网宿科技：CDN护城河持续拓宽，AI、出海驱动业务成长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to achieve high-quality growth in its CDN core business driven by the continuous development of AI, cloud computing, and big data, while also expanding into liquid cooling, computing cloud, and MSP as its second growth curve [6]. Company Overview - The company, established in 2000, is a leading global information infrastructure service provider, focusing on a "2+3" business layout that includes CDN and IDC as mature businesses while exploring computing cloud, MSP, and liquid cooling [6][12]. - In 2023, the company reported revenue of 4.705 billion yuan, a year-on-year decrease of 7.45%, primarily due to a slowdown in the CDN industry price war, although overseas high-margin business progressed smoothly [6][10]. CDN and Security Business - The global demand for CDN is expected to continue rising, with the CDN market projected to grow at a CAGR of 18% from 2024 to 2029, and the Chinese CDN market expected to grow at a CAGR of approximately 25% [7]. - The company generated 4.376 billion yuan in CDN revenue in 2023, down 8.13% year-on-year, but is anticipated to benefit from globalization, edge computing development, and the expansion of value-added services [7]. Innovative Business - The company is developing a second growth curve through liquid cooling, computing cloud, and MSP services [8]. - The global cloud computing market reached $586.4 billion in 2023, growing by 19.4%, with China's cloud computing market growing by 35.5% to 616.5 billion yuan [8]. - The company’s subsidiary, Aijie Cloud, focuses on providing a unified architecture for computing cloud services, while its subsidiary Cloudsway offers comprehensive MSP services [8]. Financial Forecast and Investment Rating - The company is projected to achieve revenues of 5.060 billion yuan, 5.682 billion yuan, and 6.161 billion yuan from 2024 to 2026, with corresponding net profits of 651 million yuan, 763 million yuan, and 884 million yuan [10]. - The report indicates a corresponding PE ratio of 25.06, 21.38, and 18.45 for the same years, reinforcing the "Buy" rating [8][10].