（文章来源：证券日报） 证券日报网讯 12月24日，网宿科技在互动平台回答投资者提问时表示，公司的主要产品包括CDN及边 缘计算、安全及增值服务、算力云等，服务的客户覆盖多个产业领域，包括视频、电商、游戏、政务、 金融、汽车、零售、航空、媒体、消费电子、家电制造、教育、医疗等。 ...

Core Insights - The launch of the Jiangsu Integrated Computing Power Scheduling and Monitoring Platform marks the first provincial-level integrated platform in China, contributing to the national "East Data West Computing" strategy and the market-oriented reform of data elements [1][4][5] - The platform aims to enhance the efficiency of computing power resource allocation and usage, addressing the challenges of uneven distribution and low utilization rates [3][5] Summary by Sections Platform Overview - The platform was officially launched in Nanjing on November 13, 2025, under the guidance of various provincial authorities and constructed by the Provincial Data Group [1] - It has monitored 282 data centers across Jiangsu, with a total computing power of 87.3 EFlops, of which approximately 70% is intelligent computing [2] Operational Structure - Jiangsu has established a "1+13" two-tier operational system, where the provincial core acts as the "brain" for resource coordination, while 13 operational nodes serve local enterprises [2] - The platform employs a "1224" technical architecture, which includes a unified computing power portal, two service systems, two technical specification systems, and four capability centers [2] Regional and National Integration - The platform facilitates the flow of computing power as a key production factor across a broader area, providing standardized services and laying the groundwork for a unified national computing power market [4][5] - It serves as a critical node in the national computing network, enabling real-time data integration with the national platform and allowing local services to access national resources [4][5] Ecosystem Development - The platform is designed to activate a complete computing power service chain, from hardware to industry applications, enhancing the overall computing power ecosystem [6] - Major telecom operators are transforming into comprehensive service providers, integrating data, computing power, models, and security into their service capabilities [6][7] Technological Advancements - Technology companies like Huawei and H3C are focusing on key technologies to enhance computing power efficiency, addressing core challenges of stability and availability [7] - The platform's launch, along with the involvement of various industry players, is expected to create a collaborative ecosystem that transforms computing power into a widely accessible production factor [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 net profit continues to show high growth, with a significant increase in profitability driven by improved business structure. The advertising sector is expected to maintain high growth due to increased traffic in the esports arena, while the cloud business is anticipated to begin commercial operations [3][4] - For the first three quarters of 2025, the company achieved revenue of 1.509 billion yuan (up 8.04% year-on-year) and a net profit attributable to shareholders of 324 million yuan (up 52.59% year-on-year). Q3 revenue was 498 million yuan (down 15.4% year-on-year, up 15.3% quarter-on-quarter), with a net profit of 162 million yuan (up 39.0% year-on-year, up 84.3% quarter-on-quarter) [3][4] - The company expects net profits for 2025-2027 to be 368 million yuan, 490 million yuan, and 627 million yuan respectively, with corresponding P/E ratios of 43.7, 32.9, and 25.7 times [3] Financial Performance Summary - For Q1-Q3 2025, the gross margin was 45.3% (up 3.6 percentage points year-on-year), with a net profit margin of 23.1% (up 6.3 percentage points year-on-year). The Q3 gross margin was 58.5% (up 15.3 percentage points year-on-year) [3][4] - The company has established over 300 cloud edge computing rooms by the end of 2023, serving more than 500,000 terminals, indicating strong infrastructure for cloud services [4] - The projected revenue for 2025 is 2.291 billion yuan, with a year-on-year growth of 24.5%, and the projected net profit is 368 million yuan, reflecting a year-on-year growth of 46.2% [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1 2025, with revenue of 578 million yuan, representing a year-on-year increase of 40.25% and a quarter-on-quarter increase of 30.43%. The net profit attributable to the parent company was 73 million yuan, up 37.48% year-on-year and 85.06% quarter-on-quarter [4] - The growth is primarily driven by the performance of the online advertising and value-added services, benefiting from the recovery in the esports service industry and increased marketing activities in the gaming sector [4] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 330 million yuan, 407 million yuan, and 490 million yuan respectively, with corresponding EPS of 0.48, 0.60, and 0.72 yuan [4] Financial Performance - In Q1 2025, the company demonstrated effective cost control, with a sales expense ratio of 4.26%, management expense ratio of 8.48%, and R&D expense ratio of 5.43%, all showing year-on-year declines [5] - Financial income turned positive, with a gain of 1.49 million yuan compared to a loss of 7.83 million yuan in the same period last year, attributed to returns from financial products and structured deposits [5] Business Development - The company is accelerating its cloud computing business, having established over 300 edge computing rooms by the end of 2024, serving more than 700,000 cloud terminals, a year-on-year increase of 21.1% [6] - The edge computing services leverage idle computing power from internet cafes for AI inference, graphic rendering, and cloud gaming, offering significant cost advantages and low latency [6] - The development of AI applications and cloud gaming is expected to drive continued growth in demand for edge computing services [6]