机构：浦银国际 研究员：赵丹/杨子超 云工场是国内最早的IDC 服务提供商之一，公司以基础云切入市场，致力于成为领先的边缘计算和边缘 AI 提供商。稳定的上下游关系推动IDC 业务健康增长，市场份额有望持续扩大。公司大力拓展的边缘 计算和边缘AI 服务，市场潜力巨大，有望打造成新的增长驱动。 数字化转型推动IDC 业务需求持续稳定增长。受益于中国企业数字化转型以及云计算、区块链及物联网 等新技术发展推动，IDC 需求持续健康增长。弗若斯特沙利文预计中国IDC 市场收入规模2024-2028复 合年增长率达到13.6%。非自建数据中心因其低成本及高弹性，得到了小型企业青睐，推动了IDC 解决 方案服务市场的快速增长，预计2024-2028 复合年增长率为17.0%。 上下游保持长期稳定合作关系，市场份额有望扩大。凭借着优质的服务，公司已建立起品牌知名度，并 与上下游保持着长期稳定合作伙伴关系。通过不断丰富服务产品组合以及拓展新客户，公司市场份额有 望持续扩大。灵活可扩展的业务模式或助力公司实现业务快速扩张。 发力边缘计算和边缘AI，打造新增长曲线。边缘计算在物联网、人工智能、增强现实等领域应用广 泛，拥有很大增 ...

Investment Rating - The report initiates a "Buy" rating for the company with a target price of HKD 5.0, reflecting a potential upside of 23% from the current price of HKD 4.07 [71][73]. Core Insights - The company is positioned as a leading provider in the IDC (Internet Data Center) sector, focusing on "edge computing + edge AI" to drive new growth engines. The stable relationships with upstream and downstream partners are expected to enhance market share [2][12]. - The IDC business is projected to benefit from the digital transformation of Chinese enterprises, with a compound annual growth rate (CAGR) of 13.6% expected from 2024 to 2028 in the IDC market [16][8]. - The edge computing market is anticipated to grow at a CAGR of 32.9% from 2024 to 2028, indicating significant potential for the company's edge computing services [36][8]. Financial Projections - Revenue is forecasted to grow from RMB 696 million in 2023 to RMB 1,189 million by 2027, with a CAGR of approximately 19% [3][53]. - The operating profit is expected to increase from RMB 23 million in 2023 to RMB 87 million in 2027, reflecting a growing profit margin [3][60]. - The net profit is projected to rise from RMB 14 million in 2023 to RMB 69 million in 2027, with an expected net profit margin improvement [3][60]. Market Dynamics - The report highlights the increasing demand for IDC services driven by the rise of cloud computing, blockchain, and IoT technologies, with the IDC market size in China expected to reach RMB 426.8 billion by 2028 [16][8]. - The edge computing services are positioned to capture a growing share of the market, with the company already establishing a cross-regional edge computing network across major cities in China [40][12]. Business Model and Strategy - The company operates a flexible and scalable business model that avoids direct competition with state-owned telecom operators, allowing for rapid business expansion [35][12]. - The focus on edge AI and edge computing services is expected to create a new growth curve, with the company leveraging its existing infrastructure to enhance service offerings [49][12]. Customer and Supplier Relationships - The company has established strong relationships with major clients across various sectors, including government, finance, and telecommunications, which contribute to a low customer churn rate [28][12]. - Long-term partnerships with key suppliers, including state-owned telecom operators, enhance the company's ability to meet diverse customer needs [32][12].