公司报告 | 首次覆盖报告 光环新网（300383） 证券研究报告 具备 IDC 资源优势，算力租赁业务规模迅速提升 IDC 和云计算双轮驱动公司业绩。光环新网成立于 1999 年，主营业务为互 联网数据中心服务及其增值服务、云计算服务、互联网宽带接入服务以及 其他互联网综合服务，营业收入在 15-16 年收购中金云网、无双科技以及 运营亚马逊中国业务后大幅增长。2024 年上半年 IDC 及增值服务占总毛利 的 62%、云计算及相关服务占比为 36%，两块业务为公司的利润主要来源。 AIDC 需求高增，传统 IDC 有所放缓。我国加速推进新型信息基础设施建设 的步伐，陆续出台了多项政策，鼓励数据中心行业发展与创新，2023 年我 国 IDC 业务市场规模为 5,078.3 亿元，同比增长 25.6%，同时已经建成和在 建的智算中心超过 250 个，根据 IDC 与浪潮信息发布的《2023-2024 年中国 人工智能计算力发展评估报告》，到 2027 年智能算力规模年复合增长率将 达 33.9%，仍存较大缺口。 价格下降趋势放缓。根据 IDC 圈分析，2022 年之前的几年，IDC 服务商为 争取客户订单，通 ...

证券时报e公司讯，企查查APP显示，近日，光环新网（呼和浩特）信息服务有限公司成立，法定代表 人为耿岩，注册资本5000万元，经营范围包含：互联网信息服务；基础电信业务；第一类增值电信业 务；第二类增值电信业务等。 企查查股权穿透显示，该公司由光环新网全资持股。 ...

消息面上，上海印发《上海市发展医学人工智能工作方案（2025—2027年）》的通知。 财联社12月25日电，光环新网涨近10%，中兴通讯、曙光数创、宝信软件、润泽股份、亚康股份、真视 通、高新发展、中科曙光、锐捷网络等跟涨。 其中提出，加快核心算法技术研发，依托人工智能公共算力平台，促进多方算力互联互通，强化智能算 力集群建设。 ...

实丰文化发布投资者关系活动记录表公告，公司今年与灵优智学达成战略合作，开发新一代AI玩具 ——"AI魔法星"，这个是以豆包为底层模型的"AI+毛绒"的产品。这个产品是基于AIGC技术，运用豆包 先进的大模型底层，进行二次训练出符合儿童对话习惯且脱离敏感话题的后台的模式。 实丰文化11月15日在互动易上表示，实丰文化近期与灵优智学（深圳）科技有限公司合作宣布达成战 略合作，双方将在AIGC智能玩具领域展开全面合作，共同开发新一代智能玩具产品。实丰文化5月5日 在互动易上表示，公司一直致力于智能玩具的研发，先后研发生产了智能机器狗、教育机器人、智能飞 飞兔以及第三代GPT网络版飞飞兔等智能玩具。 此外，奥拓电子控股子公司创想数维于今年10月正式成为抖音本地生活服务商，入驻平台以来服务的 商家成交GMV超过6000万，合作品牌数15个，合作品类7大类，多次刷新品牌历史平台直播峰值。 光环新网：拟22.95亿元投建呼和浩特算力基地项目 光环新网2023年4月4日在互动易上表示，2023年3月21日，公司及子公司光环云数据有限公司与摩尔 线程智能科技（北京）有限责任公司在北京签署战略合作框架协议。协议约定三方将根据各自 ...

