光环新网：具备IDC资源优势，算力租赁业务规模迅速提升

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company benefits from advantages in IDC resources, with rapid growth in computing power leasing business driven by both IDC and cloud computing [1][10]. - The IDC market in China is projected to grow significantly, with a market size of 507.83 billion yuan in 2023, reflecting a year-on-year increase of 25.6% [18][22]. - The demand for AI computing power is expected to grow at a compound annual growth rate of 33.9% until 2027, indicating a substantial gap in supply [19]. Summary by Sections 1. IDC and Cloud Computing Dual-Drive - The company, established in 1999, focuses on internet data center services and cloud computing, with significant revenue growth following acquisitions in 2015-2016 [1][10]. - As of the first half of 2024, IDC and value-added services accounted for 62% of total gross profit, while cloud computing services contributed 36% [15]. 2. IDC Business: High Growth in AIDC Demand - The traditional IDC market is experiencing a slowdown, while AIDC demand is rapidly increasing due to advancements in AI technology [17][19]. - The company has established a strong market presence in key regions, with 52,000 cabinets in operation and plans to expand to over 110,000 cabinets [2][31]. 3. Cloud Computing: Steady Development of AWS Business - The company has been operating Amazon Web Services (AWS) in Beijing for nearly eight years, launching around 500 new features and services [3][41]. - AWS holds an 8.1% market share in China's IaaS market as of the first half of 2023 [41]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 473.32 million yuan, 653.16 million yuan, and 836.51 million yuan from 2024 to 2026, with respective year-on-year growth rates of 22%, 38%, and 28% [48]. - The projected P/E ratios for 2024-2026 are 53x, 38x, and 30x, indicating a valuation in line with industry averages [48][49].