GDHEC CO.,LTD(SH:600673) Guotou Securities·2026-01-20 11:07Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.28 CNY for the next 6 months [7][9]. Core Insights - The completion of the acquisition of Qinhuai Data for 28 billion CNY marks Dongyangguang's entry into the high-growth IDC sector, transitioning from traditional manufacturing to a dual-driven strategy of "manufacturing + computing power" [1]. - Qinhuai Data, a leading neutral third-party large-scale computing infrastructure operator in China, has shown strong growth with a 49.7% year-on-year revenue increase in Q2 2023 and an adjusted EBITDA margin of 52.5% [2]. - The company has a high contract lock-in rate of 90%, with over 95% of contracts being longer than 10 years, indicating strong revenue certainty [2]. - The IDC market in China is projected to exceed 650 billion CNY by 2030, with Qinhuai Data's first-mover advantage and customer stickiness expected to drive continued performance [2]. - Dongyangguang is leveraging technological synergies with Qinhuai Data to enhance its "production-computing-electricity" integration, focusing on energy-efficient solutions for high-power AI servers [3][8]. Financial Projections - Revenue projections for Dongyangguang are estimated at 14.05 billion CNY in 2025, 16.01 billion CNY in 2026, and 17.93 billion CNY in 2027, with net profits expected to reach 1.38 billion CNY, 1.90 billion CNY, and 2.23 billion CNY respectively [9][11]. - The company is expected to achieve a PE ratio of 56 times in 2026, reflecting its growth potential and valuation uplift [9].