Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits for 2025-2027 being CNY 3.67 billion, CNY 4.33 billion, and CNY 5.23 billion respectively, corresponding to EPS of CNY 0.71, CNY 0.84, and CNY 1.02, and PE ratios of 57.59, 48.75, and 40.33 [4][5]. Core Insights - The company achieved a total revenue of CNY 77.57 billion in 2024, a decrease of 4.71% year-on-year, with a net profit of CNY 3.15 billion, down 37.9% year-on-year. In Q1 2025, revenue was CNY 12.16 billion, up 2.73% year-on-year, while net profit was CNY 0.69 billion, down 6.26% year-on-year [4]. - The company focuses on three main business areas: data centers, smart power, and renewable energy, with significant growth in the intelligent computing segment, which saw a revenue increase of 40.63% to CNY 31.52 billion [4]. - The company has launched innovative products such as liquid-cooled micro-modules and cloud power prefabricated power modules, catering to the needs of large-scale infrastructure and diverse computing resource services [4]. - The smart energy business generated CNY 9.22 billion in revenue, an increase of 11.88%, while the renewable energy segment achieved CNY 36.08 billion, up 46.51% [4]. - The report highlights the integration of data centers with renewable energy solutions, proposing a "green electricity + AI + energy storage" model to address the high energy consumption associated with computing [4]. Financial Summary - The company’s projected financials indicate a revenue increase from CNY 77.57 billion in 2024 to CNY 112.91 billion by 2027, with a compound annual growth rate (CAGR) of approximately 17.97% [5]. - The gross margin is expected to remain stable around 25.20% to 25.22% over the forecast period [5]. - The net profit margin is projected to improve gradually from 4.06% in 2024 to 4.64% in 2027 [7].