SHCD(SH:603887) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-02-13 23:05Core Viewpoint - The company has entered into a long-term contract with a client for data center services, with potential risks related to contract fulfillment and revenue uncertainty due to the lengthy contract duration [1][2][11]. Group 1: Project Overview - The project is named "Hutai Smart Cloud Valley Digital Technology Industrial Park - Data Center Project" and involves a contract with a client referred to as Company X [2]. - The contract duration is set for 6 years, starting from November 1, 2026, and can be extended for up to 2 additional years [2][3]. - The first phase includes the delivery of approximately 1,100 high-power cabinets by October 30, 2026, with a second phase involving an additional 2,200 cabinets [4][5]. Group 2: Financial Aspects - The estimated contract value for the first phase is up to 903 million yuan, while the second phase is expected to reach up to 1.806 billion yuan, with revenue recognized based on actual deployment over the contract period [6][11]. - Payment terms stipulate that Company X will pay on a monthly basis, contingent upon the receipt of valid invoices from the company [6]. Group 3: Risks and Commitments - There is a risk of contract non-fulfillment due to unforeseen circumstances, which could impact the company's ability to meet its obligations [1][11]. - The company has made additional commitments to reserve 50 MW of data center resources for Company X by June 30, 2027, with penalties for non-compliance amounting to 80 million yuan [10][12]. - As of now, a formal contract has not been signed, and the finalization of the agreement remains uncertain [12]. Group 4: Counterparty Information - Company X is a limited liability company with a good credit standing and operational capacity, and there are no related party transactions between the company and Company X [8][9].