国内算力基建加快，大名城算力业务有望加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the domestic computing infrastructure is accelerating, which is expected to boost the company's computing business [1] - The company has established a joint venture to layout computing services, leveraging its advantages in Fujian province, which has favorable electricity and communication costs [7] - The low-altitude business is progressing steadily, with plans to invest in a "low-altitude intercity smart hub airport" project in Fuzhou [7] - Despite a low outlook for the real estate sector, the company's computing business is anticipated to grow rapidly due to increased demand [7] Financial Forecasts and Valuation - Total revenue is projected to decline from 11,695 million RMB in 2023 to 3,275 million RMB in 2026, reflecting a decrease of 58.88% in 2024 and further declines in subsequent years [1][8] - The net profit attributable to the parent company is expected to drop significantly to -2,051.13 million RMB in 2024, before recovering to 143.16 million RMB in 2025 and 129.13 million RMB in 2026 [1][8] - The latest diluted EPS is forecasted to be -0.83 RMB in 2024, with a gradual recovery to 0.06 RMB in 2025 and 0.05 RMB in 2026 [1][8] - The P/E ratio is projected to be 34.48 in 2023, dropping to -3.74 in 2024, and then increasing to 53.60 in 2025 and 59.43 in 2026 [1][8]