东阳光（600673）：100%控股秦淮数据方案落地，开启算电协同新篇章

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company plans to acquire 100% of Qinhuai Data through a share issuance and fundraising, which is expected to enhance its capabilities in the data center industry [4]. - Qinhuai Data is a leading IDC operator in China, currently operating 799MW of IT capacity and has a revenue of 6.382 billion yuan in 2025, reflecting a year-on-year growth of 5.52% [6]. - The company has ambitious expansion plans, aiming for a total capacity of 4GW across several key locations, which will support its core clients' needs and provide stable cash flow [6]. - The report highlights the synergy between the company's clean energy resources and its data center operations, which is expected to lower costs and enhance operational efficiency [6]. - The rising prices of refrigerants and the company's production capacity in copper foil are expected to provide a solid foundation for future performance [6]. Financial Summary - The projected total revenue for 2025 is 13.644 billion yuan, with a year-on-year growth rate of 11.8% [5]. - The estimated net profit for 2025 is 1.255 billion yuan, representing a significant increase of 234.6% compared to the previous year [5]. - The report forecasts a steady increase in gross margin, expected to reach 20.6% in 2025 and 21.8% in 2026 [5].