公司点评报告·通信行业 主要财务指标预测 | 项目 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,281.21 | 7,754.55 | 8,499.82 | 9,219.53 | | 营业收入增长率(%) | -7.31 | 6.50 | 9.61 | 8.47 | | 归母净利润(百万元) | 381.44 | 335.53 | 389.46 | 479.65 | | 归母净利润增长率(%) | -1.68 | -12.04 | 16.07 | 23.16 | | 摊薄 EPS(元) | 0.21 | 0.19 | 0.22 | 0.27 | | PE | 77.80 | 88.45 | 76.20 | 61.87 | 资料来源：Wind，中国银河证券研究院 光环新网(股票代码:300383.SZ) 推荐 维持评级 分析师 赵良毕 网:zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 IDC 投产提速明显,业绩有望边际改善 20 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to increased competition in the IDC market and adjustments in client strategies [1] Financial Performance - In 1H25, the company achieved revenue of 3.716 billion yuan, a year-on-year decrease of 5.15% [1] - The net profit attributable to shareholders was 115 million yuan, down 57.01% year-on-year [1] - The non-recurring net profit was 112 million yuan, a decline of 53.70% year-on-year, which was below previous expectations [1] - For Q2 2025, revenue was 1.884 billion yuan, a year-on-year decrease of 2.84%, and net profit was 46 million yuan, down 55.73% year-on-year [1] Business Trends - The IDC business and its value-added services generated revenue of 1.071 billion yuan in 1H25, a decline of 2.08% year-on-year [2] - The gross margin for the IDC business decreased by 1.80 percentage points to 32.71% due to intensified competition and increased cabinet deployment [2] - The company has accelerated its data center deployment, with over 72,000 cabinets in operation and plans for more than 230,000 cabinets nationwide [2] - Major projects in Tianjin and Shanghai are underway, with expected revenue and profit contributions becoming more apparent in 2026 as clients gradually onboard [2] Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 58% to 324 million yuan, with a new forecast for 2026 set at 399 million yuan [3] - The EBITDA for 2025 has been adjusted down by 26% to 1.415 billion yuan, with a first-time forecast for 2026 at 1.659 billion yuan [3] - The current stock price corresponds to 24.0 times and 21.1 times EV/EBITDA for 2025 and 2026, respectively [3] - The target price has been raised by 78% to 18.38 yuan, indicating a 10% upside potential from the current stock price, based on a 23 times EV/EBITDA for 2026 [3]