Sinnet(SZ:300383) Tianfeng Securities·2025-11-06 01:15Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's performance continues to decline in Q3, with a 6% year-on-year decrease in revenue for the first three quarters, totaling 5.479 billion yuan, and a 60% drop in net profit to 144 million yuan [1] - IDC revenue growth is showing signs of recovery, with a 1.53% year-on-year increase in IDC business revenue for the first three quarters, amounting to 1.667 billion yuan, and an 8.74% increase in Q3 revenue [2] - The cloud computing business has been negatively impacted by the expiration of specific operational assets, leading to a 9.83% year-on-year decrease in revenue for the first three quarters, totaling 3.719 billion yuan [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 200 million yuan, 428 million yuan, and 562 million yuan respectively, due to ongoing performance declines [4] Financial Data and Valuation - For 2025, the company is projected to have a revenue of 7.384 billion yuan, with a growth rate of 1.41% [5] - The estimated net profit for 2025 is 200 million yuan, reflecting a significant decrease of 47.55% compared to previous forecasts [5] - The company's earnings per share (EPS) for 2025 is expected to be 0.11 yuan, with a price-to-earnings (P/E) ratio of 119.04 [5] - The total market capitalization of the company is approximately 23.818 billion yuan [8]