公司报告 | 首次覆盖报告 光环新网（300383） 证券研究报告 具备 IDC 资源优势，算力租赁业务规模迅速提升 IDC 和云计算双轮驱动公司业绩。光环新网成立于 1999 年，主营业务为互 联网数据中心服务及其增值服务、云计算服务、互联网宽带接入服务以及 其他互联网综合服务，营业收入在 15-16 年收购中金云网、无双科技以及 运营亚马逊中国业务后大幅增长。2024 年上半年 IDC 及增值服务占总毛利 的 62%、云计算及相关服务占比为 36%，两块业务为公司的利润主要来源。 AIDC 需求高增，传统 IDC 有所放缓。我国加速推进新型信息基础设施建设 的步伐，陆续出台了多项政策，鼓励数据中心行业发展与创新，2023 年我 国 IDC 业务市场规模为 5,078.3 亿元，同比增长 25.6%，同时已经建成和在 建的智算中心超过 250 个，根据 IDC 与浪潮信息发布的《2023-2024 年中国 人工智能计算力发展评估报告》，到 2027 年智能算力规模年复合增长率将 达 33.9%，仍存较大缺口。 价格下降趋势放缓。根据 IDC 圈分析，2022 年之前的几年，IDC 服务商为 争取客户订单，通 ...

证券时报e公司讯，企查查APP显示，近日，光环新网（呼和浩特）信息服务有限公司成立，法定代表 人为耿岩，注册资本5000万元，经营范围包含：互联网信息服务；基础电信业务；第一类增值电信业 务；第二类增值电信业务等。 企查查股权穿透显示，该公司由光环新网全资持股。 ...

证券代码：300383 证券简称：光环新网 公告编号：2024-036 北京光环新网科技股份有限公司 关于公司及子公司向银行申请授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开第五届董事会 2024 年第五次会议审议通过了《关于公司及子公司向银行 申请授信额度的议案》，现将有关事项公告如下： 截至本公告日，公司及子公司已获得银行审批且尚在审议有效期内的授信额 度为人民币 1,100,785.49 万元，已向银行申请尚未获批的授信额度为人民币 30,500.00 万元。为满足日常运营的资金需求，董事会同意公司及子公司向银行 申请授信额度不超过人民币 270,000.00 万元，其中向银行申请续期授信额度为 人民币 40,000.00 万元，新增授信额度不超过人民币 230,000.00 万元（最终授 信 金 额 以 银 行 实 际 审 批 结 果 为 准 ）， 累 计 申 请 授 信 额 度 不 超 过 人 民 币 1,401,285.49 万元（含本次）。 ...

证券代码：300383 证券简称：光环新网 公告编号：2024-037 北京光环新网科技股份有限公司 关于为全资子公司向银行申请贷款提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开第五届董事会 2024 年第五次会议审议通过了《关于公司及子公司向银行 申请授信额度的议案》和《关于为全资子公司向银行申请贷款提供担保的议案》， 现将具体事项公告如下： 一、授信及担保情况概述 董事会同意公司全资子公司光环新网（天津）信息服务有限公司（以下简称 "光环新网天津公司"）因天津宝坻云计算基地一期和二期项目（以下简称"天 津项目"）建设需要，向中国建设银行股份有限公司天津宝坻支行（以下简称"建 设银行天津宝坻支行"）、中国民生银行股份有限公司天津分行（以下简称"民生 银行天津分行"）、上海浦东发展银行股份有限公司北京分行（以下简称"浦发银 行北京分行"）申请合计不超过人民币 230,000 万元的贷款，期限不超过 15 年 （最终以银行实际审批的贷款额度为准）。光环新网天 ...

