CAPITALONLINE(SZ:300846) Changjiang Securities·2025-11-24 05:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a Q3 revenue of 297 million, a year-on-year decrease of 12.52%. However, the net profit attributable to the parent company was -28 million, showing a year-on-year increase of 47.55%. The non-recurring net profit attributable to the parent company was -39 million, with a year-on-year increase of 31.85%, indicating a significant reduction in losses and a proactive adjustment towards high-quality business [2][5] - The company's main business includes cloud services, communication network services, IDC services, and comprehensive solutions, with a strong operational capability expected to benefit from the increasing demand for reasoning computing power as AI applications gradually take off [2][5] - The company is focusing on high-power intelligent computing center construction and strategic adjustments to its IDC business, aiming to enhance overall operational quality [12] Financial Performance - As of Q3 2025, the company's cash flow from operating activities was 87 million, a year-on-year decrease of 49.77%. The gross profit margin for Q3 was 11.91%, an improvement of 5.53 percentage points year-on-year [5][12] - The company’s usage rights assets increased by 202.25% year-on-year to 161 million, while lease liabilities rose by 256.06% to 128 million, indicating accelerated infrastructure construction [12] - The company expects net profits attributable to the parent company to be -150 million, -70 million, and 50 million for the years 2025, 2026, and 2027 respectively [12] Strategic Developments - The company is enhancing its global layout and strengthening domestic core node construction, with new data centers in Huailai and Wuhu expected to create a nationwide intelligent computing network [12] - A strategic cooperation framework agreement was signed with the government of Yulin City, focusing on building a heterogeneous computing power adaptation center and fostering a computing power ecosystem [12] - The company aims to act as an enabler of intelligent computing, expanding global business and building an open ecosystem [12]