①豆包模型迎升级，以字节跳动为代表的互联网巨头大力投入AI，分析师看好相关产业链； ②工业电 源领导者，分析师看好公司在射频电源领域的国产化替代进程，2025年有望实现加速成长。 【研选·大事件——读懂大市】 习近平：加快建成琴澳经济高度协同、规则深度衔接的制度体系，把琴澳一体化提升到更高水平。 2、商务部：加快出台推进首发经济的政策文件。 3、苹果据悉与腾讯、字节初步接洽，考虑将二者AI模型嵌入在华销售的iPhone。 4、蚂蚁集团：目前没有上市计划，更不存在所谓"借壳上市"。 5、日本央行结束了为期两天的货币政策会议，决定继续把政策利率维持在0.25%左右。 【研选·行业】 字节跳动|豆包模型迎升级，以字节跳动为代表的互联网巨头大力投入AI，分析师看好相关产业链 多位知情人士透露，苹果公司正与腾讯和字节跳动商谈将二者的人工智能模型整合到在中国销售的 iPhone中。苹果本月开始在其设备中接入OpenAI的ChatGPT，Siri会调用ChatGPT，不过ChatGPT并未 在中国上市。据悉，苹果与腾讯和字节就使用二者人工智能模型的讨论还处于非常早期的阶段。 此外，2024年12月18日，字节跳动旗下火山引 ...

0.23元、0.25元、0.29元,对应 PE为 46.40倍、42.05 倍、36.03 倍,维持 "推荐"评级。 算力跃升拓宏局，AI 添翼云业务寻转机 光环新网 2024 年三季报业绩点评 ● 事件:公司发布 2024年第三季度业绩报告,前三季度共实现营收 58.26 亿元 /-1.81%,归母净利润 3.61 亿元/+1.93%。24Q3 单季度实现营收 19.08 亿元/- 10.54%,归母净利润 0.94亿元/-7.73%。 ● 全力保障数据中心订单交付,算力服务规模进一步提升:公司主要分为 IDC 业务和云计算业务。IDC方面,公司在北京、天津等七个城市及地区持续开展 互联网数据中心业务,项目全部达产后将拥有超过 11 万个机柜的运营规模。 截至目前,公司上海嘉定数据中心、酒仙桥数据中心(部分项目)、房山数据 中心、燕郊数据中心(部分项目)均获得中国质量认证中心最高等级认证。报 告期内,公司顺利完成上海嘉定二期建设工作和天津宝坻部分项目的预售工 作,目前嘉定二期项目已具备交付条件,天津宝坻预计最快将于 2025年上半 ● | --- | --- | --- | --- | |-------|- ...

光环新网（300383）2024 年三季报点评 算力稳步发展，AIGC 提速增效 2024 年 10 月 25 日 [盈利预测与财务指标 Table_Forcast] ➢ 3Q2024 公司盈利能力有所下降。光环新网发布 2024 第三季度报告，2024 年前三季度归母净利润实现 3.6 亿元，同比增长 1.93%；扣非净利润实现 3.4 亿 元，同比下降 2.63%。单季度看，3Q24 归母净利润实现 9350 万元，同比下降 7.73%；扣非净利润实现 9689 万元，同比下降 3.80%。 ➢ 中国算力规模处在世界前列。据中国工信部统计，截至 2024 年 9 月，中国 在用算力中心机架总规模超过 830 万标准机架，算力总规模达 246EFLOPS(每秒 百亿亿次浮点运算)，位于世界前列。 ➢ 经济社会加快全面绿色低碳转型，绿电需求处在风口。2024 年 10 月 8 日， 国务院新闻办公室在发布会上表示，政府将加力实施国家重大项目能耗单列，国 家发展改革委正在研究将一些符合国家重大生产布局，提升产业链供应链韧性和 安全水平、支持新质生产力发展等几类重大项目纳入"十四五"能耗单列范围。 2024 年 ...

