Sinnet(SZ:300383) Xin Lang Cai Jing·2025-11-13 08:41Core Viewpoint - The company reported a decline in revenue and profits for the first three quarters of 2025, but maintains a long-term positive outlook due to expected recovery in revenue and stable cash flow from its IDC business [1][2]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 5.479 billion yuan, a year-on-year decrease of 5.96% [1][2]. - The decline in revenue is attributed to three main factors: slow growth in IDC business, a drop in cloud computing revenue due to client optimization, and a significant reduction in non-recurring income [2]. Business Segment Analysis - The IDC business generated revenue of 596 million yuan in Q3 2025, a year-on-year increase of 8.74%, with a cumulative revenue of 1.667 billion yuan for the first nine months, reflecting a 1.53% growth [3]. - The cloud computing business reported Q3 revenue of 1.149 billion yuan, a year-on-year decline of 13.44%, with a cumulative revenue of 3.719 billion yuan for the first nine months, down 9.83% [3]. Cost and Margin Insights - The gross margin for the IDC business in Q3 2025 decreased by 3.55 percentage points to 32.12% due to increased fixed costs from new cabinet installations and intensified market competition [3]. - The gross margin for the cloud computing business was 7.30% in Q3, down 1.46 percentage points, impacted by asset disposals and client structure adjustments [3]. Strategic Developments - The company is accelerating project delivery and advancing technology development, with ongoing data center construction in key regions and a strategic partnership with China Mobile for 5G and edge computing applications [4]. - The company’s subsidiary has received recognition as a "little giant" enterprise, and its AI operation system has been successfully implemented in several national computing hubs [4]. Future Outlook - The company projects earnings per share (EPS) of 0.19 yuan, 0.22 yuan, and 0.26 yuan for 2025-2027, corresponding to dynamic price-to-earnings ratios of 71x, 62x, and 50x [4]. - The company’s long-term growth strategy remains positive, with ongoing reforms and a focus on accelerating growth [4].