Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1 2025 was outstanding, with revenue reaching 489 million yuan, a year-on-year increase of 958.26%, and a net profit attributable to shareholders of 22 million yuan, up 334.14% year-on-year, exceeding market expectations [1] - The growth in revenue and profit is primarily attributed to the increase in computing power leasing business, which is expected to continue benefiting from the growing demand for AI infrastructure in 2025 [8] - The company has accumulated orders worth approximately 2.9 billion yuan, with a significant increase in advance payments, indicating strong future revenue potential [8] - The report highlights that 2025 is seen as a pivotal year for AI infrastructure in China, with major international companies increasing their capital expenditures, which will positively impact the domestic computing power leasing market [8] - The company's net profit forecasts for 2025 and 2026 have been raised to 118 million yuan and 309 million yuan, respectively, with an expected net profit of 412 million yuan in 2027 [8] Financial Summary - The total revenue forecast for 2025 is 1,192 million yuan, with a year-on-year growth rate of 81.23% [9] - The net profit attributable to shareholders is projected to be 117.7 million yuan in 2025, reflecting a growth rate of 255.49% [9] - The earnings per share (EPS) is expected to be 1.07 yuan in 2025, with a price-to-earnings (P/E) ratio of 79.70 based on the current price [9]
宏景科技（301396）：算力租赁业绩亮眼，算力新秀正当时