北交所板块涨幅领先，多家拟上市企业更新审核状态 北交所 证券研究报告/行业定期报告 2025 年 05 月 08 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 4 月 30 日收盘，北证成份股 265 个，平均市值 27.8 亿 元。本周（2025.4.28-2025.4.30，下同）北证 50 指数涨跌幅 2.38%，收盘 1331.13 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.43%、0.04%、0.78%。 2）赛道行情：本周 A 股涨幅前五的行业为传媒、计算机、机械设备、电子、家用电 器，涨幅分别为 2.7%、2.5%、1.6%、1.3%、1.1%。 ——北交所周报（4.28-4.30） 3）个股行情：本周在北交所上市的 265 只个股中上涨 138 只、下跌 117 只、平盘 10 只，上涨比例 52.1%。 | 评级： 增持（维持） | | | --- | --- | | 分析师：冯胜 | | | 执业证书编号：S0740519050004 | | | Email：fengsheng@zts.com.cn | | | 北交所基本状况 | | | 上市公司数 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.36 per share, up from a previous value of RMB 11.12 per share [7][4]. Core Views - The company's revenue and net profit for 2024 are projected to be RMB 7.281 billion and RMB 381 million, respectively, reflecting a slight year-on-year decline of 7.31% and 1.68% [1][6]. - In Q1 2025, the company reported revenues of RMB 1.832 billion and a net profit of RMB 69 million, showing a year-on-year decrease of 7.41% and 57.82% [1][2]. - The decline in revenue is attributed to the expiration of specific operational assets related to Amazon Cloud and some clients vacating due to strategic adjustments [1][2]. - Despite short-term pressures, the company is accelerating the deployment of new data center projects, which are expected to contribute positively to future earnings [2][3]. Summary by Sections Financial Performance - The company's data center business achieved revenues of RMB 20.89 billion and RMB 5.21 billion in Q1 2025, with year-on-year declines of 5.96% and 4.01% respectively [2]. - The cloud computing business reported revenues of RMB 51.02 billion and RMB 12.54 billion, down 7.98% and 11.41% year-on-year [2]. - The gross margin for Q1 2025 was 16.55% and 15.14%, with a slight decline primarily due to the impact of Amazon Cloud asset disposals [3]. Project Developments - The company is actively advancing its data center projects, with the first and second phases in Tianjin Baodi set to be delivered in the first half of 2025, and construction of the third phase already underway [2][3]. - New projects in Inner Mongolia are also being pushed forward, indicating a proactive approach to meet the growing demand driven by AI [2][3]. Earnings Forecast - The EBITDA forecast for 2025-2027 is adjusted to RMB 15.71 billion, RMB 17.08 billion, and RMB 18.31 billion, reflecting a downward revision of 19% and 22% for 2025 and 2026 respectively [4][6]. - The expected revenue for 2025 is RMB 7.735 billion, with a projected growth of 6.24% in 2026 and 12.10% in 2027 [6][22]. - The net profit forecast for 2025 is RMB 416 million, with subsequent increases to RMB 502 million in 2026 and RMB 599 million in 2027 [6][22].

【财通计算机】奥飞数据：运营功率数持续新高、上架率爬坡、核心客户面拓展的三击资产!!! #第一击：运营功率数不断攀升。 有望推动收入环比持续提升，滚动12月财务数据加速向上。 24年公司营收环比增速12.3%，EBITDA同比增长34.7%；25年Q1营收5.36亿元，考虑到Q4对光模块业务的剥离， 单季度同比口径下Q1的主营业务依然实现了10%+的环比增速。 目前，公司运营项目 【财通计算机】奥飞数据：运营功率数持续新高、上架率爬坡、核心客户面拓展的三击资产!!! #第一击：运营功率数不断攀升。 有望推动收入环比持续提升，滚动12月财务数据加速向上。 公司深度绑定云厂商客户，IDC资源储备丰富，扩张能力具备弹性。 怀来150MW数据中心有望成为延展客户覆盖面的重要阵地，核心大客户多元化拓展即将加速开启！ 资产稀缺性强。 24年公司营收环比增速12.3%，EBITDA同比增长34.7%；25年Q1营收5.36亿元，考虑到Q4对光模块业务的剥离， 单季度同比口径下Q1的主营业务依然实现了10%+的环比增速。 目前，公司运营项目240MW，未来两年在建和即将交付项目达360MW+（估计25年末公司运营功率约320 ...

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]

目前全球运营商单体规模最大的智算中心即为中国移动位于呼和浩特的智算中心，其单体智能算力高达 6700P，作为移动云的核心节点，可提供昇腾、壁仞、天数、昆仑芯等多元国产智算芯片，全面支持各 类创新研究需求。 内蒙古自治区工业和信息化厅科技电子处副处长张宁近日透露，2025年内蒙古将推动人工智能产业高质 量发展，"目前全区算力规模约12万P，其中智能算力占比超过90%，居全国首位"。 "我们集团最赚钱的智算中心在内蒙古。"近日，一位央企通信运营商内部人士向《中国经营报》记者透 露，"因为内蒙古电价实在太低了。"该人士进一步表示，该集团目前已收到一家知名互联网企业的订 单，其预订的几栋智算中心楼房就设在内蒙古。 内蒙古不仅煤炭储量全国第一，近年来更大力发展风能、太阳能，新能源发电成本大幅降低，吸引了包 括通信运营商、互联网巨头、金融机构等众多行业龙头入驻。 运营商集结智算洼地 央企运营商纷纷向内蒙古集结，电价优势成为吸引算力投资的核心因素。 "DeepSeek横空出世后，垂类应用需求明显增加，智算中心建设也明显加速。"前述央企通信运营商人士 表示，"内蒙古由于电价低、成本优势突出，成为我们集团内部第一个实现盈利的智 ...

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 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 05 07 年 月 日 朝闻国盛 A 股一季度报盈利特征&5 月市场观点 今日概览 重磅研报 【策略】A 股 25Q1 盈利与供需特征如何？——25Q1 财报分析（一）— —20250506 研究视点 【食品饮料】零售变革草根调研（二）四川零食有鸣批发超市：多品类 折扣先行者，千店规模优势深厚——20250506 【通信】润泽科技（300442.SZ）-改造机房适配新需求，AIDC 高增趋势 未改——20250506 【电新】同飞股份（300990.SZ）-25Q1 毛利率环比持续提升，期待公司 数据中心、半导体温控收入放量——20250506 作者 | 分析师 熊园 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680518050004 | | | | | 邮箱：xiongyuan@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 美容护理 | 15.6% | 12.4% | -4.2% | | 计算机 | 14.6% | -1 ...

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]