Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue for 2024 is projected to be 43.65 billion yuan, with a year-over-year growth of 0.32%. The net profit attributable to shareholders is expected to be 17.90 billion yuan, reflecting a year-over-year increase of 1.62% [2] - The IDC business showed steady development, generating revenue of 29.14 billion yuan in 2024, down 7.56% year-over-year, while the AIDC business achieved revenue of 14.51 billion yuan, up 21.03% year-over-year [4][5] - The company is expanding its energy consumption resources, with a 130% increase in energy consumption indicators compared to the end of 2023, and plans to deliver additional computing centers in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 43.65 billion yuan, with a net profit of 17.90 billion yuan. The fourth quarter of 2024 saw a revenue of 9.08 billion yuan, down 45.64% year-over-year, and a net profit of 2.77 billion yuan, down 56.89% year-over-year [2] - For Q1 2025, the company achieved a revenue of 11.98 billion yuan, representing a year-over-year increase of 21.40%, while the net profit was 4.30 billion yuan, down 9.29% year-over-year [3] Business Segments - The IDC business generated 29.14 billion yuan in revenue for 2024, with a gross margin of 47.53%, down 6.93 percentage points year-over-year. The company has completed upgrades to several low-power data centers, which are expected to recover and generate new orders [4] - The AIDC business reported a revenue of 14.51 billion yuan in 2024, with a gross margin of 51.75%, up 18.65 percentage points year-over-year. The company is focusing on building new-generation intelligent computing centers to meet the growing demand [5] Growth Prospects - The company has a robust order backlog and plans to deliver five additional computing centers in 2025, totaling approximately 420MW. The focus will be on regions with high economic development and significant computing demand [6] - The company is also progressing with public REITs, having initiated the issuance process at the end of 2023, which is expected to enhance its financing capabilities [11] Profitability Forecast - The company aims for significant profit growth, with net profit targets set at 27.28 billion yuan, 31.83 billion yuan, and 36.37 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 50%, 75%, and 100% compared to 2024 [12] - The projected net profits for 2025, 2026, and 2027 are 26.90 billion yuan, 33.12 billion yuan, and 41.02 billion yuan, with corresponding P/E ratios of 31, 25, and 20 [13]

Core Insights - Inner Mongolia is emerging as a profitable hub for intelligent computing centers due to its low electricity prices, attracting major players from various industries [1][2][5] - The region has seen significant investment in data centers, with notable companies like China Mobile, China Unicom, and Huawei establishing operations there [2][5] - Inner Mongolia's energy resources, including coal, wind, and solar power, contribute to its competitive electricity pricing, making it an attractive location for energy-intensive industries [4][5] Group 1: Industry Dynamics - The demand for computing power has surged, leading to accelerated construction of intelligent computing centers, particularly in Inner Mongolia [2] - Inner Mongolia's computing power scale is approximately 120,000 P, with over 90% being intelligent computing power, ranking first in the country [2] - The largest single intelligent computing center globally is operated by China Mobile in Hohhot, boasting a computing capacity of 6,700 P [2] Group 2: Energy and Cost Factors - Electricity prices are a critical factor in determining the operational costs of intelligent computing centers, with energy consumption approvals being a key regulatory hurdle [4] - The region's abundant renewable energy resources have led to extremely low electricity costs, with reports indicating prices as low as 0.05 yuan per kilowatt-hour [4] - Despite the challenges of integrating renewable energy into the grid, the overall cost advantages continue to attract data center investments [4][5] Group 3: Future Outlook - The Chinese government aims to enhance the efficiency and sustainability of data centers, targeting a power usage effectiveness (PUE) of below 1.5 by the end of 2025 [4] - Analysts highlight that Inner Mongolia's competitive electricity pricing and acceptable network latency make it a viable location for energy-intensive data center operations [5]

Group 1 - The company *ST Yushun announced a significant asset restructuring plan to acquire 100% equity of three data technology companies to enhance asset quality and profitability [2] - A total of 30 million yuan has been paid as earnest money for the transaction, with a cooperation framework agreement signed for the Beijing Fangshan Data Center project [2] - The data center project has approximately 8,000 cabinets and includes substantial property assets and operational licenses held by the target companies [2] Group 2 - The company is expected to report a negative net profit for 2024, with revenue projected to be below 300 million yuan, which may lead to a delisting risk warning [3] - A change in the auditing firm has occurred, but there is a risk of failing to disclose the annual report on time due to tight preparation schedules [3] - The restructuring is viewed as a crucial step for the company to improve its operational conditions [3]

