跟踪报告之一：拓展高性能智算业务，成长空间广阔

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [4][16]. Core Viewpoints - The company's IDC business is experiencing rapid growth, expanding into high-performance computing services. It is positioned as a leading provider of customized data center solutions in Beijing and surrounding areas, with a 100% signing rate and a 70% rack utilization rate in its Hebei Yanjiao data center [1][6]. - The report highlights the significant growth potential in the IDC and high-performance computing sectors, driven by increasing demand for digital infrastructure and services [22]. Summary by Relevant Sections Company Overview - The company operates a green data center in Beijing, providing full lifecycle services from customized construction to operational management for large clients. It has over 10,000 racks deployed in Hebei Yanjiao, with ongoing projects in Tianjin [1]. Market Data - The total share capital is 1.798 billion shares, with a total market value of 15.729 billion yuan. The stock has fluctuated between 6.74 and 13.87 yuan over the past year, with a turnover rate of 89.21% in the last three months [2]. Financial Performance and Forecast - Revenue is projected to grow from 7.855 billion yuan in 2023 to 11.867 billion yuan by 2026, with a compound annual growth rate of approximately 14.11% [23]. - The net profit attributable to the parent company is expected to increase from 388 million yuan in 2023 to 927 million yuan in 2026, reflecting a significant recovery and growth trajectory [23]. Industry Insights - The IDC market in China is rapidly expanding, with policies supporting the development of new data centers. The market size in Beijing and surrounding areas reached 41.02 billion yuan in 2022, growing by 15.5% year-on-year [6]. - The artificial intelligence computing market is also booming, with a projected market size of 66.4 billion yuan in 2023, growing by 82.5% year-on-year, indicating strong demand for high-performance computing services [22].