Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Insights - The company's H1 2025 performance exceeded expectations, with a significant revenue increase driven by the explosive growth in computing power services, achieving a revenue of 1.188 billion yuan, a year-on-year increase of 567.14% [1]. - The computing power service business is the main contributor to revenue growth, accounting for 91.28% of total revenue, with a remarkable year-on-year growth of 5627.22% [1]. - The company has seen a substantial improvement in profitability, with a net profit of 60.28 million yuan in H1 2025, a year-on-year increase of 725.73% [1]. Summary by Sections Revenue and Profitability - In Q2 2025, the company reported a revenue of 699 million yuan, a year-on-year increase of 430.20%, and a net profit of 38.63 million yuan, reflecting a year-on-year growth of 10094.82% [1]. - The operating cash flow improved significantly, reaching 55.17 million yuan, a year-on-year increase of 119.30%, primarily due to accelerated collection of computing power orders [2]. Order Backlog and Market Demand - The company has a robust order backlog, with total orders reaching 2.317 billion yuan in 2024, a year-on-year increase of 113% [3]. - In the first half of 2025, the company disclosed multiple significant computing power service contracts, with a total disclosed order amount of approximately 4.054 billion yuan [3]. - The demand for computing power services is expected to continue benefiting from the AI industry, with major cloud providers like Meta, Alphabet, Microsoft, and Amazon projected to increase their investments in this area [3][6]. Financial Forecast - The company is expected to maintain strong revenue growth, with projected revenues of 3.121 billion yuan, 5.084 billion yuan, and 7.058 billion yuan for 2025, 2026, and 2027 respectively [7]. - Earnings per share (EPS) are forecasted to be 1.11 yuan, 1.98 yuan, and 3.10 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 55.5, 31.2, and 19.9 [7].
宏景科技（301396）：公司事件点评报告：半年报业绩超预期，算力服务业务爆发