| GUOTAI HAITONG SECURITIES | | --- | | 国泰海通证券 | 精 选 目 录 | | 每日报告精选（2026-01-28 09:00——2026-01-29 15:00） 2 | | --- | --- | |  | 宏观专题：《美联储如期按兵不动》2026-01-29 2 | |  | 宏观专题：《白银牛市：价格破 怎么看》2026-01-28 3 100 | |  | 行业专题研究：计算机《制度闭环叠加 催化，迎接数据要素"价值释放年"》2026-01-28 3 AI | |  | 行业专题研究：可选消费品《智能眼镜产品力系列二：大模型催化，AI 眼镜异军突起评》2026-01-28 4 | |  | 行业专题研究：耐用消费品《3D 打印行业：产业浪潮已至，工业消费双向驱动》2026-01-28 5 | |  | 公司跟踪报告：中国中铁（601390）《铜钼矿产待重估，承建海南商业航天发射场》2026-01-29 6 | |  | 公司信息点评：长盈精密（300115）《股权激励落地绑定核心成员，机器人业务前景广阔》2026-01-29 7 | |  | ...

中国经济网北京1月28日讯 光环新网(300383.SZ)26日发布2025年度业绩预告。经财务部门初步测 算，光环新网预计2025年年度实现归属于母公司所有者的净利润为亏损73000万元至78000万元，去年 同期为盈利38144.48万元。公司预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净 利润为亏损77000万元至82000万元，去年同期为盈利34638.05万元。公司预计2025年年度营收为71.7 亿元至72.2亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 东的净利润 | 亏损:73,000 万元-78,000 万元 | 盈利:38,144.48万元 | | 扣除非经常性损益 后的净利润 | 亏损:77,000万元-82,000万元 | 盈利:34,638.05 万元 | | 营业收入 | 717,000.00 万元-722,000.00 万元 | 728, 121. 03 万元 | | 扣除后营业收入 | 717,000.00 万元-722,000.00 万元 | 728, 121. 03 万元 | 本次计提商誉减 ...

商誉减值致首亏，IDC 交付将改善业绩 光环新网(300383) 光环新网 2025 年业绩预告点评 | [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 | | 赵文通(分析师) | 010-83939799 | zhaowentong@gtht.com | S0880524030001 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 公司预告 2025 年由盈转亏，主因对中金云网等并购资产计提大额商誉减值。IDC 及 云计算业务短期承压，但机柜投放显著加速，2026 年业绩有望快速修复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.29 CNY [5][9]. Core Insights - The company is expected to turn from profit to loss in 2025, primarily due to significant goodwill impairment related to acquisitions such as Zhongjin Yunwang. Although the IDC and cloud computing businesses are under short-term pressure, the accelerated deployment of cabinets is anticipated to improve performance in 2026 [2][9]. - The company forecasts a revenue of 71.7 to 72.2 billion CNY for 2025, representing a year-on-year decline of 0.84% to 1.52%. The net profit attributable to shareholders is projected to be a loss of 7.7 to 8.2 billion CNY, compared to a profit of 346 million CNY in the previous year [9]. Financial Summary - Total revenue is projected to decline from 7,855 million CNY in 2023 to 7,208 million CNY in 2025, with a slight recovery to 7,384 million CNY in 2026 and 7,996 million CNY in 2027 [4][10]. - The net profit attributable to shareholders is expected to drop from 388 million CNY in 2023 to a loss of 749 million CNY in 2025, before recovering to 328 million CNY in 2026 and 450 million CNY in 2027 [4][10]. - The company’s net asset return rate is forecasted to decline to -6.3% in 2025, with a recovery to 2.7% in 2026 and 3.5% in 2027 [4][10]. Business Performance - The company has faced challenges in its IDC business due to increased competition and customer retention issues, leading to a higher difficulty in customer acquisition. The company has also seen a significant increase in cabinet deployment, with over 26,000 new cabinets added in 2025, reaching a total of over 82,000 cabinets by the end of the year [9]. - The cloud computing segment is expected to see a revenue decrease of approximately 106 million CNY in 2025 due to the expiration of specific operational assets and adjustments in customer structure [9]. Market Position - The company is positioned within the telecommunications and information technology industry, with a focus on IDC and cloud computing services. The competitive landscape remains challenging, but the company is actively expanding its cabinet deployment to meet future demand driven by AI and computing power needs [9].