May 6, 2025 04:05 AM GMT 中国的新兴前沿⸺数据中心 中国版的赋能AI 我们更新了对中国数据中心行业供需的判断以及分析了 GPU 供应风险⸺我们认为市场过度担忧，我们更看好中国的数据 中心行业。 要点 主要基本主题：DC需求的上行周期与利率下行周期同时出现，通过REIT实现存量 数据中心资产盘活。 中国互联网大厂对AI的投资应该会给上游IDC带来显著的上行空间：我们估计，未 来三年中国六大互联网和云服务提供商（CSP）的年度资本支出将增加59％，达到 人民币3730亿元（超过500亿美元）。 我们预计，未来三年新数据中心的平均新增订单将达到每年 3-4 吉瓦（2024 年约 为 2 吉瓦），存量复合年增长率为 20％。 我们在未来1-2年的时间里强烈看好中国北方市场，因为AI训练和推理需求集中于 该地区，而且供应相对紧俏。 GPU供应可能成为瓶颈...我们与大中华区半导体分析师詹家鸿（Charlie Chan）合 作进行了情境分析。在我们的悲观情境中，芯片短缺可能会严重阻碍中国AI数据 中心的发展。 ...但在我们的基准情境下，国产GPU就已足够：我们假设即使英伟达无法获得向中 国出售H ...

Group 1: A-Share Market Insights - The report analyzes the profitability characteristics of A-shares in Q1 2025, indicating a recovery in net profit margins as a primary driver of growth [4] - The supply-demand dynamics show a tightening inventory cycle, suggesting continued capacity constraints in the market [7] - The report highlights that the overall market sentiment has been affected by significant tariff increases, leading to fluctuations in global risk appetite [5][6] Group 2: Sector Performance - The report identifies the top-performing sectors in January and March 2025, with Beauty Care, Computer, and Media sectors showing notable growth rates of 15.6%, 14.6%, and 14.0% respectively [1] - Conversely, the Coal and Agriculture sectors are the worst performers, with declines of 19.7% and 3.3% over the past year [1] - The Food and Beverage sector is experiencing a decline of 11.5% in profitability, indicating challenges in consumer demand [3] Group 3: Tariff Impact Analysis - The report outlines the expected impact of tariff increases on various sectors, predicting that the home appliance and light manufacturing industries will face the most significant pressure [5] - It estimates that the overall GDP impact from tariff increases could range from 1% to 1.4%, depending on mitigating factors such as new transshipment trade and overseas factory setups [5] - The report emphasizes the need to monitor the actual effects of tariffs on exports, with potential declines estimated between 7% to 10% [5] Group 4: Investment Recommendations - The report suggests focusing on sectors with independent growth trends, such as domestic AI, smart vehicles, and robotics, while also considering consumer demand and real estate sectors influenced by policy changes [6] - Specific investment recommendations include leading brands in the apparel sector, such as Anta Sports and Bosideng, which are expected to show strong earnings recovery [12] - The report also highlights opportunities in the semiconductor cooling and data center markets, particularly for companies like Tongfei Co., which is projected to see significant revenue growth [21]

财务数据显示，截至2024年12月31日，世纪互联收入总额82.59亿人民币，同比增长11.41%；归母净利 润1.83亿人民币，同比增长106.93%。 大事提醒： 5月6日，世纪互联(VNET)开盘上涨2.16%，截至21:31，报7.11美元/股，成交88.66万美元，总市值19.13 亿美元。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业集群,形成了稳固、 庞大、全连接的数字化核心底座,不仅满足企业在一线城市的业务布局,更可提供一线城市向边缘城市数 据的平滑迁移。此外,作为微软的战略合作伙伴, 世纪互联蓝云在国内运营国际水准的Microsoft Azure,Microsoft 365,Dynamics 365和 Power Platform等云服务及相关云应用解决方案。 依托雄厚的资源和资本实力、强大的科技创新能力、高效的交付能力、卓越的运营能力,世纪互联已为 全球超过6000家优质企业客户打造了业务发展的稳固基石,其中包括近百家全球高增长的行业领军企业, 积累了宝贵 ...

Group 1: Data Center Industry Insights - The demand for distributed small and medium-sized data centers in traditional industries is expected to grow due to the integration of AI large model technology, although this process will take time to fully materialize [1] - The construction cycle of data centers is influenced by three key factors: electricity, land, and funding, making it a gradual process rather than a quick turnaround [2] - The data center industry has experienced high growth rates and optimistic development trends in recent years, particularly with the explosion of AI technology [2] Group 2: Energy Storage Business Deployment - The company's energy storage market is primarily focused on overseas markets, particularly in Europe and Southeast Asia, with recent expansions into the Middle East, Africa, and South America [2] - The company offers both standalone UPS products and bundled sales with batteries, depending on the procurement preferences of clients [2] - The company’s lead-acid battery products are known for their stability and brand recognition, leading to a significant number of bundled orders [2] Group 3: Investor Relations and Communication - The company ensures compliance with information disclosure regulations, maintaining the authenticity, accuracy, completeness, timeliness, and fairness of information shared with investors [2] - There were no incidents of undisclosed significant information leaks during the investor communication process [2]

