Core Viewpoint - The company is a leading IDC service provider in China, deeply integrated with major internet clients, and is expected to benefit from the growing demand for computing power driven by AI advancements and infrastructure investments by internet giants [1][3]. Group 1: Financial Performance - In 2024, the company's revenue is projected to reach 1.721 billion yuan, representing a year-on-year increase of 11.57%, with an EBITDA of 1.055 billion yuan, up 0.30% year-on-year, and an EBITDA margin of 61.3%, down 6.9 percentage points [1]. - The company's gross profit margin is 31.00%, an increase of 2.02 percentage points year-on-year, with a net profit attributable to shareholders of 132 million yuan, up 7.49% year-on-year [1]. - For Q4 2024, revenue is expected to be 538 million yuan, a year-on-year increase of 26.02%, with an EBITDA of 266 million yuan, down 2% year-on-year, and an EBITDA margin of 49.45%, down 14.1 percentage points [1]. Group 2: Client Structure and Market Position - The top five clients contributed 1.693 billion yuan to the company's revenue, accounting for 98.38% of total revenue, indicating a highly concentrated client structure [1]. - Revenue from a major internet company and its controlled enterprises accounts for 98.01% of the company's main business revenue, highlighting the company's close ties with internet firms [1]. Group 3: IDC Business Growth and Projects - The company's IDC business primarily focuses on wholesale data center services, with a total of 35 data centers operational across key regions in China, maintaining a total operational power capacity of 371 MW, equivalent to approximately 74,200 standard cabinets [2]. - The company anticipates IDC service revenue of 1.710 billion yuan in 2024, a year-on-year increase of 12.12%, driven by an increase in the rack utilization rate [2]. - The ongoing Langfang project is expected to bring additional growth, with orders from internet clients already secured [2]. Group 4: Industry Trends and AI Development - The domestic internet sector is entering a phase of rapid capital expenditure growth for computing power, with Alibaba planning to invest more in cloud and AI infrastructure over the next three years than in the past decade [3]. - The emergence of AI applications is accelerating demand for computing resources, with new models like DeepSeek-R1 showing significant performance improvements and cost efficiency compared to existing models [3][4]. - The development of AI capabilities, including new models from Alibaba and other companies, is expected to further drive the demand for IDC resources, benefiting IDC service providers [4]. Group 5: Expense Ratios and Future Projections - The company's expense ratios for sales, management, finance, and R&D are projected to be 0.25%, 4.34%, 5.75%, and 5.09% respectively for 2024, with slight year-on-year changes [5]. - Revenue forecasts for 2025-2027 are 1.810 billion yuan, 1.999 billion yuan, and 2.160 billion yuan, with net profits of 153 million yuan, 187 million yuan, and 206 million yuan respectively [5].

点击上图 ▲立即预约 1—2月规上工业企业利润下降0.3% 3月27日，国家统计局公布数据显示，1—2月份，全国规模以上工业企业实现利润总额9109.9亿元，同比下降0.3%。1—2月份，规模以上工业企 业利润降幅较2024年全年收窄3%。其中制造业改善明显，1—2月份同比增长4.8%，拉动全部规上工业利润增长3.2%。 1—2月份，规模以上工业企业实现营业收入20.09万亿元，同比增长2.8%，较2024年全年加快0.7%；发生营业成本17.10万亿元，增长2.9%；营 业收入利润率为4.53%，同比下降0.14%。2月末，规模以上工业企业每百元资产实现的营业收入为67.6元，同比减少1.5元；产成品存货周转天 数为22.3天，同比增加0.2天。（国家统计局官网） ｜点评｜ 去年全年规上工业企业利润率表现较弱，今年开年利润率略有修复，不同行业内的差异性较大。春节期间，居民对于服饰、酒饮的需 求提升，带动相关消费品量价齐升。购车政策补贴力度加大，为车企留出了利润空间，汽车行业利润率增速整体由负转正。上游行业是规上利润 率的主要拖累项，房地产市场持续回暖，然而，房企对于新房建造的积极性尚未被完全调动，建材、钢铁 ...