Group 1 - Naxing Co., Ltd. reached the daily limit increase, while Wangsu Technology surged by 16%, Oulutong rose by 13%, and Capital Online increased by nearly 8% [2] - Other companies such as Yunsai Zhili, Guanghuan Xinwang, and Qingyun Technology also experienced gains [2] Group 2 - The stock prices and percentage changes for several companies are as follows: - Wangsu Technology: 15.81, up 16.77% - Oulutong: 258.59, up 13.45% - Meili Cloud: 14.28, up 10.02% - Naxing Co., Ltd.: 22.72, up 10.02% - Capital Online: 29.02, up 7.92% - Yunsai Zhili: 23.21, up 4.69% - Guanghuan Xinwang: 15.78, up 4.09% - Qingyun Technology: 85.30, up 4.06% [3] Group 3 - Google announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with prices in North America doubling [2]

Group 1 - Naxing Co., Ltd. (南兴股份) reached a limit-up, while Wangsu Science & Technology (网宿科技) increased by 16%, Oulu Tong (欧陆通) rose by 13%, and Capital Online (首都在线) gained nearly 8% [2] - Other companies such as Yunzhai Zhili (云寨智联), Guanghuan Xinwang (光环新网), and Qingyun Technology (青云科技) also experienced increases [2] - The stock price changes for notable companies include: Wangsu Science & Technology at 15.81 with a rise of 16.77%, Oulu Tong at 258.59 with a rise of 13.45%, and Naxing Co., Ltd. at 22.72 with a rise of 10.02% [3] Group 2 - Google announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with prices in North America doubling [4]

【天风通信】光环新网：减值、云收益减少致业绩亏损，IDC储备丰富 公司发布25年业绩预告，预计2025年实现归母净利润亏损7.3-7.8亿元，24年盈利3.81亿元；扣非归母净利润亏 损7.7亿元-8.2亿元，24年盈利3.46亿元。 亏损主要原因是计提资产减值8.91亿元，其中中金云网计提8.38亿元、光环赞普计提2713万元，同时云计算收益减 少1.06亿元。 若加回减值负面影响，4Q25净利润依然为负，我们分析是由于新机房上架率不高导致短期成本压力加大。 截至2025年末公司已投放机柜超过8.2万架（4Q25投放1万架，25年前三季度投放1.6万台），全年新投放机柜数量 超过2.6万架，是公司新投放机柜数量最多的一年（24年仅投放不超过8000架）。 大量的新增机柜投放造成营业成本短时间内急剧增加，客户上架时间通常会较投放时间有所滞后。 天津CSP大客户项目已陆续交付客户，6月份开始产生收入，三期项目在建，未来扩展可达到180MW规模或更 大。 上海嘉定二期已交付并陆续上架。 内蒙古项目正申请能耗指标。 我们分析减值主要原因是 【天风通信】光环新网：减值、云收益减少致业绩亏损，IDC储备丰富 公司发布2 ...

