公司表示，凭借在算力温控技术领域所构建的从研发设计、产品制造到集成服务与运维支持的平台 优势，公司在间接蒸发冷却、自然冷却、风液同源等技术方案的市场占有率持续提高。报告期内，公司 营业收入7.37亿元，同比增长54.82%；其中，关键设备收入达到4.75亿元，占总收入64.45%，同比增长 64.87%。 公司表示，人工智能浪潮催生多元算力需求，叠加数字中国及"东数西算"政策推动，数字基础设施 市场持续扩大，数据中心向绿色低碳发展，公司业务迎来良好发展机遇的同时，也面临更多的挑战，未 来公司将持续加码创新研发，节能降耗，以进一步提升公司的市场占有率及盈利能力。 值得关注的是，报告期内，依米康智能工程业务实现重要跨越，首次延伸至智算中心建设领域。公 司承建了规模达12000P的机电总承包项目，该智算中心支持千亿参数AI大模型训练、自动驾驶模拟、 生物医药研发及能源行业仿真等高算力应用，落地于"东数西算"国家工程的关键战略节点。此举标志着 公司从关键设备供应商全面升级为数字基础设施全生命周期服务商，覆盖顶层设计、总包建设、关键设 备供应及智慧运维服务。 在海外市场拓展方面，依米康自2023年启动海外战略后，国际化 ...

Group 1 - The core viewpoint of the article highlights that Thailand's data center capacity is expected to triple in the next three years, driven by increasing demand for cloud computing and artificial intelligence, with an investment influx of approximately $6.5 billion [1] - The Vice President of the Thailand Data Center Association, Supala, stated that Thailand's stable power and water supply have attracted significant new investments in data centers, with computing capacity projected to grow from 350 megawatts in 2024 to around 1 gigawatt by 2027 [1] - The construction of data centers requires an investment of about $10 million per megawatt [1] Group 2 - Global tech giants such as Google, Amazon, Microsoft, and Nvidia are investing billions of dollars in AI infrastructure in Thailand and Southeast Asia [1] - The Thai government aims to catch up with regional leaders like Malaysia and Singapore in the data center and cloud computing services sector [1] - According to the Thailand Board of Investment (BOI), 36 technology project investment applications were approved in the first half of this year, totaling an investment amount of 322 billion Thai Baht (approximately $9.9 billion), with most of it directed towards data centers [1]

Market Performance - A-shares rebounded today, with technology stocks leading the rally, as the Sci-Tech 50 index surged over 7%, reaching a 3.5-year high above 1300 points [1] - The ChiNext index also saw a significant increase of nearly 4%, breaking through 2800 points, marking a new 3-year high [1] - The Shanghai Composite Index and Shenzhen Component Index strengthened in the afternoon, with total trading volume exceeding 3 trillion yuan [1] Sector Performance - The communication equipment, chips, new energy vehicles, and aerospace equipment sectors experienced the largest gains, while agriculture, coal, assisted reproduction, and entertainment products sectors faced the most significant declines [2] - The electronic industry attracted over 31 billion yuan in net inflow from major funds, with communication and computer sectors receiving net inflows of over 13.5 billion yuan and 7.9 billion yuan, respectively [3] Investment Insights - The current price-to-earnings ratio (TTM) for the CSI 300 is 13.9 times, while the Hang Seng Index stands at 11.5 times, indicating over a 40% discount compared to U.S. stocks and lower than markets in Japan and Europe [3] - The domestic stock market is not yet in a bubble phase, and there remains room for asset revaluation, suggesting that any pullbacks could present buying opportunities [3] New Energy Vehicle Sector - The new energy vehicle sector saw a surge in stock prices, with several companies hitting the daily limit up, including Sunyu Precision and Longyang Electronics, which both saw a 30% increase [3] - The upcoming Chengdu International Auto Show is expected to highlight the rise of new energy brands and the absence of luxury brands, indicating a shift in market dynamics [6] Communication Technology Developments - The communication equipment sector experienced a strong rally, with the index rising nearly 8%, marking the largest single-day increase since October of the previous year [6] - Recent government initiatives, including guidelines to promote satellite communication and advancements in 6G technology, are expected to further boost the sector [8]

