2季度业绩符合预期，AI算力驱动基地型IDC业务增长

Investment Rating - The report does not provide a specific investment rating for the company, but it indicates that the company is currently "unrated" with a target price of 1.95, suggesting a potential downside of 2.7% from the current price of 2.00 [6]. Core Insights - The company's Q2 2024 performance met expectations, with revenue of 1.99 billion RMB, a year-on-year increase of 9.4%, and adjusted EBITDA of 574 million RMB, up 7.3% year-on-year [1][4]. - The company maintains its full-year guidance, expecting total revenue between 7.8 billion and 8.0 billion RMB, with a year-on-year growth rate of 5.2% to 7.9% [1]. - The AI-driven base IDC business showed significant growth, with revenue of 400 million RMB in Q2, a quarter-on-quarter increase of 11.4%, contributing 20% to total revenue [2]. - The company has increased its full-year capital expenditure guidance from 3.7-4.2 billion RMB to 5.0-5.5 billion RMB, reflecting a year-on-year growth of 39.7% to 53.7% [2]. Summary by Sections Q2 Performance Overview - Revenue for Q2 2024 was 1,994 million RMB, a 9.4% increase year-on-year and a 5.0% increase quarter-on-quarter [4]. - Adjusted EBITDA for Q2 2024 was 574 million RMB, with an adjusted EBITDA margin of 28.8% [4]. - The net profit for Q2 2024 was 72 million RMB, a significant recovery from a net loss of 2,423 million RMB in Q4 2023 [4]. IDC Business Growth - The base IDC business achieved revenue of 400 million RMB in Q2 2024, with a total capacity of 332 MW, and a utilization rate of 75.9% [2]. - The company signed two large orders for its Ulanqab data center, totaling 235 MW, primarily driven by AI computing demand [2]. Future Growth Potential - The company has a high pre-signing rate of 85.5% for its ongoing projects, which is expected to provide stable revenue support in the future [2]. - The company holds 120 MW of near-term reserves and 408 MW of long-term reserves, supporting short-term capacity expansion and long-term business growth [2].