SHCD(SH:603887) Zheng Quan Zhi Xing·2025-07-14 16:25Core Viewpoint - The report highlights the growth and transformation of the IDC industry in China, emphasizing the shift towards high-quality, energy-efficient, and sustainable data center operations, driven by increasing demand for intelligent computing power and supportive government policies [1][2][3]. Company Overview - Shanghai Chengdi Xiangjiang Data Technology Co., Ltd. focuses on providing comprehensive IDC lifecycle services, including investment, operation, and integrated solutions [5][6]. - The company aims to leverage its full industry chain advantages to enhance its IDC investment and operation capabilities, expanding its presence beyond Shanghai to regions like Jiangsu and Inner Mongolia [6][14]. Industry Trends - As of the end of 2024, China's operational data center rack scale exceeds 8.8 million standard racks, with a year-on-year growth of 16.5% [1]. - The intelligent computing power scale reached 725.3 EFLOPS, growing approximately 74.1% year-on-year, with a market size of $19 billion, up 86.9% [1]. - By 2025, the intelligent computing power scale is expected to reach 1,037.3 EFLOPS, with a market size of $25.9 billion, indicating a robust growth trajectory [1]. Policy Support - The "Green and Low-Carbon Development Action Plan" mandates that by 2025, new large data centers must achieve a Power Usage Effectiveness (PUE) of less than 1.25, with national hub projects not exceeding 1.2 [2][3]. - Policies are encouraging the consolidation and upgrading of inefficient data centers, promoting energy-efficient technologies and renewable energy usage [2][4]. Financial Performance - The company's total assets increased by 9.13% to approximately 7.99 billion RMB, while net assets attributable to shareholders rose by 28.67% to approximately 3.55 billion RMB [8]. - Operating revenue decreased by 33.36% to approximately 1.62 billion RMB, and the net profit attributable to shareholders was negative at approximately -344.84 million RMB [8][9]. Business Development - The company has successfully implemented several intelligent computing center projects, marking a transition from traditional IDC services to advanced intelligent computing services [14][15]. - The company continues to expand its market presence through strategic partnerships with major telecommunications operators and participation in national initiatives like "East Data West Computing" [15][16]. Research and Development - The company has made significant advancements in green energy management and computing infrastructure, including the development of a dual-storage power supply system and optimization algorithms for energy efficiency [16][17]. - The company has successfully delivered over 600 integrated power module products, capturing a significant market share in the industry [17].