网宿科技：利润高速增长，产业布局与全球化战略卓有成效

Investment Rating - The report assigns an "Outperform the Market" rating for the company, marking its first coverage [5]. Core Insights - The company achieved a revenue of 4.705 billion yuan in 2023, a decrease of 7.45% year-on-year, while the net profit attributable to shareholders reached 613 million yuan, reflecting a remarkable increase of 221.68% [1][14]. - The overall gross margin improved significantly to 32.18%, up by 5.98 percentage points year-on-year, due to the optimization of the business structure and a focus on higher-margin services [1][18]. - The company is advancing its "2+3" industrial layout, focusing on CDN and edge computing, as well as cloud security, while also innovating in independent businesses such as computing cloud, MSP, and liquid cooling solutions [1][12]. Financial Performance - In Q1 2024, the company reported a revenue of 1.12 billion yuan, down 4.13% year-on-year, with a net profit of 138 million yuan, up 45.96% [1][14]. - The company forecasts net profits for 2024-2026 to be 617 million, 733 million, and 863 million yuan, respectively, with corresponding PE ratios of 33, 28, and 23 times [2][27]. - The company’s total revenue is expected to grow at rates of 11.51%, 10.60%, and 9.69% from 2024 to 2026, with gross margins projected to be 32.41%, 33.45%, and 34.48% [22][27]. Business Strategy - The company is expanding its domestic and overseas markets, establishing a robust global resource network with over 1,500 nodes across more than 70 countries [2][12]. - The focus on enhancing the synergy between domestic and international operations is expected to drive growth in security and MSP services [2][12]. - The company is committed to technological innovation, aiming to provide comprehensive internet infrastructure services to support digital transformation across various industries [8][12].