Investment Rating - The report does not provide a specific investment rating for the company [6] Core Views - The company is a leading cloud computing service and computing infrastructure provider in China, with a focus on data centers, cloud computing, internet access, and computing services [8][12] - The company is expected to benefit from the rapid growth of AI-driven demand for computing power, particularly in the AIDC (Artificial Intelligence Data Center) market, which is projected to grow significantly [2][30] - The company has a strong regional resource advantage in its IDC (Internet Data Center) operations and is actively expanding its intelligent computing business [3][42] Summary by Sections Company Overview - The company was established in 1999 and has rapidly expanded through self-construction and strategic acquisitions, becoming a key player in the cloud computing sector [8] - It has partnered with AWS to operate cloud services in the Beijing area, making cloud computing its largest revenue source [12][17] Financial Performance - In 2024, the company reported revenues of 7.28 billion yuan, a decrease of 7.3% year-on-year, with a net profit of 381 million yuan, down 1.8% [12][49] - For Q1 2025, revenues were 1.83 billion yuan, a year-on-year decline of 7.4%, but a quarter-on-quarter increase of 26% [12][49] - The revenue structure shows that cloud computing accounted for 70% of total revenue in 2024, while IDC services contributed 28.7% [17] Market Demand - The AIDC market is expected to grow from 15.13 billion USD in 2024 to 94.03 billion USD by 2032, with a CAGR of 25.7% [2][30] - Major cloud providers are increasing capital expenditures to enhance AI computing capabilities, which is driving demand for data center services [28][30] Supply Side - The company has established 12 data centers across key regions, with a significant number of operational cabinets located in the Beijing-Tianjin-Hebei and Yangtze River Delta regions [3][42] - The company plans to invest 3.537 billion yuan in expanding its data center capacity, which is expected to improve profitability through economies of scale [3][42] Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.423 billion yuan in 2025, with net profits of 394 million yuan, and is expected to grow revenues to 8.407 billion yuan by 2027 [4][49] - The report recommends attention to the company, suggesting a potential upside in stock price based on industry average valuations [4][53]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The AI computing industry chain continues to show strong performance, with significant year-on-year growth in Q1 2025 across various segments, including AI chips, servers, and optical modules [5][14][15] - The demand for data centers remains robust, with companies like Vertiv and Google Cloud reporting increased orders and revenue growth, indicating a strong market outlook [16][17] - The report emphasizes the importance of domestic AI computing, satellite internet, and 6G as key investment directions, recommending specific companies within these sectors [7][25] Summary by Sections 1. Weekly Investment Insights - The AI computing industry chain has shown impressive performance in Q1 2025, with companies like Haiguang Information and Huqin Technology reporting substantial revenue and profit growth [13][14] - Vertiv's Q1 2025 report indicates a 24% increase in net sales, with strong demand for data centers driving growth [16] - Google's Q1 2025 revenue reached $90.2 billion, with Google Cloud growing by 28%, reflecting a strong demand for AI infrastructure [17][19] - ByteDance and Meituan are actively developing AI applications, indicating a growing trend in AI recruitment and development [20][22] 2. Communication Data Tracking - As of February 2025, China has 4.325 million 5G base stations, with 1.051 billion 5G mobile users, marking a 23.5% year-on-year increase [35] - The report highlights the growth in 5G infrastructure and user adoption, with a notable increase in the number of 5G mobile devices shipped [35][42] 3. Investment Recommendations - The report suggests focusing on seven key industry directions, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [25][26][27][31][32]

