AtHub(SH:603881) China Post Securities·2025-09-04 09:44Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has shown stable revenue growth and improved profitability, with a year-on-year revenue increase of 4.13% to approximately 810 million yuan and a net profit increase of 20.37% to about 84.96 million yuan for the first half of 2025 [4]. - The company is enhancing its operational efficiency through refined management practices, leading to a rise in profit margins, with a net profit margin of 10.5% and a gross margin of 29.0% in the first half of 2025 [5]. - The completion of the Langfang project and the availability of cash reserves are expected to support the expansion of new projects, with cash and financial assets totaling 2.416 billion yuan as of June 2025, a 32.67% increase from the end of 2024 [6]. - The company is well-positioned to benefit from the growing demand in the IDC industry, with projected revenues of 1.816 billion, 1.973 billion, and 2.098 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 5.56%, 8.61%, and 6.37% [7]. Company Overview - The latest closing price of the company's stock is 35.86 yuan, with a total market capitalization of 25.8 billion yuan [3]. - The company has a total share capital of 718 million shares, with a debt-to-asset ratio of 56.2% and a price-to-earnings ratio of 163.00 [3].