首次覆盖: 业绩承压聚焦智算，算力布局驱动新增长 光环新网(300383) 光环新网 2025 年三季报点评 股票研究 /[Table_Date] 2025.11.12 电信运营 [Table_Industry] /信息技术 本报告导读： 光环新网前三季度业绩承压，积极布局智算与算力业务，有望开启新一轮成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,855 | 7,281 | 7,663 | 8,183 | 9,083 | | (+/-)% | 9.2% | -7.3% | 5.2% | 6.8% | 11.0% | | 净利润(归母) | 388 | 381 | 317 | 396 | 534 | | (+/-)% | 144.1% | -1.7% | -16.9% | 24.8% | 34.9% | | 每股净收益(元) | 0.22 | 0.21 | 0.18 | 0.22 | 0.30 | ...

Core Viewpoint - The company experienced a decline in mid-2025 performance, but the accelerated layout in IDC and computing power business driven by AI presents new growth opportunities [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 115 million yuan, down 57.01% year-on-year [2] - The non-recurring net profit attributable to shareholders was 112 million yuan, reflecting a year-on-year decline of 53.70% [2] - IDC business revenue decreased by 2.08% year-on-year, with a gross margin dropping to 32.71% [3] - Cloud computing revenue fell by 7.67% year-on-year, with a gross margin of 7.76% [3] Group 2: Business Strategy and Growth - The company is actively expanding its cabinet deployment, with over 72,000 cabinets in operation and 16,000 new cabinets added in the first half of the year [3] - Ongoing projects include the Tianjin Baodi Phase III project, Hohhot computing power base, and other strategic initiatives aimed at enhancing scale and bargaining power [3] - The company has established strategic partnerships with AI firms like Geling Deep Vision, positioning itself to benefit from the growing demand for intelligent computing [3] Group 3: Shareholder Returns - The company has implemented a profit distribution plan for 2024, distributing a cash dividend of 0.60 yuan per 10 shares (tax included) to all shareholders [4] - A "Quality Return Dual Improvement" action plan has been established to enhance long-term investment value [4]