证券研究报告：计算机 | 公司点评报告 发布时间：2026-02-02 股票投资评级 增持|首次覆盖 个股表现 -11% 2% 15% 28% 41% 54% 67% 80% 93% 106% 119% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 首都在线 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.59 | | --- | --- | | 总股本/流通股本（亿股）5.03 / 3.92 | | | 总市值/流通市值（亿元）129 / 100 | | | 52 周内最高/最低价 | 33.33 / 14.88 | | 资产负债率(%) | 49.6% | | 市盈率 | -41.77 | | 第一大股东 | 曲宁 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:刘聪颖 SAC 登记编号:S1340525100001 Email:liucongying@cnpsec.com 首都在线(300846) 预计公司 2025-2027 ...

证券日报网讯 2月2日，立昂技术（300603）在互动平台回答投资者提问时表示，公司数据中心及云计 算服务业务可为政府、大型云厂商、互联网厂商、金融、医疗、传统制造等主流行业用户提供IDC、云 计算及算力综合解决方案服务，同时可为大模型及机构提供算力支持，包括高性能数据中心硬件设施、 实时流量监控、算力调度及GPU运维等服务。 ...

万达信息（300168.SZ）1月27日在投资者互动平台表示，公司自建了IDC用于技术研发，机房整体面积 5000m²，现有机柜数量约200个。公司云计算机房以自用为主，尚未涉及GPU算力租赁业务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司在算力租赁领域是否有新增机柜？ ...

Core Insights - The article highlights the pervasive inflation logic observed this year, indicating that price increases are widespread across various sectors, particularly in storage, CPU, and cloud leasing services [1] - It mentions that even scarce IDC resources have started to see price hikes, reflecting a broader trend of rising costs in the industry [1] - The phrase "涨价无处不在" (price increases are everywhere) emphasizes the extent of inflationary pressures affecting multiple sectors [1] Industry Summary - Inflation is impacting specific categories such as storage, CPU, and cloud leasing, leading to noticeable price increases [1] - The scarcity of IDC resources is contributing to rising prices, suggesting a tightening supply in the market [1] - The overall sentiment in the industry is that price hikes are becoming a norm, with expectations for continued inflationary trends [1]

Core Viewpoint - The company, Lian Technology (300603.SZ), provides integrated solutions for data center and cloud computing services to various mainstream industries, including government, large cloud providers, internet companies, finance, healthcare, and traditional manufacturing [1] Group 1: Business Offerings - The company offers IDC, cloud computing, and comprehensive computing power solutions [1] - Services include high-performance data center hardware, real-time traffic monitoring, computing power scheduling, and GPU operation and maintenance [1] Group 2: Market Focus - Currently, there are no specific collaborations in the commercial aerospace sector, but the company will continue to monitor market demand and business opportunities in this area [1]

Group 1: Core Insights - The communication industry continues to focus on AI computing power, driven by the resonance of AI training and inference demand, with overseas CSPs continuously investing in computing power infrastructure [2][6] - The demand for optical interconnects is expected to increase significantly as the scale-up architecture evolves from in-cabinet to cross-cabinet and cluster designs [2][7] - Liquid cooling is transitioning from optional to a necessity due to rising cabinet power density, with overseas markets entering a realization phase and domestic commercialization accelerating [2][7] Group 2: Operators - The three major operators maintain stable performance, with a slight increase in profits despite revenue pressure, and improved cash flow quality [6][20] - Dividend payout ratios are steadily increasing, providing stable returns and valuation support for the sector, highlighting its attractiveness as a low-volatility defensive asset [6][24] Group 3: AI Computing Power - AI computing power remains in high demand, with both training and inference needs growing, leading to a clearer inflation logic in the network side [7][27] - The cost advantages of ASICs are accelerating their penetration, which is expected to enhance the share of optical modules in overall IT capital expenditures [7][45] - The growth of AI-related revenue is projected to continue, with significant increases in user engagement and request volumes for applications like Google's Gemini [27][30] Group 4: IDC (Internet Data Centers) - IDC valuations and positions are currently at the bottom range, with signs of marginal improvement in the industry [8][79] - Major internet companies are expected to significantly increase their capital expenditures in AI, which will positively impact the IDC market supply-demand dynamics [8][76] Group 5: Copper Connections - The acceleration of cabinet penetration is enhancing the outlook for copper connections, which are being integrated into high-end cabinet systems due to their low latency and power consumption advantages [8][82]