Investment Rating - The investment rating for the company is maintained at "Buy" [1][4]. Core Views - The company experienced a slight decline in revenue and a significant drop in net profit in the first half of 2025, primarily due to the expiration of specific operational assets related to Amazon Cloud and adjustments in client strategies [1][2]. - New data center projects in Tianjin and Shanghai are progressing well, and the company is actively investing in intelligent computing centers in Inner Mongolia, which are expected to contribute positively to future earnings [1][3]. - The company is embracing opportunities in the AI sector, having signed a strategic cooperation agreement to enhance its capabilities in AI applications [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion RMB, a year-on-year decrease of 5.15%, and a net profit of 115 million RMB, down 57.01% [1]. - The data center business generated revenue of 1.071 billion RMB, a decline of 2.08%, while the cloud computing segment reported revenue of 2.57 billion RMB, down 7.67% [2]. Profitability - The gross margin for the first half of 2025 was 15.16%, a decrease of 1.50 percentage points, attributed to the reduction in cloud computing revenue and increased depreciation expenses [3]. - Future profitability is expected to improve as new data center projects are delivered and operational [3]. Valuation and Forecast - The estimated EBITDA for 2025 to 2027 is projected to be 1.415 billion, 1.648 billion, and 1.882 billion RMB, respectively [4]. - The target price for the company's stock is set at 18.87 RMB, based on an EV/EBITDA multiple of 25.5x for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company has shown strong growth in EBITDA and improved profitability, with a 50.87% year-on-year increase in EBITDA to 594 million RMB in the first half of 2025 [1]. - The demand for intelligent computing centers is driving the company's performance, with significant projects underway in various locations [1]. - The data center industry is experiencing a favorable shift in supply-demand dynamics, with the company positioned to benefit from this trend [4]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue increased by 8.20% year-on-year to 1.148 billion RMB, and net profit attributable to shareholders rose by 16.09% to 88 million RMB [1]. - The company's IDC business revenue grew by 42.22% year-on-year to 895 million RMB, driven by the booming AI applications and increased demand for intelligent computing centers [2]. - The gross margin for the first half of 2025 was 33.49%, up 9.52 percentage points year-on-year, primarily due to a higher proportion of revenue from the data center business [3]. Growth Projections - The company is expected to continue its growth trajectory, with projected EBITDA of 1.106 billion RMB in 2025, 1.371 billion RMB in 2026, and 1.635 billion RMB in 2027, reflecting a compound annual growth rate of 26.8% [4]. - The report anticipates that the company will maintain a competitive edge due to its strong customer base and project resource reserves, positioning it well for future growth opportunities [4]. Valuation - The target price for the company's stock is set at 31.17 RMB per share, based on an EV/EBITDA multiple of 32.5 for 2025, which is higher than the average of comparable companies [4][20]. - The report highlights that the company's projected EBITDA growth rate exceeds the average of comparable companies, justifying the premium valuation [4].

Group 1 - The core viewpoint of the news is that Shanghai Data Port Co., Ltd. experienced a significant stock decline of 5.02%, with its share price at 31.79 yuan and a total market capitalization of 22.837 billion yuan as of the report date [1] - The company, established on November 18, 2009, specializes in data center server hosting services and network bandwidth services, with 99.31% of its revenue coming from IDC services and 0.69% from IDC solutions [1] Group 2 - From the perspective of fund holdings, Huashang Fund has a significant position in Data Port, with its Huashang Computer Industry Quantitative Stock Fund A (007853) increasing its holdings by 54,000 shares in the second quarter, bringing the total to 324,100 shares, which represents 2.12% of the fund's net value [2] - The fund has a current scale of 245 million yuan and has achieved a year-to-date return of 27.61%, ranking 1257 out of 4222 in its category, while its one-year return stands at 100.47%, ranking 210 out of 3776 [2] - The fund manager, Ai Dingfei, has been in position for 6 years and 278 days, with the best fund return during his tenure being 103.47% and the worst being -19.57% [2]

Group 1 - Keda's stock price increased by 3.91% on August 27, with a trading volume of 1.83 billion yuan [1] - On the same day, Keda had a financing buy-in of 111 million yuan and a financing repayment of 223 million yuan, resulting in a net financing outflow of 112 million yuan [1] - As of August 27, Keda's total margin balance was 395 million yuan, with a financing balance of 393 million yuan, accounting for 1.91% of its market capitalization [1] Group 2 - Keda's revenue for the first half of 2025 reached 2.163 billion yuan, representing a year-on-year growth of 14.35%, while the net profit attributable to shareholders was 255 million yuan, up 16.49% [2] - The number of Keda's shareholders increased to 68,000 as of July 31, with an average of 8,310 circulating shares per person, a decrease of 2.94% [2] Group 3 - As of June 30, 2025, Keda's second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 8.2408 million shares, an increase of 5.1697 million shares from the previous period [3] - The fourth-largest circulating shareholder was the Photovoltaic ETF, holding 2.7271 million shares, with a slight increase of 3,600 shares [3] - New entrants among the top ten circulating shareholders included the Huaxia CSI 1000 ETF, holding 1.2669 million shares [3]