Financial Performance - Revenue for the reporting period decreased by 10.54% to 1,908,570,643.11 yuan[3] - Net profit attributable to shareholders decreased by 7.73% to 93,504,590.99 yuan[3] - The company achieved revenue of 1,908.57 million yuan in Q3 2024, a year-on-year decrease of 10.54%, and net profit attributable to shareholders of 93.50 million yuan, a year-on-year decrease of 7.73%[16] - For the first nine months of 2024, the company's revenue was 5,825.99 million yuan, a year-on-year decrease of 1.81%, while net profit attributable to shareholders increased by 1.93% to 361.10 million yuan[16] - Operating income slightly decreased to 5.83 billion yuan from 5.93 billion yuan, a decline of 1.81%[31] - Net profit attributable to the parent company increased to 3.51 billion yuan from 3.33 billion yuan, showing a growth of 5.44%[29] - Net profit attributable to parent company shareholders was RMB 361.1 million, a decrease of 1.9% compared to the previous period[32] - Total comprehensive income was RMB 355.68 million, down 7.2% from the previous period[32] - Sales revenue from goods and services was RMB 6 billion, a decrease of 2.6% compared to the previous period[34] - Basic earnings per share remained stable at RMB 0.2, unchanged from the previous period[32] Cash Flow and Financial Position - Operating cash flow for the year-to-date decreased by 17.35% to 1,010,969,211.54 yuan[3] - Cash flow from investment activities decreased by 140.62% due to increased data center construction and intelligent computing equipment purchases[10] - Cash flow from financing activities decreased by 49.90% due to reduced interest payments and increased cash dividends[10] - Operating cash flow was RMB 1.01 billion, a decrease of 17.4% compared to the previous period[34] - Investment cash flow was negative RMB 1.94 billion, a significant increase in outflow compared to the previous period[34] - Financing cash flow was RMB 28.94 million, a decrease of 49.9% compared to the previous period[35] - Cash and cash equivalents at the end of the period were RMB 1.3 billion, a decrease of 52.4% compared to the previous period[35] - Total cash inflow from operating activities was RMB 6.23 billion, a decrease of 1.7% compared to the previous period[34] - Total cash outflow from operating activities was RMB 5.22 billion, an increase of 2.1% compared to the previous period[34] Assets and Liabilities - Total assets increased by 1.60% to 19,172,454,524.97 yuan[4] - Total assets increased to 19.17 billion yuan from 18.87 billion yuan, reflecting a growth of 1.59%[28][29] - Current assets decreased to 5.51 billion yuan from 6.01 billion yuan, a decline of 8.34%[28] - Fixed assets increased to 7.95 billion yuan from 7.78 billion yuan, showing a growth of 2.18%[28] - Total liabilities increased to 5.93 billion yuan from 5.82 billion yuan, a rise of 1.96%[29] - Short-term borrowings increased to 1.06 billion yuan from 965.77 million yuan, a rise of 9.32%[29] - Accounts receivable increased to 2.41 billion yuan from 2.18 billion yuan, reflecting a growth of 10.35%[28] - Long-term borrowings increased to 2.18 billion yuan from 2.06 billion yuan, showing a growth of 6.00%[29] Investments and Projects - Investment in data center construction and intelligent computing projects increased by 34.99% to 2,438,671,284.93 yuan[8] - The company's computing power business scale exceeded 3,000P in Q3 2024, and it plans to invest 1.235 billion yuan to build a computing center in Inner Mongolia, with expected annual revenue of 467 million yuan and net profit of 73.58 million yuan upon full operation[19] - The company completed the construction of the Shanghai Jiading Phase II project, which is now ready for delivery, and is advancing the Tianjin Baodi Phase I and II projects, with partial deliveries expected in the first half of 2025[18] - The company's Tianjin Baodi project is progressing rapidly, with mechanical and electrical engineering work advancing smoothly, aiming for partial delivery in H1 2025[18] Energy and Sustainability - The company installed a distributed photovoltaic power generation system with a total installed capacity of 860KWp, expected to generate nearly 1 million kWh annually[21] - The company achieved a total electricity saving of nearly 6 million kWh in Q3 2024 through various energy-saving measures, including the use of distributed photovoltaic power generation systems and optimization of UPS load balancing[22] - The company completed green electricity transactions exceeding 86 million kWh from January to September 2024, a year-on-year increase of over 215%, resulting in a reduction of approximately 71,200 tons of CO2 emissions[22] - The company completed 85% of the energy-saving renovation work at Zhongjin Yunwang's cold station, including upgrades to the water cooling system, installation of permanent magnet centrifugal units, and replacement of fluorine pump air conditioners[21] Certifications and Rankings - The company's data centers in Beijing, Shanghai, and Yanjiao have received the highest-level A-grade certification from the China Quality Certification Center (CQC)[17] - The company ranked 10th in the 2024 Computing Center Top30 and 5th in the 2024 China New Technology Top 100 lists[19] - The company's computing power business was awarded the "2024 High-Quality AI Computing Power Service Provider" at the AIAC 2024 Artificial Intelligence Application Conference[19] - The company's Beijing Fangshan Data Center and Yanjiao Cloud Computing Center DC5 both received the highest-level A-grade certification for data center infrastructure from the China Quality Certification Center (CQC) in 2024[25] - The company ranked 10th in the 2024 Computing Power Center Top 30 and 5th in the 2024 China New Technology 100 Strong list[26] - The company was recognized as a "2024 High-Quality AI Computing Power Service Provider" at the AIAC 2024 Artificial Intelligence Application Conference[25] Shareholder and Controller Information - The company's largest shareholder, Zhoushan Baihuida Venture Capital Partnership, holds 25.75% of the shares, with 462.82 million shares[11] - The company's actual controller, Geng Diangen, is the executive partner of Zhoushan Baihuida Venture Capital Partnership, and Geng Guifang, his sister, is a related party[12] Subsidiary and Partner Information - The company's subsidiary, Beijing Guanghuan Jinwang Technology Co., Ltd., was successfully selected as a 2024 energy business partner for China Tower Corporation's Beijing branch, with a validity period of 3 years[20] R&D and Innovation - R&D expenses increased to 213.42 million yuan from 189.29 million yuan, reflecting a growth of 12.75%[31] - Wushuang Technology faced significant revenue decline in Q3 2024 due to reduced customer budgets, but continued to explore AI innovation to improve advertising efficiency and effectiveness[24] AWS and Cloud Services - Amazon Web Services (AWS) China (Beijing) region business continued to grow, with multiple file storage services launched in Q3 2024, supporting enterprise data migration and cost reduction[23] Financial Expenses and Income - Financial expenses decreased by 58.45% due to the repayment of all USD loans in November 2023[9] - Investment income decreased by 97.14% due to reduced cash management收益[9]

