光环新网(300383)：机柜交付速度加快 加速多点布局

Core Viewpoint - The company is expected to benefit from the AIGC wave despite a decline in revenue and profit in the first half of 2025, maintaining a "buy" rating based on future growth potential in the IDC and cloud computing sectors [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, primarily due to intensified competition in the IDC market and client adjustments [1]. - The company reported a net profit attributable to shareholders of 115 million yuan and a non-deductible net profit of 112 million yuan for the first half of 2025 [1]. - For Q2 2025, the company generated revenue of 1.884 billion yuan, with a net profit attributable to shareholders of 46 million yuan and a non-deductible net profit of 51 million yuan [1]. Group 2: IDC and Cloud Business - The IDC business generated revenue of 1.071 billion yuan in the first half of 2025, a decline of 2.08% year-on-year, influenced by client onboarding speed and some client withdrawals [2]. - The cloud computing business reported revenue of 2.570 billion yuan, down 7.67% year-on-year, mainly due to client structure optimization and the expiration of operational assets related to public cloud services [2]. - The company has deployed over 72,000 cabinets, with a national plan for over 230,000 cabinets, indicating a potential for revenue growth in the IDC business as AIGC development drives demand for computing power [1][2]. Group 3: Project Development - As of August 2025, the company's computing power business has exceeded 4,000P, with ongoing IDC project construction in multiple locations including Inner Mongolia, Tianjin, Shanghai, and Malaysia [3]. - The company plans to start civil construction work for the Inner Mongolia and Hohhot computing power base within the year, and the Tianjin Baodi Phase III project construction has already commenced [3]. - The Shanghai Jiading Phase I project has been fully sold and launched, with Phase II expected to be delivered in early 2025 [3].