Group 1: AI Data Centers - The AI data center sector is experiencing a "valuation bubble + geopolitical risk" pricing logic, with rising supply chain costs due to Trump's tariff policies[1] - Major tech companies plan to invest over $345 billion in AI infrastructure in 2025, with Microsoft alone investing $80 billion[16] - NVIDIA's Blackwell chip production is accelerating, with four major public cloud vendors purchasing 3.6 million units, capturing 92% of the global AI GPU market[18] Group 2: Industrial and Energy Equipment - The price index for aircraft engines and components in the U.S. was 273.188 in February 2025, stable month-on-month and up 6.2% year-on-year[2] - The price index for gas turbines increased by 5.35% year-on-year and 0.22% month-on-month in February 2025[63] - The price index for electric and special transformers was 433.246 in February 2025, stable month-on-month and up 1.07% year-on-year[48] Group 3: Infrastructure Investments - The U.S. is expected to invest an average of $44 billion annually in the power grid from 2023 to 2030, with total investment in distribution networks reaching $581.5 billion[21] - In 2025, China's State Grid and Southern Grid are projected to invest over 825 billion yuan, a significant increase from 2024[31] Group 4: Defense and Aerospace - The U.S. government defense price index was 117.187 in Q4 2024, stable quarter-on-quarter and up 3.2% year-on-year[44] - Raytheon Technologies (RTX) continues to benefit from increased defense spending, particularly in missile systems and aerospace electronics[5]

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

杨泽原｜中信证券计算机行业首席分析师 S1010517080002 计算机｜AI医疗：一张表看产业进展 陈俊云｜中信证券前瞻研究首席分析师 S1010517080001 前瞻｜从海外经验看IDC公司业绩兑现周期 过去一个季度，全球IDC板块经历了较大幅度的波动，美股市场代表公司受美国宏观经济以及关税政策等扰动股价出 现回调，而国内IDC公司则在四季报后大幅回撤，主要缘自市场对国内IDC公司全年收入以及Capex展望的担忧。参 考海外经验，头部公司在依靠网络效应实现客户粘性与收入优化的前提下，依旧保持了较为谨慎稳妥的资本开支规 划。国内IDC作为重资产业务，企业从capex投入到业绩兑现的传导周期较长，市场需要更为合理的预期，我们预计 25H2将是国内IDC公司业绩兑现的重要观察窗口，建议持续关注海内外一线IDC公司的中长期投资机遇。 风险因素：全球经济波动导致企业IT支出下行风险；AI进展不及预期风险；行业竞争持续加剧风险；全球扩张的地 缘政治风险；公司区域项目运营事故风险；核心技术人员流失风险；项目建设不及预期风险；数据中心业务上架率不 及预期风险；能源成本大幅提升风险等。 Top stories 我们对A ...

A股复盘 | 算机双杀 如封面图， 先说雷军，小米55亿美元的配股打压市场情绪，今天 恒生科技指数跌3.82%， 近一个月来最大跌幅。 近期小米集团、比亚迪各自完成了55亿美元、56亿美元的配股融资，这两宗超大规模交易推 动香港市场今年的追加发行总额突破 130 亿美元。 一些投资者担忧此类配股会对市场流动性造成冲击。 自去年 8 月以来，小米股价已上涨逾三倍，该公司实现了自 2021 年以来最快的营收增长。 比亚迪股价在过去一年飙升逾 80%，其在中国汽车市场登顶，并在 2024 年超越特斯拉成为 全球销量冠军。 尽管中国科技股的反弹行情开始显现疲态，但对部分市场人士而言，当前环境仍然适合更多 公司进行配股融资。 "接下来可能会跟进的公司大多是科技企业，尤其是那些股价已经大幅上涨的公司。 "瑞士联 合银行私人银行（Union Bancaire Privee）董事总经理 Vey-Sern Ling 对彭博表示，"这是 一个利用较高股价筹集更多资金的好机会。" 再说蔡崇信的泡沫论！ 阿里巴巴集团控股有限公司董事长蔡崇信周二于香港举行的汇丰全球投资峰会上表示，数据 中心建设可能正在形成泡沫，并表示这一建设速度可能 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].

Group 1: Economic Outlook - The risk of a recession in the U.S. is high and increasing, with Moody's chief economist Mark Zandi warning that Trump's tariff policies could push the economy into recession if implemented for three to five months [1][4][3] - Zandi noted that the current economic environment is fragile, with declining consumer and business confidence impacting investment plans [4][3] - The potential for a recession is described as a "designed recession," indicating that it could be a result of deliberate policy choices rather than external shocks [4] Group 2: Tariff Implications - Trump's announcement of reciprocal tariffs has raised concerns about its impact on various sectors, including agriculture and technology [3][5] - Analysts warn that tariffs could hinder the development of U.S. data centers and AI technologies, as much of the necessary hardware is sourced from abroad [5][6] - The imposition of tariffs on key components, such as semiconductors, could pose significant risks to the data center market, which relies on global supply chains [6] Group 3: Federal Reserve's Stance - The Federal Reserve's decision to maintain interest rates and its characterization of inflation as "temporary" has faced criticism, particularly from Allianz's chief economic advisor, who labeled it a "major policy mistake" [6][7] - Concerns are raised that the Fed's underestimation of inflation risks could lead to inadequate responses to economic changes, similar to past misjudgments during the pandemic [7][8] - Barclays economists suggest that the Fed's confidence in the temporary nature of price pressures may hinder its ability to respond effectively to evolving economic conditions [7][8]