Core Viewpoint - The company, Guanghuan Xinnet (300383), is expected to report a significant loss in 2025, with projected revenue between 7.17 billion to 7.22 billion yuan, compared to 7.28 billion yuan in the previous year, and a net loss of 730 million to 780 million yuan, contrasting with a profit of 381.44 million yuan in the same period last year [1][7]. Financial Performance - The projected net profit attributable to shareholders is a loss of 730 million to 780 million yuan, compared to a profit of 381.44 million yuan in the previous year [2][8]. - The expected revenue for 2025 is between 7.17 billion to 7.22 billion yuan, down from 7.28 billion yuan in the previous year [2][8]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 770 million to 820 million yuan, compared to a profit of 346.38 million yuan last year [2][8]. Industry Challenges - The company attributes its significant loss to an imbalance in supply and demand in the data center industry, increased competition, and a customer base that is becoming more concentrated, leading to stronger bargaining power among clients [2][8]. - The implementation of the national "dual carbon" strategy has resulted in stricter regulations regarding energy consumption and efficiency for data centers, leading to increased operational costs for equipment maintenance and upgrades [2][8]. Operational Developments - As of the end of 2025, the company has deployed over 82,000 cabinets, with more than 26,000 new cabinets added in the year, marking the highest number of new deployments in the company's history [3][9]. - The rapid increase in cabinet deployment has led to a significant rise in operating costs, with customer onboarding times lagging behind deployment schedules, putting pressure on the company's operating costs [3][9]. Cloud Computing Revenue - Due to client business adjustments and the company's proactive optimization of its customer structure, cloud computing revenue has decreased compared to the previous year, with an expected reduction of approximately 106 million yuan due to the expiration of specific operational assets acquired in December 2017 [3][9]. Asset Impairment - The company plans to recognize an asset impairment provision of up to 891 million yuan for 2025, with 865 million yuan attributed to goodwill impairment primarily related to the acquisitions of Zhongjin Cloud Network and Guanghuan Zamp [10][12]. - The impairment provision for Zhongjin Cloud Network is expected to be 838 million yuan, which constitutes the majority of the goodwill impairment [10][12]. Market Performance - As of January 26, the company's stock price increased by 8.16%, closing at 15.64 yuan per share, with a total market capitalization of approximately 28.114 billion yuan, although the stock price has remained relatively stagnant over the past year [6][13].

Core Viewpoint - The company, Guanghuan Xinnet, has announced a significant decline in its expected financial performance for the year 2025, projecting a loss in net profit compared to the previous year [2]. Financial Performance - The company forecasts its operating revenue for 2025 to be between 717 million yuan and 722 million yuan, a decrease from 728.12 million yuan in the same period last year [2]. - The net profit attributable to shareholders is expected to be a loss ranging from 73 million yuan to 78 million yuan, contrasting with a profit of 38.14 million yuan in the previous year [2].

Market Overview - On January 26, the market experienced slight fluctuations, with all three major indices closing down, while banks and brokerages supported the Shanghai index, which closed down by 0.09% [1] - The total trading volume for the day reached 3.25 trillion yuan [1] Sector Performance - The non-ferrous metals sector maintained a strong position, while previously strong sectors like commercial aerospace and semiconductors showed significant pullbacks [1] - Precious metals surged, with spot gold prices breaking the $5,000 per ounce mark for the first time in history, and the Huabao Non-Ferrous ETF (159876) rising by 4.77%, reaching a new historical high [2][4] - The non-ferrous metals index has seen a growth of over 130% in the past year [2] ETF Highlights - The Huabao Non-Ferrous ETF (159876) saw a net subscription of 140 million units in a single day, indicating strong investor interest [2][4] - The top-performing financial ETFs, including the broker ETF (512000), also showed signs of recovery, with a price increase of 0.87% [2] - The AI sector, particularly the Huabao Entrepreneurial AI ETF (159363), managed to close up by 0.56% despite a general pullback in the AI sector, with significant capital inflow of over 2.1 billion yuan in the past 10 days [8] Investment Insights - Analysts from Guotai Junan Securities believe that the Chinese market is undergoing a broad revaluation, with opportunities in both technology and non-technology sectors, emphasizing a barbell strategy focusing on quality growth [3] - The IDC data center sector is seen as a low-point opportunity, with expectations for a rebound in valuations and performance due to increased capital expenditures from major domestic companies [10] - The military industry, despite recent volatility, is expected to remain in an upward demand cycle over the next five years, with opportunities in military trade, commercial aerospace, and large aircraft sectors [13]