AtHub(SH:603881) China Post Securities·2025-11-05 04:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][14]. Core Insights - The company achieved a revenue of 1.241 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.93%. The net profit attributable to shareholders was 120 million yuan, up 14.05% year-on-year [5]. - The company has successfully completed the first batch of electromechanical deliveries for its Langfang project, which is expected to contribute stable revenue from 2026 onwards [7]. - The report highlights the company's strategic expansion, having established 35 data centers across key regions, aligning with national data center layout plans [7]. Financial Performance - For the first three quarters of 2025, the company's operating costs increased by 2.38% to 888 million yuan, while the gross margin improved by 1.78 percentage points to 28.4% due to faster revenue growth [6]. - The report projects revenue growth for 2025-2027, estimating revenues of 1.816 billion, 1.973 billion, and 2.098 billion yuan, with year-on-year growth rates of 5.56%, 8.61%, and 6.37% respectively [8][10]. - The net profit attributable to shareholders is expected to reach 172 million, 206 million, and 238 million yuan for the same period, with growth rates of 29.90%, 20.21%, and 15.09% respectively [8][10].