北京光环新网科技股份有限公司 呼和浩特算力基地项目 建设可行性报告 证券代码：300383 证券简称：光环新网 报告日期：2024 年 12 月 20 日 | | | | | 一、项目概述 - | 1 - | | --- | --- | --- | | | 1、项目名称 - | 1 - | | | 2、项目实施单位 - | 1 - | | | 3、项目建设地点 - | 1 - | | | 4、项目实施目标和内容 - | 1 - | | | 5、项目计划投入及市场预测 - | 1 - | | 二、 | 项目实施单位情况 - | 2 - | | 三、 | 项目背景 - | 3 - | | 四、 | 项目建设内容 - | 6 - | | 五、 | 运营能力分析 - | 7 - | | 六、 | 项目投资回报预测 - | 8 - | | | 1、项目总投资构成 - | 8 - | | | 2、盈利能力分析 - | 8 - | | 七、 | 项目的风险及不确定性 - | 10 - | | | 1、审批风险 - | 10 - | | | 2、资金筹措风险 - | 10 - | | | 3、市场开拓风险 - | 10 - ...

证券代码：300383 证券简称：光环新网 公告编号：2024-035 根据《深圳证券交易所创业板股票上市规则》、《公司章程》等有关规定，本 次对外投资事项在公司董事会决策范围内，无需提交公司股东大会审议。 1 二、实施主体的基本情况 北京光环新网科技股份有限公司 关于投资建设呼和浩特算力基地项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京光环新网科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开的第五届董事会 2024 年第五次会议审议通过了《关于投资建设呼和浩特 算力基地项目的议案》，现将具体情况公告如下： 一、对外投资概述 董事会同意公司在内蒙古自治区呼和浩特市内投资建设算力基地项目。本次 项目占地面积约 150 亩，计划建设 4 栋标准机房楼及配套油机楼、2 栋 110kV 变 电站、1 栋附属配套用房等建筑工程以及 4 栋智算中心所需的相应机电工程，总 建筑面积不少于 10 万平米，项目建成后预计可支持 100MW 的 IT 负载。项目计划 总投资约人民币 22.95 亿元，资金来源为自筹资金、银行贷款以及通 ...

证券代码：300383 证券简称：光环新网 公告编号：2024-034 北京光环新网科技股份有限公司 第五届董事会 2024 年第五次会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京光环新网科技股份有限公司（以下简称"公司"）第五届董事会 2024 年 第五次会议（以下简称"本次会议"）于 2024 年 12 月 20 日 10 时在北京市东城 区东中街 9 号东环广场 A 座三层公司会议室以现场与通讯表决相结合的方式召 开，会议通知已于 2024 年 12 月 17 日以电子邮件方式发出。会议应到董事 7 名， 实到董事 7 名。公司监事及高级管理人员列席会议，会议由董事长杨宇航先生主 持。会议召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 2、审议通过《关于公司及子公司向银行申请授信额度的议案》； 截至本公告日，公司及子公司已获得银行审批且尚在审议有效期内的授信额 度为人民币 1,100,785.49 万元，已向银行申请尚未获批的授信额度为人民币 30,500.00 万元。为满足日常运营的资金需求， ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company reported a revenue of 58.26 billion yuan for the first three quarters of 2024, a decrease of 1.81% year-on-year, while the net profit attributable to the parent company was 3.61 billion yuan, an increase of 1.93% [3]. - In Q3 2024, the company achieved a revenue of 19.08 billion yuan, down 10.54% quarter-on-quarter, with a net profit of 0.94 billion yuan, down 7.73% [3]. - The company is enhancing its data center order delivery capabilities and expanding its computing power services, with a current scale exceeding 3,000P [3]. - The company plans to invest approximately 1.235 billion yuan in building intelligent computing centers in Inner Mongolia, expected to start construction in 2025, with projected annual revenues of 467 million yuan and net profits of 73.58 million yuan once fully operational [3]. - The Chinese cloud computing market is projected to grow from 32 billion USD in 2021 to 90 billion USD by 2025, positioning it as the second-largest market globally after the US [3]. - The company is actively integrating generative AI technology into its operations, which is expected to improve its long-term performance [3]. Financial Projections - The company’s revenue is forecasted to reach 80 billion yuan in 2024, with a growth rate of 1.84%, and net profit is expected to be 4.09 billion yuan [8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.23 yuan, 0.25 yuan, and 0.29 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 46.40, 42.05, and 36.03 [8][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 10.56 yuan [3]. Core Insights - The company's profitability has seen a decline in Q3 2024, with a net profit of 935 million yuan, down 7.73% year-on-year. The net profit for the first three quarters of 2024 reached 360 million yuan, a year-on-year increase of 1.93% [1]. - The scale of computing power in China is among the world's largest, with over 8.3 million standard racks and a total computing power of 246 EFLOPS as of September 2024 [1]. - The demand for green electricity is on the rise as the country accelerates its transition to a low-carbon economy, with over 44% of the traded electricity in the inter-provincial power market being clean energy [1]. - The Inner Mongolia government is supporting the development of the local green computing power industry by ensuring low-cost electricity and a high proportion of green energy [1]. - China Tower is increasing partnerships to empower the digital economy, aiming to transform its infrastructure into an integrated IoT sensor platform [1]. - Amazon Web Services is promoting AIGC applications, benefiting regional operators [1]. - The data center and cloud computing industries are expected to maintain rapid growth, with projected revenues of 9.12 billion yuan in 2024, 10.90 billion yuan in 2025, and 12.87 billion yuan in 2026 [2][4]. Financial Projections - The company's revenue is projected to grow from 7.86 billion yuan in 2023 to 9.12 billion yuan in 2024, representing a growth rate of 16% [2]. - The net profit attributable to shareholders is expected to increase from 388 million yuan in 2023 to 608 million yuan in 2024, reflecting a growth rate of 56.7% [2]. - Earnings per share are forecasted to rise from 0.22 yuan in 2023 to 0.34 yuan in 2024 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 49 in 2023 to 31 in 2024, and further to 24 in 2025 and 21 in 2026 [2][4].