光环新网（300383.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 算力稳步转型，期待全年业绩放量 2024 年 08 月 29 日 ➢ 光环新网发布 2024 年半年度业绩。公司 1H24 实现收入 39.17 亿元，同比 增长 3.1%；归母净利润 2.68 亿元，同比增长 5.8%；扣非净利润 2.41 亿元。单 季度看，2Q24 实现收入 19.39 亿元，同比增长 1.0%；归母净利润 1.04 亿元， 同比增长 30.5%；扣非净利润 0.76 亿元，同比增长 5.1%。 ➢ 数据中心建设稳步推进，算力业务范围进一步拓展。1H24，IDC 及增值服 务实现收入 10.94 亿元，同比增长 0.90%；业务规模、服务能力稳步提升，资源 优势显著。北京房山数据中心获增强级 A 级《数据中心场地基础设施认证证书》， 燕郊数据中心交付机柜超 11,000 架，上架率稳步提升；上海嘉定二期和天津宝 坻部分项目完成预售，预计分别于年内及 1H25 陆续交付。公司业务范围进一步 拓展，算力业务规模超 2,000P。公司入选北京市通用人工智能产业创新伙伴计 划；天津赞普云计算 ...

证券代码：300383 证券简称：光环新网 北京光环新网科技股份有限公司投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |----------------|------------------------------------|----------------------------------------------------| | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 在线机构及个人投资者共计 | 59 人。 | | 人员姓名 | | | | 时间 | 2024 年 8 月 28 日 | 20:00-20:40 | | 地点 | 电话会议 | | | 上市公司接待人 | 董事长 杨宇航先生 | | | 员姓名 | 副总裁 李伟先生 | | | | 公司副总裁李伟先生向投资者介绍公司 | 2024 年上半年经 | | | | 营情况。董事长杨宇航先生和副总裁 ...