Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is a leading IDC enterprise that is entering a new chapter in AIDC, with significant growth potential driven by the expansion of intelligent computing services and cloud computing [5][6][41] - The company has a well-established infrastructure with over 230,000 planned cabinets and more than 59,000 operational cabinets, positioning it to benefit from the growing demand for computing power [5][19] - The projected net profits for the company from 2025 to 2027 are estimated to be 329 million, 446 million, and 565 million yuan respectively, indicating a strong growth trajectory [5] Summary by Sections Company Overview - Founded in 1999, the company was a pioneer in IDC services in Beijing and has expanded its operations across various regions, including cloud computing and high-performance computing services [5][16] - The company has established 12 self-owned data centers and is actively expanding its presence in key regions such as Beijing, Tianjin, and Hebei [19][75] Business Growth Drivers - The company is leveraging three main engines for growth: AIDC, intelligent computing services, and cloud computing, which are expected to accelerate revenue growth [26] - The company has initiated high-performance computing services and is building a multi-dimensional heterogeneous computing platform to support AI model training and deep learning applications [6][70] Financial Performance - The company reported a total revenue of 7.658 billion yuan for 2025, with a year-on-year growth of 5.2% [8] - The gross profit margin is projected to be 14.6% in 2025, with a net profit margin of 4.3% [8] Market Position and Strategy - The company is binding high-quality clients in the AI industry and is actively pursuing global AIDC expansion opportunities [7][70] - The company has a robust client base that includes traditional cloud vendors, internet-related enterprises, and financial clients, which enhances its market position [7][70] Future Outlook - The company is expected to benefit from the rapid growth of AI and cloud computing markets, with the traditional IDC market projected to reach 317.5 billion yuan by 2029 [44][62] - The demand for intelligent computing services is anticipated to grow significantly, with the intelligent computing scale expected to reach 1,037.3 EFLOPS by 2025 [62][67]