Core Viewpoint - The company is expected to benefit from the AIGC wave despite a decline in revenue and profit in the first half of 2025, maintaining a "buy" rating based on future growth potential in the IDC and cloud computing sectors [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, primarily due to intensified competition in the IDC market and client adjustments [1]. - The company reported a net profit attributable to shareholders of 115 million yuan and a non-deductible net profit of 112 million yuan for the first half of 2025 [1]. - For Q2 2025, the company generated revenue of 1.884 billion yuan, with a net profit attributable to shareholders of 46 million yuan and a non-deductible net profit of 51 million yuan [1]. Group 2: IDC and Cloud Business - The IDC business generated revenue of 1.071 billion yuan in the first half of 2025, a decline of 2.08% year-on-year, influenced by client onboarding speed and some client withdrawals [2]. - The cloud computing business reported revenue of 2.570 billion yuan, down 7.67% year-on-year, mainly due to client structure optimization and the expiration of operational assets related to public cloud services [2]. - The company has deployed over 72,000 cabinets, with a national plan for over 230,000 cabinets, indicating a potential for revenue growth in the IDC business as AIGC development drives demand for computing power [1][2]. Group 3: Project Development - As of August 2025, the company's computing power business has exceeded 4,000P, with ongoing IDC project construction in multiple locations including Inner Mongolia, Tianjin, Shanghai, and Malaysia [3]. - The company plans to start civil construction work for the Inner Mongolia and Hohhot computing power base within the year, and the Tianjin Baodi Phase III project construction has already commenced [3]. - The Shanghai Jiading Phase I project has been fully sold and launched, with Phase II expected to be delivered in early 2025 [3].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to increased competition in the IDC market and adjustments in client strategies [1] Financial Performance - In 1H25, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15% [1] - The net profit attributable to shareholders was 115 million yuan, down 57.01% year-on-year [1] - The non-recurring net profit was 112 million yuan, a decline of 53.70% year-on-year, which was below previous expectations [1] - For Q2 2025, revenue was 1.884 billion yuan, a year-on-year decrease of 2.84%, and net profit was 46 million yuan, down 55.73% year-on-year [1] Business Trends - The IDC business and its value-added services generated revenue of 1.071 billion yuan in 1H25, a decline of 2.08% year-on-year [2] - The gross margin for the IDC business decreased by 1.80 percentage points to 32.71% due to intensified competition and increased cabinet deployment [2] - The company has accelerated its data center deployment, with over 72,000 cabinets in operation and plans for more than 230,000 cabinets nationwide [2] - Major projects in Tianjin and Shanghai are underway, with expected revenue and profit contributions becoming more apparent in 2026 as clients gradually onboard [2] Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 58% to 324 million yuan, with a new forecast for 2026 set at 399 million yuan [3] - The EBITDA for 2025 has been adjusted down by 26% to 1.415 billion yuan, with a first-time forecast for 2026 at 1.659 billion yuan [3] - The current stock price corresponds to 24.0 times and 21.1 times EV/EBITDA for 2025 and 2026, respectively [3] - The target price has been raised by 78% to 18.38 yuan, indicating a 10% upside potential from the current stock price, based on a 23 times EV/EBITDA for 2026 [3]

Economic Overview - Indonesia's economy shows signs of "resilience with slight cooling" in 2025, with Q1 GDP growth at 4.87%, down from over 5% in the previous year, primarily due to falling commodity prices and slowing exports. However, agriculture (+10.5%) and transportation services maintained double-digit growth, indicating a stable domestic demand base [1][2] - In Q2, Indonesia's GDP grew by 5.12%, exceeding market expectations, ranking second among ASEAN countries, only behind Vietnam's 7.96% growth, while Malaysia and Singapore recorded 4.50% and 4.30% respectively [1][2] - The economic engine for Indonesia in 2025 will increasingly rely on domestic drivers, including public infrastructure investments, subsidies for middle and low-income groups, and structural contributions from emerging industries like nickel batteries and the digital economy [1][2] Investment and Economic Stimulus - Indonesia plans to implement a fiscal stimulus package totaling approximately 24.44 trillion IDR (around 1.5 billion USD) starting June, aimed at enhancing purchasing power and domestic demand through transportation subsidies, wage support, toll fee reductions, and food assistance [20][21] - The Indonesian government is seeking international investment partners for a 700-kilometer dam project on the northern coast of Java, with an estimated cost of 80 billion USD, inviting participation from China and Japan [24] - The Indonesian sovereign wealth fund Danantara has initiated its first round of financing, allocating 3 billion USD from its 10 billion USD fund to projects in chemicals, digital technology, and artificial intelligence [28] Trade Relations and Agreements - Indonesia and the EU have reached a political agreement to advance the Comprehensive Economic Partnership Agreement (CEPA), which will create new free trade opportunities in agriculture, automotive, and key mineral sectors [29] - Indonesia has signed a trade agreement with the United States, eliminating tariffs on approximately 99% of U.S. industrial, food, and agricultural products, while committing to purchase around 22.7 billion USD worth of U.S. goods [33][34] Demographic and Economic Structure - Indonesia is the fourth most populous country globally, with a population of approximately 281 million in 2024, accounting for about 40% of ASEAN's total population. The country is experiencing a demographic dividend, with a significant portion of the population in the working-age group [52][53] - By 2025, the median age in Indonesia is expected to rise to about 30.4 years, with the working-age population reaching 68.1%, indicating a continued demographic advantage that supports consumption in housing, education, and healthcare sectors [54][55]