of 11.71% and a price increase of 13.31% [1] - Aerospace Engineering (603698) with a deviation rate of 8.55% and a price increase of 10.01% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huatushan (300492) with a deviation rate of 8.31% and a price increase of 10.82% [1] - Leidi Technology (300652) with a deviation rate of 6.06% and a price increase of 8.27% [1] - Tianshan Electric (301379) with a deviation rate of 4.05% and a price increase of 4.14% [1]

受多因素影响，业绩表现短期承压。2025H1，公司实现营业收入37.2 亿元，同比-5.1%，实现EBITDA 7.2 亿元，同比-1.8%，实现归母净利润1.2 亿元，同比-57.0%。单25Q2，公司实现营业收入18.8 亿元， 同比-2.8%，环比+2.9%；实现归母净利润0.46 亿元，同比-55.7%，环比-33.7%。整体看2025 年，一方 面公司IDC 业务进入交付大年，折旧摊销将增加较多；另一方面，因公司2017 年12 月购买的公有云服 务相关的特定经营性资产到期处置，导致2025H1 公司云计算收益减少6630 万元，预计该项处置将使公 司2025年度云计算收益减少1 亿元，两者共同导致今年年内公司业绩表现或短期承压。 IDC 投产加速，25H1 主受零售型业务影响。2025H1，公司实现IDC 收入10.7 亿元，同比-2.1%，毛利 率32.7%，同比下降1.8 pct，主因新投放机柜数量较大，批发型业务受客户上架周期影响，同时零售型 业务有部分项目续签价格下降以及部分客户因经营策略调整退租等情况影响。但整体来看，2025H1 公 司数据中心投产速度提速明显，新投放机柜1.6 万个， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - In the first half of 2025, the company's IDC production accelerated, with revenue and profitability impacted by a large number of newly deployed cabinets and challenges in wholesale and retail business segments. The cloud computing business remains stable, contributing to a new paradigm of intelligent computing power. Overall, the company's performance may be under pressure in the short term due to increased depreciation and amortization from IDC business and reduced cloud computing revenue from the disposal of specific operating assets [2][6][11]. Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 3.72 billion yuan, a year-on-year decline of 5.1%. The net profit attributable to the parent company was 120 million yuan, down 57.0% year-on-year. In Q2 2025, revenue was 1.88 billion yuan, a year-on-year decrease of 2.8% and a quarter-on-quarter increase of 2.9% [6][11]. IDC Business - The IDC revenue for H1 2025 was 1.07 billion yuan, a decrease of 2.1% year-on-year, with a gross margin of 32.7%, down 1.8 percentage points. The decline was primarily due to the large number of new cabinets deployed, the impact of customer onboarding cycles in wholesale business, and price reductions in some retail projects. The company accelerated its data center deployment, with 16,000 new cabinets added, bringing the total operational cabinets to over 72,000, with an expected operational scale of approximately 320MW [11][12]. Cloud Computing Business - The cloud computing revenue for H1 2025 was 2.57 billion yuan, a year-on-year decrease of 7.7%, with a gross margin of 7.8%, down 1.7 percentage points. The decline was influenced by customer business adjustments and the company's proactive optimization of its customer structure. The company is leveraging its data center resources to integrate deeply with Amazon products, providing unified applications for generative AI [11][12]. Future Outlook - The company is expected to benefit from the current reversal in the IDC industry and significant demand driven by AI in the medium to long term. The projected net profit attributable to the parent company for 2025-2027 is 328 million yuan, 393 million yuan, and 476 million yuan, corresponding to PE ratios of 79x, 65x, and 54x respectively [11][12].

Company Overview - Guanghuan New Network is located in Dongcheng District, Beijing, established on January 27, 1999, and listed on January 29, 2014. The company primarily engages in Internet Data Center (IDC) services and cloud computing, with revenue composition: cloud computing and related services 70.07%, IDC and its value-added services 28.69%, Internet broadband access services 0.66%, and others 0.58% [1][2]. Financial Performance - For the first half of 2025, Guanghuan New Network reported operating revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2]. - The company has cumulatively distributed 601 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 4, Guanghuan New Network's stock price decreased by 2.02%, trading at 14.55 yuan per share, with a total market capitalization of 26.155 billion yuan. The stock has seen a 0.14% increase year-to-date, a 12.67% decline over the past five trading days, a 1.11% increase over the past 20 days, and a 7.70% increase over the past 60 days [1]. - The company has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent occurrence on February 25 [1]. Shareholder Structure - As of June 30, 2025, Guanghuan New Network had 135,700 shareholders, a decrease of 6.69% from the previous period, with an average of 13,213 circulating shares per shareholder, an increase of 7.16% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 47.8404 million shares, a decrease of 602,300 shares from the previous period. New shareholders include GF Innovation Upgrade Mixed Fund and GF Supply-side Reform Mixed Fund [3].