Core Viewpoint - The investment strategy outlook for 2026 by CITIC Securities emphasizes the profound impact of the AI industry revolution, likening it to the Industrial Revolution, and suggests a long-term perspective is necessary for analysis [1] Group 1: AI and Computing Demand - CITIC Securities expresses optimism regarding the demand for computing power driven by AI, highlighting sectors such as optical modules, optical devices, optical chips, switches, liquid cooling, IDC, and edge AI [1] Group 2: Traditional Communication Industry - The traditional communication industry is facing challenges due to decreased capital expenditure from telecom operators, leading to low market expectations [1] - Despite the current challenges, the development of key technologies for 6G has commenced, and the increased focus on AI by operators is noteworthy [1] Group 3: Quantum Technology - Both China and the United States are placing significant emphasis on quantum technology, with related companies in the U.S. stock market experiencing substantial gains [1] - It is recommended to pay close attention to segments such as dilution refrigeration machines and low-temperature coaxial cables [1]

Group 1 - The AI industry revolution is ongoing, with strong demand for computing power and promising applications [1] - The "14th Five-Year Plan" emphasizes the acceleration of a new round of technological revolution and industrial transformation, implementing the "Artificial Intelligence +" initiative [1] - The telecommunications operators' capital expenditure is expected to decline, but the research on 6G technology has commenced, indicating potential recovery in the future [2] Group 2 - The focus on quantum technology is increasing in both China and the U.S., with significant developments such as NVIDIA's NVQLink for connecting GPUs to quantum processors [3] - The report highlights several companies with investment potential, including Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, and others, as key recommendations for 2026 [4]

Investment Rating - The report maintains a rating of "Accumulate" for China Telecom with a target price of 9.07 CNY [6][12]. Core Insights - For the first three quarters of 2025, China Telecom reported revenue of 394.3 billion CNY, a year-on-year increase of 0.6%, with service revenue at 366.3 billion CNY, up 0.9%. The net profit attributable to shareholders was 30.8 billion CNY, reflecting a 5.0% increase, which outpaced revenue growth [2][12]. - The report highlights strong performance in new business segments, with 5G network users reaching 290 million, a penetration rate of 66.9%. IDC revenue grew by 9.1% to 27.5 billion CNY, while intelligent revenue surged by 62.3% [12]. Financial Summary - Total revenue projections for 2025-2027 are 538.5 billion CNY, 553.5 billion CNY, and 568.8 billion CNY respectively, with net profits expected to be 34.7 billion CNY, 36.3 billion CNY, and 37.7 billion CNY [4][12]. - The financial metrics indicate a steady increase in net profit margins and return on equity, with a projected net profit margin of 6.4% for 2025 [4][12].

Core Viewpoint - The company reported a slight revenue growth of 0.6% year-on-year for the first three quarters of 2025, with a total revenue of 394.3 billion yuan, and a net profit increase of 5.0% to 30.8 billion yuan, indicating a stronger profit growth compared to revenue growth [1][2]. Financial Performance - Revenue for the first three quarters of 2025 reached 394.3 billion yuan, with service revenue at 366.3 billion yuan, reflecting a year-on-year increase of 0.6% and 0.9% respectively [2]. - The net profit attributable to the parent company was 30.8 billion yuan, up 5.0% year-on-year, while the non-recurring net profit remained stable at 28.7 billion yuan [1][2]. - In Q3 2025, the company reported a revenue of 124.8 billion yuan, a decrease of 0.91% year-on-year, and a net profit of 7.76 billion yuan, which is an increase of 3.60% year-on-year [2]. Business Growth - The company experienced significant growth in new business areas, with 5G network users reaching 290 million, a penetration rate of 66.9%, and gigabit broadband user penetration at approximately 31.0% [2]. - IDC revenue grew by 9.1% year-on-year to 27.5 billion yuan, while security revenue increased by 12.4% to 12.6 billion yuan. Other notable growth areas included smart revenue (62.3% increase), video network revenue (34% increase), satellite communication revenue (23.5% increase), and quantum revenue (134.6% increase) [2]. Cost and Cash Flow - In Q3 2025, the company's expense ratios were as follows: sales (10.40%), management (6.90%), finance (0.13%), and R&D (3.48%), with respective year-on-year changes of +0.98 percentage points, -0.28 percentage points, -0.08 percentage points, and +0.24 percentage points [3]. - The net cash flow from operating activities was 87.3 billion yuan, with a year-on-year decline narrowing to 10.37% [3].