Sinnet(300383) 长江证券·2025-05-22 11:27Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Insights - In 2024, driven by the AI wave, major internet companies are increasing their capital expenditures, leading to a resurgence in large-scale IDC tenders. By 2025, tighter national controls will further reduce supply, accelerating the improvement of the IDC supply-demand landscape, indicating an industry turning point. The company, as a veteran IDC provider, adheres to a dual-engine strategy of IDC and cloud computing, with cloud computing contributing core revenue growth and IDC business contributing core profit growth. The company has a stable cloud computing business tied to AWS and is set to secure major client orders in 2024, with ample resource reserves and potential for growth in Southeast Asia. Additionally, the company's debt ratio is significantly lower than its peers, providing ample financing space to benefit from the current IDC industry reversal [4][10][24]. Company Overview - The company was established in 1999, initially focusing on internet broadband access, and began IDC operations in Beijing in 2001. It has expanded its data center business through acquisitions and self-construction. In 2016, the company partnered with Amazon to operate AWS in China, marking its entry into the cloud computing sector. The company operates under a dual-engine model of "IDC + Cloud Computing," providing comprehensive digital infrastructure services [7][19]. IDC Market Dynamics - The IDC demand primarily stems from data storage and computing, with the internet being the main demand source. The IDC industry has experienced a supply-demand imbalance since 2020 due to increased supply from the "new infrastructure" policy and a slowdown in demand from major internet companies. However, in 2024, the AI wave is expected to drive renewed capital expenditures from internet giants, leading to a recovery in the IDC supply-demand balance and stabilization of prices [8][40]. Financial Performance - The company's revenue has remained stable, with a gradual recovery in performance since 2022. In 2024, the company achieved revenue of 7.28 billion, a year-on-year decrease of 7.31%, with net profit attributable to shareholders of 381 million, down 1.68% year-on-year. The IDC business revenue was 2.09 billion, down 5.9%, while cloud computing revenue was 5.1 billion, down 8.0% [24][26][27]. Business Strategy - The company maintains a dual-engine strategy with cloud computing contributing over 70% of revenue and IDC business accounting for 25%-30%. The IDC business is the core profit contributor, with a gross margin of over 60%. The cloud computing business has been stable, leveraging its long-term partnership with AWS to provide comprehensive services [26][27][38]. Growth Potential - The company is well-positioned for future growth, with significant resource reserves and a strategic focus on expanding into Southeast Asia. The low debt ratio enhances its ability to finance rapid expansion in the capital-intensive IDC sector [10][9][24].