1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 公用事业 证券研究报告 2025年09月08日 行业报告： 行业深度研究 AI带动数据中心景气向上，电力需求有多少？ 作者： 分析师 郭丽丽 SAC执业证书编号：S1110520030001 分析师 裴振华 SAC执业证书编号：S1110524050003 摘要 数据经济时代，算力成为数据中心核心需求 中国数据中心历经网络中心、IT中心、云中心阶段，2020年后随着数字经济时代到来，数据、算力成为新的生产资料和生产力，智 算需求成为驱动数据中心增长的核心发展引擎，预计2024年中国内地数据中心行业市场规模预计将达到3048亿元、标准机架规模 将突破1000万架，双双同比实现超过20%的高速增长。中国数据中心在全国范围布局"八大枢纽十大集群"，且签约情况呈现显 著的"东热西冷"的分布特征。 借鉴海外经验，Deepseek或将带动中国数据中心景气度上扬 2022年ChatGPT横空出世，大模型的参数规模与对算力的消耗成正比，参数规模越大，对算力的需求越大，2023年底全球多数成 熟市场的数据中心空置率已跌破1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is planning to spin off its renewable energy segment for a listing on the A-share market, which is expected to enhance its valuation significantly [5][10] - The company has demonstrated strong operational capabilities and management mechanisms, which are crucial for navigating through market cycles [10][27] - The company has a solid track record, having never reported a loss since its listing, and has maintained a stable return on equity (ROE) [7][16] Financial Performance and Valuation - The projected revenue for the company is expected to grow from 103,334 million HKD in 2023 to 131,238 million HKD by 2027, with a compound annual growth rate (CAGR) of approximately 6.48% [6] - The net profit attributable to shareholders is forecasted to increase from 11,003 million HKD in 2023 to 16,635 million HKD in 2027, reflecting a significant growth trajectory [6] - The price-to-earnings (P/E) ratio is projected to be 6.8, 6.6, and 6.3 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation compared to peers [8] Renewable Energy Segment - By the end of 2024, the company's renewable energy capacity is expected to account for nearly 50% of its total installed capacity, with significant investments planned for further expansion [7][27] - The company has a competitive edge in unit profitability for its renewable energy segment, outperforming major competitors in terms of net profit [35] - The planned IPO of the renewable energy segment is anticipated to raise 24.5 billion RMB for new projects, which could lead to a valuation exceeding 150 billion HKD post-listing [38][43] Market Position and Strategy - The company has a unique market position due to its historical roots and strategic focus on both traditional and renewable energy sectors [14][19] - The operational strategy emphasizes a balanced approach to energy generation, with a significant focus on renewable energy development in regions with higher electricity prices [27][32] - The company’s management has effectively navigated market challenges, maintaining a strong performance even during periods of industry downturns [20][24]