Group 1 - The National Development and Reform Commission and the National Bureau of Statistics have issued the "2025 Digital Economy Development Work Points," focusing on high-quality development of the digital economy, which is expected to boost capital expenditure related to computing power [1] - Companies are accelerating the procurement of high-performance computing servers, with a notable shortage in supply, as seen in the case of Xiechuang Data, which plans to invest up to 3 billion yuan in high-performance computing servers this year [1] - Xiechuang Data's major shareholder has announced a loan of up to 1.5 billion yuan to support the company's investment in computing power, indicating strong financial backing for its operations [1] Group 2 - The domestic AI boom, driven by DeepSeek, has led major companies to increase capital expenditure in the AI sector, significantly boosting order volumes for upstream enterprises [2] - Xiechuang Data has established a comprehensive intelligent computing power ecosystem and has built a solid technical foundation for computing power services across multiple cities [2] - The company has made significant progress in the computing power service sector, securing various orders from leading firms such as Tencent and China Unicom, highlighting its strong capabilities in this area [2] Group 3 - Xiechuang Data is focused on the transition from AI to AGI (Artificial General Intelligence) and anticipates the need for larger computing power clusters in the future [3] - The company aims to become a global leader in comprehensive cloud services while also expanding into the service robot sector, including advanced manufacturing capabilities [3] - Xiechuang Data has completed its annual equity distribution for 2024, increasing its total share capital to 343,357,204 shares [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.36 per share, up from a previous value of RMB 11.12 per share [7][4]. Core Views - The company's revenue and net profit for 2024 are projected to be RMB 7.281 billion and RMB 381 million, respectively, reflecting a slight year-on-year decline of 7.31% and 1.68% [1][6]. - In Q1 2025, the company reported revenues of RMB 1.832 billion and a net profit of RMB 69 million, showing a year-on-year decrease of 7.41% and 57.82% [1][2]. - The decline in revenue is attributed to the expiration of specific operational assets related to Amazon Cloud and some clients vacating due to strategic adjustments [1][2]. - Despite short-term pressures, the company is accelerating the deployment of new data center projects, which are expected to contribute positively to future earnings [2][3]. Summary by Sections Financial Performance - The company's data center business achieved revenues of RMB 20.89 billion and RMB 5.21 billion in Q1 2025, with year-on-year declines of 5.96% and 4.01% respectively [2]. - The cloud computing business reported revenues of RMB 51.02 billion and RMB 12.54 billion, down 7.98% and 11.41% year-on-year [2]. - The gross margin for Q1 2025 was 16.55% and 15.14%, with a slight decline primarily due to the impact of Amazon Cloud asset disposals [3]. Project Developments - The company is actively advancing its data center projects, with the first and second phases in Tianjin Baodi set to be delivered in the first half of 2025, and construction of the third phase already underway [2][3]. - New projects in Inner Mongolia are also being pushed forward, indicating a proactive approach to meet the growing demand driven by AI [2][3]. Earnings Forecast - The EBITDA forecast for 2025-2027 is adjusted to RMB 15.71 billion, RMB 17.08 billion, and RMB 18.31 billion, reflecting a downward revision of 19% and 22% for 2025 and 2026 respectively [4][6]. - The expected revenue for 2025 is RMB 7.735 billion, with a projected growth of 6.24% in 2026 and 12.10% in 2027 [6][22]. - The net profit forecast for 2025 is RMB 416 million, with subsequent increases to RMB 502 million in 2026 and RMB 599 million in 2027 [6][22].

2024年12月26日，莲花控股董事会审议通过了《关于控股孙公司签订销售合同的议案》，同意公司控股孙公司浙江莲花紫星智算科技有限公司(以下简 称"莲花紫星")与上海X国企签署《高性能算力服务合同》。 莲花控股表示，基于宏观政策影响以及算力业务开展过程中出现的客观情况变化，公司尚未向上海X国企提供算力服务及算力运维服务。经友好协商，双 方一致同意解除原合同并于2025年4月29日签订《高性能算力服务合同补充协议》，协议约定双方原合同中的权利义务即刻终止，并且莲花紫星同意向上 海X国企支付补偿金200万元。 莲花控股称，本次终止的《高性能算力服务合同》与《租赁合同》均为公司日常经营合同，合同的终止不会影响公司业务的独立性，也未对公司经营情况 和财务状况产生重大不利影响，不存在损害公司及全体股东利益的情形。 当时双方确认，莲花紫星将向上海X国企提供1545PFLOPS(BFLOAT16)高性能算力服务及算力运维服务，服务期限为五年，合同总价为人民币5.55亿元。 公司在2024年12月28日披露的公告曾表示，该合同履约时间较长，在合同履行过程中，存在法律、法规、政策、技术、市场等方面不确定性或风险，同时 还可能面临 ...

聚焦算力业务，莲花控股另通过公告指出，公司于2024年12月26日召开了第九届董事会第二十七次会议，会议审议通 过了《关于控股孙公司签订销售合同的议案》，同意公司控股孙公司浙江莲花紫星智算科技有限公司（以下简称"莲 花紫星"）与上海X国企签署《高性能算力服务合同》。双方确认，本合同项下，莲花紫星向上海X国企提供1,545 PFLOPS（BFLOAT 16）高性能算力服务及算力运维服务，服务期限为五年，合同总价为55,536.01万元。截至目前， 公司尚未向上海X国企提供算力服务及算力运维服务。经友好协商，双方一致同意解除原合同并于2025年4月29日签订 《高性能算力服务合同补充协议》，协议约定双方原合同中的权利义务即刻终止，并且莲花紫星同意向上海X 国企支 付补偿金200万元。 公司于2025年2月17日召开了第九届董事会第二十九次会议，会议审议通过了《关于授权董事长及控股孙公司签署重 大合同的议案》，同意凡计划订立的在预算范围内的"高性能算力服务及算力运维服务项目"相关服务器或算力服务重 大合同，由董事会授权委托董事长根据合同性质及金额大小决定，并经莲花紫星经营层签字并加盖公章后生效。为了 进一步推进莲花 ...

莲花控股：终止与上海X国企的高性能算力服务合同及与CⅨ公司的服务器租赁合同 智通财经4月29日电，莲花控股(600186.SH)公告称，公司控股孙公司浙江莲花紫星智算科技有限公司与 上海X国企签署的《高性能算力服务合同》因客观情况变化而终止，并支付200万元补偿金。同时，莲 花紫星与CⅨ公司的《租赁合同》也因CⅨ公司未能确定交货计划而解除。上述合同终止不会影响公司 业务独立性，未对公司经营和财务状况产生重大不利影响。 ...