网宿科技：看好AI驱动下25年业绩放量-20250415

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.04 RMB [8][9]. Core Views - The company is expected to benefit from the acceleration of AI applications, leading to significant revenue growth in 2025, particularly in its core business areas of CDN, edge computing, and IDC [1][2]. - The company's overseas revenue is projected to grow significantly, contributing to overall profitability, with a notable increase in the revenue share from international markets [4]. - The integration of AI capabilities into product development is enhancing operational efficiency and cost management, which is expected to improve profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 49.32 billion RMB, a year-on-year increase of 4.81%, and a net profit of 6.75 billion RMB, up 10.02% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 13.22 billion RMB, reflecting an 11.26% year-on-year growth, with a net profit of 2.45 billion RMB, up 30.99% year-on-year [1]. Business Segments - The CDN and edge computing business is expected to generate 45.92 billion RMB in revenue for 2024, a 4.93% increase year-on-year, while IDC and liquid cooling business revenue is projected at 2.55 billion RMB, down 4.51% year-on-year [2]. - The gross margin for CDN and edge computing is 31.93%, slightly down by 0.89 percentage points year-on-year, while IDC and liquid cooling have a gross margin of 21.10%, down by 0.30 percentage points [2]. Global Strategy - The company has established a strong global presence with branches in countries like Singapore, South Korea, Japan, the USA, and Malaysia, leading to a 33% year-on-year increase in overseas revenue, which accounted for 57.66% of total revenue in 2024 [4]. Profitability Forecast - The company’s net profit margin improved to 13.61% in 2024, up 0.72 percentage points year-on-year, indicating enhanced profitability driven by overseas market demand [4]. - The profit forecast for 2025-2027 estimates net profits of 7.39 billion RMB, 8.88 billion RMB, and 10.79 billion RMB respectively, reflecting a slight downward adjustment due to competitive pressures [5]. Valuation - The report suggests a valuation based on a price-to-earnings ratio of 83.5x for 2025, leading to a target price of 25.04 RMB, which is an increase from the previous target of 17.61 RMB [5].