Sinnet(SZ:300383) Changjiang Securities·2025-11-17 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company's performance in the first three quarters of 2025 has been under pressure, with a revenue of 5.48 billion yuan, a year-on-year decrease of 6.0%, and a net profit attributable to shareholders of 144 million yuan, down 60.2% year-on-year. The decline is attributed to increased depreciation and amortization from IDC deliveries and the disposal of certain operational assets related to public cloud services [4][11]. - IDC revenue growth has turned positive, with a total IDC revenue of 1.67 billion yuan in the first three quarters, reflecting a year-on-year increase of 1.53%. The company has accelerated its IDC deployment, with Q3 showing an 8.74% year-on-year increase in IDC revenue [11]. - AWS operations in China are stable, contributing to innovation and intelligent management for enterprises. The cloud computing revenue for the first three quarters was 3.72 billion yuan, a year-on-year decrease of 9.83% [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.48 billion yuan, a decrease of 6.0% year-on-year, and a net profit of 144 million yuan, down 60.2% year-on-year. In Q3 alone, revenue was 1.76 billion yuan, a decline of 7.6% year-on-year and 6.4% quarter-on-quarter [4][11]. - The IDC revenue for the first three quarters was 1.67 billion yuan, with a gross margin of 32.12%, down 3.55 percentage points year-on-year. Q3 IDC revenue reached 596 million yuan, up 8.74% year-on-year [11]. IDC Business Development - The company has made significant progress in IDC deployment, with over 72,000 cabinets in operation as of Q3 2025. Key projects include the Tianjin Baodi project and the Shanghai Jiading project, both of which are advancing well [11]. Cloud Computing Operations - The cloud computing segment generated 3.72 billion yuan in revenue for the first three quarters, with a gross margin of 7.30%, down 1.46 percentage points year-on-year. The decline in revenue is primarily due to customer business adjustments and proactive optimization of the customer structure [11].