首次覆盖: 业绩承压聚焦智算，算力布局驱动新增长 光环新网(300383) 光环新网 2025 年三季报点评 股票研究 /[Table_Date] 2025.11.12 电信运营 [Table_Industry] /信息技术 本报告导读： 光环新网前三季度业绩承压，积极布局智算与算力业务，有望开启新一轮成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,855 | 7,281 | 7,663 | 8,183 | 9,083 | | (+/-)% | 9.2% | -7.3% | 5.2% | 6.8% | 11.0% | | 净利润(归母) | 388 | 381 | 317 | 396 | 534 | | (+/-)% | 144.1% | -1.7% | -16.9% | 24.8% | 34.9% | | 每股净收益(元) | 0.22 | 0.21 | 0.18 | 0.22 | 0.30 | ...

Core Viewpoint - Guanghuan New Network's stock price has experienced a decline of 6.81% year-to-date, with significant drops in recent trading periods, indicating potential challenges in its market performance [1][2]. Financial Performance - For the first half of 2025, Guanghuan New Network reported revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% compared to the previous year [2]. - The company has cumulatively distributed 601 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 20, Guanghuan New Network's stock price was 13.54 yuan per share, with a market capitalization of 24.339 billion yuan [1]. - The stock has seen a net outflow of 3.5673 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 135,700, while the average number of tradable shares per person increased by 7.16% to 13,213 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings while others have newly entered [3].

Core Viewpoint - The stock of Guanghuan Xinnet experienced a decline of 5.04%, trading at 15.08 CNY per share, with a total market capitalization of 27.11 billion CNY as of the report date [1] Company Overview - Guanghuan Xinnet Technology Co., Ltd. was established on January 27, 1999, and went public on January 29, 2014. The company is based in Dongcheng District, Beijing, and primarily operates in the Internet Data Center (IDC) and cloud computing sectors [1] - The revenue composition of the company includes: 69.17% from cloud computing and related services, 28.83% from IDC and its value-added services, 1.40% from other services, and 0.59% from internet broadband access services [1] Fund Holdings - According to data, a fund under Renbao Asset holds a significant position in Guanghuan Xinnet. The Renbao Industry Rotation Mixed A Fund (006573) reduced its holdings by 24,600 shares in the second quarter, now holding 41,200 shares, which represents 1% of the fund's net value, ranking it as the ninth largest holding [2] - The fund has experienced a floating loss of approximately 33,000 CNY as of the report date [2] Fund Manager Performance - The fund manager Liu Shikai has been in charge for 1 year and 8 days, with the fund's total asset size at 1.547 billion CNY. During his tenure, the best fund return was 51.92%, while the worst was 15.88% [3] - Another manager, Yang Kun, has been managing for 8 years and 17 days, with a total asset size of 131 million CNY. His best fund return was 74.82%, and the worst was -18.82% during his tenure [3]

Company Overview - Guanghuan New Network is located in Dongzhong Street, Beijing, established on January 27, 1999, and listed on January 29, 2014. The company primarily engages in Internet Data Center (IDC) services and cloud computing, with revenue composition: cloud computing and related services 69.17%, IDC and its value-added services 28.83%, others 1.40%, and Internet broadband access services 0.59% [1]. Financial Performance - As of June 30, 2025, Guanghuan New Network reported a revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2]. - The company has cumulatively distributed 601 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.69% to 135,700, while the average circulating shares per person increased by 7.16% to 13,213 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 47.8404 million shares (a decrease of 602,300 shares), and E Fund's ChiNext ETF as the third-largest with 34.8194 million shares (a decrease of 164,600 shares) [3]. Stock Performance - On September 19, Guanghuan New Network's stock price fell by 2.03% to 14.50 yuan per share, with a trading volume of 529 million yuan and a turnover rate of 2.00%, resulting in a total market capitalization of 26.065 billion yuan [1]. - Year-to-date, the stock price has decreased by 0.21%, with a decline of 4.61% over the last five trading days and 9.03% over the last twenty days, while it has increased by 4.17% over the last sixty days [1].

Group 1 - The core viewpoint of the news is that Guanghuan New Network's stock has seen a significant increase, with a rise of 5.37% to 14.90 CNY per share, and a total market capitalization of 26.784 billion CNY [1] - Guanghuan New Network, established on January 27, 1999, specializes in Internet Data Center (IDC) services and cloud computing, with revenue composition showing 69.17% from cloud computing and related services, 28.83% from IDC and its value-added services, and 0.59% from Internet broadband access services [1] Group 2 - From the perspective of fund holdings, Guanghuan New Network is a significant investment for the Xingzheng Global Fund, with the Xingquan CSI 800 Six-Month Holding Index Enhanced A fund holding 3.3999 million shares, representing 4.07% of the fund's net value [2] - The Xingquan CSI 800 Six-Month Holding Index Enhanced A fund has a total scale of 1.02 billion CNY and has achieved a year-to-date return of 13.23% [2] Group 3 - The fund manager of the Xingquan CSI 800 Six-Month Holding Index Enhanced A fund, Shen Qing, has a tenure of 14 years and 318 days, with the fund's best return during this period being 162.82% [3] - The other fund manager, Zhang Xiaofeng, has a tenure of 4 years and 112 days, with a best return of 22.39% during his management [3]

Company Overview - Guanghuan New Network is located in Dongcheng District, Beijing, established on January 27, 1999, and listed on January 29, 2014. The company primarily engages in Internet Data Center (IDC) services and cloud computing, with revenue composition: cloud computing and related services 70.07%, IDC and its value-added services 28.69%, Internet broadband access services 0.66%, and others 0.58% [1][2]. Financial Performance - For the first half of 2025, Guanghuan New Network reported operating revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2]. - The company has cumulatively distributed 601 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 4, Guanghuan New Network's stock price decreased by 2.02%, trading at 14.55 yuan per share, with a total market capitalization of 26.155 billion yuan. The stock has seen a 0.14% increase year-to-date, a 12.67% decline over the past five trading days, a 1.11% increase over the past 20 days, and a 7.70% increase over the past 60 days [1]. - The company has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent occurrence on February 25 [1]. Shareholder Structure - As of June 30, 2025, Guanghuan New Network had 135,700 shareholders, a decrease of 6.69% from the previous period, with an average of 13,213 circulating shares per shareholder, an increase of 7.16% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 47.8404 million shares, a decrease of 602,300 shares from the previous period. New shareholders include GF Innovation Upgrade Mixed Fund and GF Supply-side Reform Mixed Fund [3].