Sinnet(SZ:300383) Xin Lang Cai Jing·2025-11-06 06:48Core Viewpoint - The company reported a decline in performance for the third quarter of 2025, with significant decreases in both revenue and net profit compared to the previous year [1][2][3] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 5.479 billion yuan, a year-on-year decrease of 6%, and a net profit attributable to shareholders of 144 million yuan, down 60% year-on-year [1] - In Q3 2025, the company recorded operating revenue of 1.763 billion yuan, a year-on-year decrease of 8% and a quarter-on-quarter decrease of 6%, with a net profit of 28.58 million yuan, down 69% year-on-year and 38% quarter-on-quarter [1] Group 2: IDC Business Performance - IDC business revenue for the first three quarters of 2025 was 1.667 billion yuan, representing a year-on-year growth of 1.53%, while Q3 IDC revenue reached 596 million yuan, up 8.74% year-on-year [2] - The IDC business gross margin decreased to 32.12%, down 3.55% from the same period last year, due to increased competition and a supply-demand imbalance in certain regions [2] - The company has accelerated the deployment of data centers, with over 16,000 new cabinets put into operation, bringing the total to over 72,000 [2] Group 3: Cloud Computing Business Performance - Cloud computing revenue for the first three quarters of 2025 was 3.719 billion yuan, a year-on-year decrease of 9.83%, with a gross margin of 7.30%, down 1.46% from the previous year [2] - In Q3 2025, cloud computing revenue was 1.149 billion yuan, a year-on-year decrease of 13.44%, primarily due to client business adjustments and the expiration of specific operational assets purchased in December 2017 [2] - The disposal of these assets is expected to reduce cloud computing revenue by approximately 100 million yuan for the entire year of 2025 [2] Group 4: Profit Forecast and Investment Recommendations - Due to the continuous decline in performance, the company has slightly adjusted its profit forecasts, expecting net profits of 200 million yuan, 428 million yuan, and 562 million yuan for 2025-2027, respectively [3] - The company maintains an "overweight" rating based on the gradual ramp-up of IDC business capacity and the anticipated shift in AI computing demand from training to inference [3]