Core Insights - The AI computing power industry chain is experiencing significant growth, with impressive Q1 performance across various sectors, indicating a high level of market activity and investment opportunities [2][3]. Group 1: Domestic Developments - ByteDance's Volcano Engine launched multiple Agent tools and AI data lake services to accelerate Agent development and operations for vertical enterprises [1][3]. - Meituan announced AI recruitment for various roles, aiming to develop a Native AI Agent product [1][3]. - Companies like Guanghuan Xinnet and Baoxin Software are investing in new projects, reflecting a growing demand for AIDC (AI Data Center) [1][3]. Group 2: AI Computing Power Performance - Haiguang Information reported a contract liability of 3.237 billion yuan in Q1 2025, a year-on-year increase of 113,510.65% [2]. - Huajin Technology achieved revenue of 34.998 billion yuan in Q1 2025, up 115.65% year-on-year [2]. - New Yisheng's net profit reached 1.573 billion yuan in Q1 2025, marking a 384.54% increase year-on-year [2]. Group 3: International Developments - Google Cloud generated revenue of $12.3 billion in Q1 2025, a 28% year-on-year increase, with an operating profit margin of 17.7%, up 8.4 percentage points [3]. - Viavi Solutions saw a 13% year-on-year increase in orders in Q1 2025, with a 21% quarter-on-quarter growth, indicating strong demand from data centers [3]. Group 4: Investment Recommendations - Recommended stocks in AIDC construction include Xinyi Network Group, Yingweike, and Baoxin Software [5]. - Recommended stocks in IT include Unisoc and ZTE Corporation, with beneficiaries like Cambrian and Haiguang Information [5]. - Recommended stocks in cloud computing include China Mobile, China Telecom, and China Unicom, with beneficiaries like Yunse Intelligent and Runjian Technology [5].

Group 1: Business Development and Strategy - The company has deployed high-performance intelligent computing centers in Beijing and Tianjin, with plans to complete centers in Changsha and Hangzhou by 2025 to meet the growing demand for AI model computing power [2][3] - The company launched high-performance computing services in August 2023, with a current computing capacity exceeding 4,000P, and aims to enhance its data center infrastructure to support digital economy growth [4] - The company plans to build additional computing centers in Inner Mongolia and Hohhot in 2025, expanding its service offerings in AI model deployment [3] Group 2: Financial Performance and Dividends - The company announced a cash dividend of 0.60 RMB per 10 shares, totaling approximately 107.86 million RMB, based on a total share capital of 1,797,592,847 shares [5][10] - In 2024, the company reported a revenue of 728.12 million RMB, a decrease of 7.31% year-on-year, and a net profit of 38.14 million RMB, down 1.68% [8][11] - The company has distributed a total of approximately 287.61 million RMB in dividends over the past three years, representing 75% of its average net profit during that period [5] Group 3: Market Trends and Challenges - The IDC market in China is experiencing oversupply due to new infrastructure policies, leading to intensified competition [6][7] - The intelligent computing center market size reached 87.9 billion RMB in 2023, with a projected CAGR of 26.8% from 2023 to 2028 [7] - The company faces challenges due to the expiration of specific operational assets related to Amazon cloud services, which impacted profits in Q1 2025 by approximately 63.09 million RMB [8]

Core Insights - The company reported a revenue of 7.281 billion yuan for 2024, reflecting a growth of 7.31%, while the net profit attributable to shareholders was 381 million yuan, showing a decline of 1.68% [1] - For Q1 2025, the company achieved a revenue of 1.832 billion yuan, an increase of 7.41%, but the net profit dropped significantly by 57.82% to 69 million yuan [1] - The company is accelerating its data center business delivery, focusing on high-performance intelligent computing services across various regions in China [1] Data Center Market - The Chinese data center market is projected to reach approximately 277.3 billion yuan in 2024 and is expected to grow to 318 billion yuan in 2025 [1] - The company has invested in the construction of data center projects in Inner Mongolia and has initiated the construction of the Tianjin Baodi Phase III project [1] - The company has planned a cabinet scale of over 230,000 units nationwide, with more than 59,000 cabinets already in operation [1] Cloud Computing and AI Focus - Amazon Cloud Technology's revenue from cloud computing services increased to 70.07% in 2024, driven by continuous investment and technological upgrades [2] - The company has established a comprehensive localized service system in the Beijing region, launching nearly 500 new features or services [2] - The company is recognized as a top-level consulting partner of Amazon Cloud Technology, holding various certifications to implement automated services based on Amazon's public cloud [2] Future Profit Projections - The company is projected to achieve net profits attributable to shareholders of 395 million yuan, 432 million yuan, and 494 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 3.45%, 9.38%, and 14.52% [3] - The company's IDC business is steadily expanding, and the AI-driven growth in cloud computing is expected to improve long-term performance [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Viewpoints - The company is accelerating its data center business delivery and providing high-performance intelligent computing services, with significant investments in various regions including Inner Mongolia and Tianjin [5]. - The cloud computing service revenue is expected to increase, driven by continuous investment and technological upgrades, with a projected revenue share of 70.07% in 2024 [5]. - The company is expected to achieve net profits of 3.95 billion, 4.32 billion, and 4.94 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 62.41, 57.06, and 49.82 [5]. Financial Forecast Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, 2026, and 2027 are 72.81 billion, 76.48 billion, 83.38 billion, and 92.45 billion yuan respectively, with growth rates of -7.31%, 5.03%, 9.02%, and 10.88% [2][7]. - **Net Profit Forecast**: Expected net profits for the same years are 3.81 billion, 3.95 billion, 4.32 billion, and 4.94 billion yuan, with growth rates of -1.68%, 3.45%, 9.38%, and 14.52% [2][7]. - **Gross Margin**: The gross margin is projected to be 16.55%, 16.50%, 16.70%, and 16.90% for the years 2024 to 2027 [2][7]. - **Earnings Per Share (EPS)**: The diluted EPS is expected to be 0.21, 0.22, 0.24, and 0.27 yuan for the years 2024 to 2027 [2][7]. - **Price-to-Earnings Ratio (PE)**: The PE ratios are forecasted to be 64.56, 62.41, 57.06, and 49.82 for the years 2024 to 2027 [2][7].

