Sinnet(SZ:300383) KAIYUAN SECURITIES·2025-10-23 02:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure and urgently needs to increase the volume of domestic computing power cards. The revenue for the first three quarters of 2025 was 5.96% lower year-on-year, primarily due to intensified competition in certain IDC markets leading to a decrease in rental prices, adjustments in customer deployment strategies, and reduced cloud computing business revenue [4][5] - The company has over 72,000 operational cabinets and is expected to benefit from the AIGC wave as the demand for computing power for training and inference gradually releases. However, due to short-term supply constraints of computing power cards, profit forecasts have been revised downwards [4][5] Financial Summary and Valuation Indicators - For 2025, the expected revenue is 76.37 billion yuan, with a year-on-year growth of 4.9%. The expected net profit attributable to the parent company is 2.02 billion yuan, a decrease of 47% year-on-year [4][8] - The company's EBITDA for 2025 is projected to be 1.35 billion yuan, with corresponding P/E ratios of 117.8, 53.8, and 42.5 for 2025, 2026, and 2027 respectively [4][8] - The gross profit margin for the IDC business is 32.12%, while the cloud computing business has a gross profit margin of 7.30% [5] Business Segments - The IDC business achieved revenue of 5.96 billion yuan in Q3 2025, an increase of 8.74% year-on-year, driven by accelerated cabinet deployment. The cloud computing business generated revenue of 11.49 billion yuan, a decrease of 13.44% year-on-year due to ongoing optimization of customer structure [5] - The company is actively advancing IDC project construction in multiple locations, including Inner Mongolia, Tianjin, Shanghai, and Changsha, with various projects at different stages of development [6]