Group 1: Project Delivery and Revenue Expectations - The Tianjin Baodi project is expected to start delivery in the first half of 2025, following the completion of pre-sale work in 2024 [1][2] - The revenue from post-production projects will increase, positively impacting the company's performance as the onboarding rate improves [2] Group 2: Market Demand and Competition - The market is experiencing significant pressure due to an increase in IDC supply and economic slowdown, leading to a competitive environment [2][3] - The company faces challenges with large orders having long onboarding cycles, which affects short-term profitability [3][6] Group 3: Data Center Business Overview - The company has over 56,000 cabinets in operation as of the end of 2024, primarily located in Beijing, Yanjiao, and Shanghai [3] - Ongoing projects include Tianjin Baodi and Shanghai Jiading Phase II, with additional projects in Hangzhou and Changsha under construction [3][4] Group 4: Customer Base and Order Acquisition - Major clients include large internet companies and cloud vendors, with orders typically acquired through bidding processes [5][6] - Increased competition has led to higher bargaining power for clients, impacting order acquisition and pricing strategies [6] Group 5: Strategic Responses to Competition - The company is shifting towards lower-cost regions, such as Inner Mongolia, to leverage local advantages in electricity pricing and resources [7] - A customer demand-oriented approach is being adopted to avoid blind expansion [7] Group 6: Computing Power Business - The company has developed computing power services in its Beijing and Tianjin data centers, achieving a scale of 3000p [8][9] - The focus is on high-performance computing applications, with adjustments made based on customer needs [8] Group 7: Financial Overview - The company has secured credit facilities exceeding 14 billion, managing its debt and financial expenses within reasonable limits [11] - The operational costs of data centers are primarily driven by electricity (approximately 50% of costs), with revenue affected by client onboarding rates and pricing trends [10] Group 8: Cloud Computing and International Projects - The cloud computing business contributes 60%-70% to total revenue, facing challenges due to market competition and policy adjustments [12] - The company has initiated a project in Malaysia, with approvals obtained and careful consideration of investment risks due to local market conditions [12]

Investment Rating - The report maintains a "Recommended" rating for the company [3][29]. Core Insights - The company has secured large-scale AIDC orders, with its primary client being ByteDance, accounting for 64.19% of its annual sales revenue [1][9]. - The company is positioned as a core supplier in the AIDC market, benefiting from significant investments by ByteDance, which plans to spend 800 billion RMB in 2024 and 1.6 trillion RMB in 2025, focusing on AI computing power and data center infrastructure [2][12]. - The company is expanding its internet data center (IDC) operations across multiple regions in China, with a projected operational scale of over 110,000 cabinets upon full production [3][19]. Summary by Sections 1. Large-Scale AIDC Orders - The company has received substantial AIDC orders, with ByteDance being a major client [1][9]. - ByteDance's investment in computing centers has exceeded 18 billion RMB, with projects in various provinces [10][11]. 2. Focus on AI and AIDC - ByteDance's capital expenditure is heavily focused on AI, with a significant portion allocated to AIDC, which emphasizes operational capabilities [2][12]. - The transition from traditional IDC to AIDC is driven by the increasing demand for high-density computing and advanced cooling technologies [14][16]. 3. Competitive Advantage in AI Era - The company has a strong operational capability, with a national strategic layout that enhances its competitive edge in the AI era [3][19]. - The company is expected to see revenue growth from 9.12 billion RMB in 2024 to 12.87 billion RMB in 2026, with net profit projected to grow from 608 million RMB to 920 million RMB in the same period [4][29]. 4. Cloud Computing Business - The cloud computing market in China is rapidly expanding, with a projected market size of over 1 trillion RMB by 2025 [24][25]. - The company leverages its partnership with Amazon Web Services to enhance its cloud computing capabilities and service offerings [26][27].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company benefits from advantages in IDC resources, with rapid growth in computing power leasing business driven by both IDC and cloud computing [1][10]. - The IDC market in China is projected to grow significantly, with a market size of 507.83 billion yuan in 2023, reflecting a year-on-year increase of 25.6% [18][22]. - The demand for AI computing power is expected to grow at a compound annual growth rate of 33.9% until 2027, indicating a substantial gap in supply [19]. Summary by Sections 1. IDC and Cloud Computing Dual-Drive - The company, established in 1999, focuses on internet data center services and cloud computing, with significant revenue growth following acquisitions in 2015-2016 [1][10]. - As of the first half of 2024, IDC and value-added services accounted for 62% of total gross profit, while cloud computing services contributed 36% [15]. 2. IDC Business: High Growth in AIDC Demand - The traditional IDC market is experiencing a slowdown, while AIDC demand is rapidly increasing due to advancements in AI technology [17][19]. - The company has established a strong market presence in key regions, with 52,000 cabinets in operation and plans to expand to over 110,000 cabinets [2][31]. 3. Cloud Computing: Steady Development of AWS Business - The company has been operating Amazon Web Services (AWS) in Beijing for nearly eight years, launching around 500 new features and services [3][41]. - AWS holds an 8.1% market share in China's IaaS market as of the first half of 2023 [41]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 473.32 million yuan, 653.16 million yuan, and 836.51 million yuan from 2024 to 2026, with respective year-on-year growth rates of 22%, 38%, and 28% [48]. - The projected P/E ratios for 2024-2026 are 53x, 38x, and 30x, indicating a valuation in line with industry averages [48][49].