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's performance in 2024 is expected to be stable, but the first quarter of 2025 is impacted by the expiration and disposal of Amazon's operational assets, leading to a decrease in revenue and net profit [1] - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 381 million yuan, down 2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.831 billion yuan, a decrease of 7% year-on-year, with a net profit of 69.17 million yuan, down 58% year-on-year [1] Business Performance - In 2024, the IDC and value-added services revenue was 2.089 billion yuan, down 6% year-on-year, with a gross margin of 34.4%, a decline of 1.35 percentage points [2] - The cloud computing and related services revenue was 5.102 billion yuan, down 8% year-on-year, but the gross margin improved to 9%, an increase of 1.14 percentage points [2] IDC and Resource Planning - The company has a rich IDC reserve, with a total planned capacity that is 3.9 times the currently operational capacity [3] - The company is expanding its data center business in key regions and has initiated the construction of the Tianjin Baodi Phase III project [3] Computing Power Leasing - The company has launched high-performance computing services, with a computing power scale exceeding 4000P, and plans to expand further into Hainan and Malaysia [4] Profit Forecast and Investment Suggestions - Due to the impact of Amazon's asset disposal on cloud business, profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 367 million yuan, 457 million yuan, and 551 million yuan respectively [5] - The company maintains a strong resource position in core areas and is expected to benefit from increasing AI computing demand, hence the "Accumulate" rating is upheld [5]

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's performance in 2024 is expected to be stable, but the first quarter of 2025 is impacted by the expiration of Amazon's operational assets, leading to a decrease in revenue and net profit [1] - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 381 million yuan, down 2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.831 billion yuan, a decrease of 7% year-on-year, with a net profit of 69.17 million yuan, down 58% year-on-year [1] - The decline in performance is attributed to increased supply in data centers leading to lower IDC rental prices and the impact of Amazon's asset disposal [1] Business Performance - In 2024, the IDC and value-added services revenue was 2.089 billion yuan, down 6% year-on-year, with a gross margin of 34.4%, a decrease of 1.35 percentage points [2] - The cloud computing and related services revenue was 5.102 billion yuan, down 8% year-on-year, but the gross margin improved to 9%, an increase of 1.14 percentage points [2] IDC and Resource Planning - The company has a rich reserve of IDC resources, with a total planned capacity of 3.9 times the currently operational units [3] - The company is expanding its IDC business in key regions and has initiated the construction of new projects in Tianjin [3] Computing Power Leasing - The company has launched high-performance computing services, with a current scale exceeding 4000P, and plans to expand further into Hainan and Malaysia [4] Profit Forecast and Investment Suggestions - Due to the impact of Amazon's asset disposal on cloud business, profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 367 million yuan, 457 million yuan, and 551 million yuan respectively [5] - The company is expected to benefit from increasing demand for AI computing power and improved utilization rates in its IDC business, maintaining the "Accumulate" rating [5]

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...