Group 1: Rare Earth Export Control - China has implemented export controls on seven types of medium and heavy rare earths, enhancing resource sovereignty and pricing power while combating low-price exports to safeguard strategic needs in new energy and military sectors [1] - The price of terbium surged 210% within a month to $3,000 per kilogram, while dysprosium doubled to $850 per kilogram, leading to a rapid reassessment of the strategic value of rare earths in the global market [1] - The supply chains of key products such as the US F-35 fighter jet and Tesla electric vehicles are disrupted, resulting in cost surges and challenges in the military and new energy industries [1] - Northern Rare Earth's profits skyrocketed by 727% in the first quarter, and deep processing companies like Ningbo Yunsheng saw a significant increase in export orders, enhancing profit margins in the magnetic materials sector [1] - The US plans to impose tariffs on Chinese magnets, while China controls 40% of global dysprosium and terbium supply through overseas investments, making rare earths a new focal point in US-China competition [1] - The rapid expansion of global electric vehicles, wind power, and robotics is driving a 30% annual increase in rare earth demand, with prices expected to rise by 50% over the next 2-3 years [1] Group 2: Huawei HarmonyOS Ecosystem - Huawei's HarmonyOS employs a distributed microkernel architecture, enabling cross-device collaboration among smartphones, tablets, and automotive systems, with HarmonyOS NEXT further advancing the native ecosystem [4] - Companies like Seres, BAIC Blue Valley, and Changan Automobile are adopting HarmonyOS for their smart cockpit systems, while firms like Jilun Technology and Ruiming Technology are developing Harmony-compatible smart home and automotive devices [4] - Core applications such as Meituan, DingTalk, and Weibo have initiated the development of native Harmony versions, with Huawei promoting deep integration of hardware ecosystems through a "gold supplier" mechanism [4] Group 3: Optical Chip Shortage - The global optical chip market is dominated by Lumentum, II-VI, and Broadcom, with production lines concentrated and equipment delivery times exceeding 22 months, leading to an expansion cycle of 2-3 years [5] - The explosion of AI computing power is driving a surge in demand for 1.6T optical modules, CPOs, and data centers, with corresponding demand growth rates of 150% and 40% expected by 2025, making it difficult to alleviate shortages before 2026 [5] - The current optical chip market is experiencing a triple resonance of supply-demand mismatch, domestic substitution benefits, and technological leaps, suggesting a focus on domestic manufacturers with core technological breakthroughs and mature production capabilities for mid-term investment opportunities [5] Group 4: IDC Market Outlook - Despite a recent 20%-40% pullback in the A-share and US stock IDC sectors due to events like Tencent's earnings report, the short-term risks have been sufficiently released as overseas capital expenditure expectations recover and domestic projects are set to materialize in the second half of the year [6] - Major overseas cloud giants like Meta have raised their AI-related capital expenditure guidance, and Microsoft clarified that adjustments in data center leasing are seasonal fluctuations, indicating that global IDC demand remains strong [6] - Domestic restrictions on H20 chip procurement are being absorbed by the market, while breakthroughs in supernode performance by companies like Huawei are accelerating the adoption of domestic computing power chips, benefiting domestic IDC firms [6] - Valuations for leading companies like Data Port and Guanghui New Network have fallen below 20 times EV/EBITDA, returning to the bottom of past boom cycles, indicating strong potential for valuation recovery [6] - The IDC sector is currently in a strategic layout window, with a focus on companies that possess quality clients, capacity reserves, and stable delivery capabilities [6]

Group 1 - The core viewpoint of the article highlights the robust development of Prologis China in supply chain, big data, and renewable energy sectors during Q1 2025, with a strong momentum in logistics and industrial infrastructure leasing [1] - Prologis China signed over 2,500 leases in Q1, with a new lease area of 6 million square meters, representing a 16% increase compared to the same period last year [1] - The data center revenue fund raised approximately 2.6 billion RMB, focusing on investment in large-scale data center projects, marking the first data center-themed investment strategy for Prologis China [1] Group 2 - Prologis China, in collaboration with Baobi New Energy, launched a distributed green energy investment platform, completing the first expansion of its renewable energy development fund, which focuses on high-quality distributed photovoltaic and wind energy assets [2] - The total revenue of the CICC Prologis REIT for Q1 2025 was approximately 108.7 million RMB, with a distributable amount of about 82.8 million RMB [2]

2025 年 05 月 06 日 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) -6.7 -6.8 -3.1 沪深 300 -2.4 -1.9 3.1 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：光伏组件 维持涨价，人形机器人产业进展密 集》2025-03-31 2、《电力设备行业周报：GTC 大会 海外云厂财报超预期，AI 反弹趋势明确 落幕，持续看好 AIDC 建设机会》 2025-03-24 3、《电力设备行业周报：光伏生产 配额上调，人形机器人催化不断》 2025-03-18 ▌海外云厂财报超预期，AI 反弹趋势明确 五一期间海外 CSP 厂商发布财报，海外云厂 Q1 业绩均大超预 期。其中 META 收入超预期，且将 2 ...