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。 ...

证券代码：300383 证券简称：光环新网 公告编号：2024-036 北京光环新网科技股份有限公司 关于公司及子公司向银行申请授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开第五届董事会 2024 年第五次会议审议通过了《关于公司及子公司向银行 申请授信额度的议案》，现将有关事项公告如下： 截至本公告日，公司及子公司已获得银行审批且尚在审议有效期内的授信额 度为人民币 1,100,785.49 万元，已向银行申请尚未获批的授信额度为人民币 30,500.00 万元。为满足日常运营的资金需求，董事会同意公司及子公司向银行 申请授信额度不超过人民币 270,000.00 万元，其中向银行申请续期授信额度为 人民币 40,000.00 万元，新增授信额度不超过人民币 230,000.00 万元（最终授 信 金 额 以 银 行 实 际 审 批 结 果 为 准 ）， 累 计 申 请 授 信 额 度 不 超 过 人 民 币 1,401,285.49 万元（含本次）。 ...

北京光环新网科技股份有限公司 呼和浩特算力基地项目 建设可行性报告 证券代码：300383 证券简称：光环新网 报告日期：2024 年 12 月 20 日 | | | | | 一、项目概述 - | 1 - | | --- | --- | --- | | | 1、项目名称 - | 1 - | | | 2、项目实施单位 - | 1 - | | | 3、项目建设地点 - | 1 - | | | 4、项目实施目标和内容 - | 1 - | | | 5、项目计划投入及市场预测 - | 1 - | | 二、 | 项目实施单位情况 - | 2 - | | 三、 | 项目背景 - | 3 - | | 四、 | 项目建设内容 - | 6 - | | 五、 | 运营能力分析 - | 7 - | | 六、 | 项目投资回报预测 - | 8 - | | | 1、项目总投资构成 - | 8 - | | | 2、盈利能力分析 - | 8 - | | 七、 | 项目的风险及不确定性 - | 10 - | | | 1、审批风险 - | 10 - | | | 2、资金筹措风险 - | 10 - | | | 3、市场开拓风险 - | 10 - ...

证券代码：300383 证券简称：光环新网 公告编号：2024-035 根据《深圳证券交易所创业板股票上市规则》、《公司章程》等有关规定，本 次对外投资事项在公司董事会决策范围内，无需提交公司股东大会审议。 1 二、实施主体的基本情况 北京光环新网科技股份有限公司 关于投资建设呼和浩特算力基地项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开的第五届董事会 2024 年第五次会议审议通过了《关于投资建设呼和浩特 算力基地项目的议案》，现将具体情况公告如下： 一、对外投资概述 董事会同意公司在内蒙古自治区呼和浩特市内投资建设算力基地项目。本次 项目占地面积约 150 亩，计划建设 4 栋标准机房楼及配套油机楼、2 栋 110kV 变 电站、1 栋附属配套用房等建筑工程以及 4 栋智算中心所需的相应机电工程，总 建筑面积不少于 10 万平米，项目建成后预计可支持 100MW 的 IT 负载。项目计划 总投资约人民币 22.95 亿元，资金来源为自筹资金、银行贷款以及通 ...

证券代码：300383 证券简称：光环新网 公告编号：2024-034 北京光环新网科技股份有限公司 第五届董事会 2024 年第五次会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京光环新网科技股份有限公司（以下简称"公司"）第五届董事会 2024 年 第五次会议（以下简称"本次会议"）于 2024 年 12 月 20 日 10 时在北京市东城 区东中街 9 号东环广场 A 座三层公司会议室以现场与通讯表决相结合的方式召 开，会议通知已于 2024 年 12 月 17 日以电子邮件方式发出。会议应到董事 7 名， 实到董事 7 名。公司监事及高级管理人员列席会议，会议由董事长杨宇航先生主 持。会议召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 2、审议通过《关于公司及子公司向银行申请授信额度的议案》； 截至本公告日，公司及子公司已获得银行审批且尚在审议有效期内的授信额 度为人民币 1,100,785.49 万元，已向银行申请尚未获批的授信额度为人民币 30,500.00 万元。为满足日常运营的资金需求， ...

证券代码：300383 证券简称：光环新网 公告编号：2024-037 北京光环新网科技股份有限公司 关于为全资子公司向银行申请贷款提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开第五届董事会 2024 年第五次会议审议通过了《关于公司及子公司向银行 申请授信额度的议案》和《关于为全资子公司向银行申请贷款提供担保的议案》， 现将具体事项公告如下： 一、授信及担保情况概述 董事会同意公司全资子公司光环新网（天津）信息服务有限公司（以下简称 "光环新网天津公司"）因天津宝坻云计算基地一期和二期项目（以下简称"天 津项目"）建设需要，向中国建设银行股份有限公司天津宝坻支行（以下简称"建 设银行天津宝坻支行"）、中国民生银行股份有限公司天津分行（以下简称"民生 银行天津分行"）、上海浦东发展银行股份有限公司北京分行（以下简称"浦发银 行北京分行"）申请合计不超过人民币 230,000 万元的贷款，期限不超过 15 年 （最终以银行实际审批的贷款额度为准）。光环新网天 ...