Sinnet(SZ:300383) Xin Lang Cai Jing·2025-09-11 00:44Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to various factors impacting performance in the short term [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 3.72 billion yuan, a year-on-year decrease of 5.1% [1][2]. - The net profit attributable to shareholders was 120 million yuan, down 57.0% year-on-year [1][2]. - EBITDA for 2025 H1 was 720 million yuan, reflecting a decline of 1.8% year-on-year [2]. IDC Business Insights - IDC revenue for 2025 H1 was 1.07 billion yuan, a decrease of 2.1% year-on-year, with a gross margin of 32.7%, down 1.8 percentage points [3]. - The company accelerated the deployment of data centers, with 16,000 new cabinets installed, bringing the total to over 72,000 cabinets and an operational scale of approximately 320 MW [3]. - Specific projects include the completion of the first phase in Tianjin and ongoing construction in Inner Mongolia and the Yangtze River Delta region [3][4]. Cloud Computing Business - Cloud computing revenue for 2025 H1 was 2.57 billion yuan, down 7.7% year-on-year, with a gross margin of 7.8%, a decrease of 1.7 percentage points [4]. - The decline was attributed to client business adjustments and proactive optimization of the customer structure [4]. - The company is leveraging AI technology and has signed a strategic cooperation agreement to enhance its computing infrastructure for generative AI applications [4]. Investment Outlook - The company is expected to face short-term performance pressure due to increased depreciation and the disposal of specific operational assets related to public cloud services, which will reduce cloud computing revenue by approximately 100 million yuan in 2025 [2][5]. - However, the IDC industry is anticipated to rebound, driven by significant demand from AI, suggesting potential long-term benefits for the company [5]. - Projected net profits for 2025-2027 are 328 million yuan, 393 million yuan, and 476 million yuan, with corresponding P/E ratios of 79x, 65x, and 54x [5].