INESA-it(SH:600602) Western Securities·2025-10-22 05:18Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company actively participates in the "Shanghai Computing Power" initiative, providing high-quality intelligent computing centers and smart operation services for the AI industry in Shanghai [1] - The company has achieved a revenue of 4.599 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 15%, while the net profit attributable to shareholders decreased by 8% [1][4] - The company is expected to benefit from the growing demand for generative AI computing power and the ongoing digital transformation, with projected revenues of 6.434 billion yuan, 7.516 billion yuan, and 8.818 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 14.4%, 16.8%, and 17.3% [2][3] Summary by Sections Performance Summary - In Q3 2025, the company achieved a revenue of 1.467 billion yuan, a year-on-year increase of 31%, and a net profit of 50 million yuan, up 12% year-on-year [1][4] - The company has been recognized for its contributions to the data center operations in Shanghai, winning awards for its data governance impact [1] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 6.434 billion yuan, 7.516 billion yuan, and 8.818 billion yuan, with respective growth rates of 14.4%, 16.8%, and 17.3% [3] - The net profit attributable to shareholders is projected to be 236 million yuan, 296 million yuan, and 383 million yuan for 2025, 2026, and 2027, with growth rates of 16.4%, 25.5%, and 29.4% [3] Market Position - The company has established partnerships with major cloud service providers like Microsoft, Alibaba, and Huawei, enhancing its service offerings to over 10,000 clients [2] - The company is positioned to leverage its cloud computing and AI capabilities to support digital transformation initiatives [2]