Group 1: Deep Sea Technology - The government work report for 2025 mentions the promotion of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, indicating potential future policies and major project implementations [2] - China's marine economy surpassed 10 trillion yuan in 2024, with deep-sea technology expected to be a significant growth engine for this sector [2] - Major equipment and engineering projects in the deep-sea field, such as UUVs, deep-sea space stations, and underwater observation networks, are underway, which will drive continuous resource development [2] - The three fields (deep-sea technology, commercial aerospace, low-altitude economy) share a core logic of military-civilian integration, supporting military strength while providing new economic growth engines [2] Group 2: Runze Technology - The company is a leader in park-level data centers, collaborating deeply with downstream telecom operators, large internet companies, and cloud service providers to offer IDC and AIDC services [2] - Since 2010, the company has established a presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Greater Bay Area, Chengdu-Chongqing Economic Circle, and Northwest regions, with a new park in Hainan added in 2023 [2] - The company has planned and constructed seven AIDC intelligent computing infrastructure clusters, with 61 intelligent computing centers and approximately 320,000 cabinet resources [2][3] - The company's mature data center shelf rate exceeds 90%, significantly higher than the industry average of 58%, indicating effective customer attraction and operational efficiency [3] - The company’s gross profit margin for the first three quarters of 2024 is 31%, substantially higher than peers, due to high shelf rates and excellent cost control [3] - The company is expected to maintain high profitability and benefit from the AIDC industry's growth, with projected net profits of 2.19 billion yuan, 3.19 billion yuan, and 4.00 billion yuan for 2024, 2025, and 2026, respectively [3] Group 3: Softcom Power - Softcom Power is a leading IT service company in China, providing digital information technology services to major enterprises like Huawei, Alibaba, Baidu, and Tencent [5] - The company has enhanced its hardware product line through acquisitions, promoting a "soft and hard integration" strategy to improve its overall competitiveness [5] - The launch of HarmonyOSNEXT by Huawei marks the official arrival of the "pure blood" Hongmeng system, which is expected to drive demand for PC products equipped with this system [5] - The company is positioned to benefit from the AI development wave as it continues to invest in AI and build computing centers [5] - Softcom Power has established a joint venture with Zhiyuan Robotics and launched its first humanoid robot, Tianhe C1, anticipating rapid industry growth by 2025 [5][6] - Collaborations with major tech companies like Alibaba Cloud, Tencent, and Baidu, along with partnerships in AI model development with ByteDance, position the company favorably in the AI and internet sectors [6]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly focusing on sectors benefiting from domestic consumption policies and technological advancements [2][5]. Core Insights - The report highlights the resilience of the Hong Kong stock market amidst global risk aversion, driven by adjustments in the US market and the subsequent impact on technology stocks [4]. - It emphasizes the importance of domestic consumption policies, which are expected to stimulate demand and support sectors such as consumer goods and technology [5][11]. - The report notes significant developments in the AI sector, with local deployment solutions and new product launches accelerating, indicating a robust growth trajectory for technology companies [7][10]. Summary by Sections Market Strategy - The report discusses the ongoing adjustments in the US market leading to increased global risk aversion, which has resulted in a slight pullback in the Hong Kong stock market [4]. - Despite the adjustments, the Hong Kong market shows resilience, particularly in consumer sectors, supported by new consumption policies following the National People's Congress [4][5]. Consumption Policies - The report outlines the rapid implementation of consumption support policies post-National People's Congress, with specific measures such as birth subsidies and a comprehensive action plan to boost consumption across various sectors [11][29]. - It highlights the government's focus on enhancing consumer confidence and stimulating demand through a wide-ranging action plan that includes 30 specific tasks aimed at expanding domestic demand [30][32]. Technology Sector - The report identifies a multi-faceted development in AI technology, with major companies accelerating the launch of local deployment solutions and AI agent applications, indicating a significant growth opportunity in this sector [10][16]. - It notes the emergence of new AI models, such as Google's Gemma-3, which can be deployed on consumer-grade hardware, thus lowering barriers for AI adoption [13][16]. - The report emphasizes the ongoing demand for AI infrastructure and data centers, driven by the increasing penetration of AI across various industries, leading to substantial stock price increases for related companies [18][24].