Financial Performance - Revenue for the reporting period decreased by 10.54% to 1,908,570,643.11 yuan[3] - Net profit attributable to shareholders decreased by 7.73% to 93,504,590.99 yuan[3] - The company achieved revenue of 1,908.57 million yuan in Q3 2024, a year-on-year decrease of 10.54%, and net profit attributable to shareholders of 93.50 million yuan, a year-on-year decrease of 7.73%[16] - For the first nine months of 2024, the company's revenue was 5,825.99 million yuan, a year-on-year decrease of 1.81%, while net profit attributable to shareholders increased by 1.93% to 361.10 million yuan[16] - Operating income slightly decreased to 5.83 billion yuan from 5.93 billion yuan, a decline of 1.81%[31] - Net profit attributable to the parent company increased to 3.51 billion yuan from 3.33 billion yuan, showing a growth of 5.44%[29] - Net profit attributable to parent company shareholders was RMB 361.1 million, a decrease of 1.9% compared to the previous period[32] - Total comprehensive income was RMB 355.68 million, down 7.2% from the previous period[32] - Sales revenue from goods and services was RMB 6 billion, a decrease of 2.6% compared to the previous period[34] - Basic earnings per share remained stable at RMB 0.2, unchanged from the previous period[32] Cash Flow and Financial Position - Operating cash flow for the year-to-date decreased by 17.35% to 1,010,969,211.54 yuan[3] - Cash flow from investment activities decreased by 140.62% due to increased data center construction and intelligent computing equipment purchases[10] - Cash flow from financing activities decreased by 49.90% due to reduced interest payments and increased cash dividends[10] - Operating cash flow was RMB 1.01 billion, a decrease of 17.4% compared to the previous period[34] - Investment cash flow was negative RMB 1.94 billion, a significant increase in outflow compared to the previous period[34] - Financing cash flow was RMB 28.94 million, a decrease of 49.9% compared to the previous period[35] - Cash and cash equivalents at the end of the period were RMB 1.3 billion, a decrease of 52.4% compared to the previous period[35] - Total cash inflow from operating activities was RMB 6.23 billion, a decrease of 1.7% compared to the previous period[34] - Total cash outflow from operating activities was RMB 5.22 billion, an increase of 2.1% compared to the previous period[34] Assets and Liabilities - Total assets increased by 1.60% to 19,172,454,524.97 yuan[4] - Total assets increased to 19.17 billion yuan from 18.87 billion yuan, reflecting a growth of 1.59%[28][29] - Current assets decreased to 5.51 billion yuan from 6.01 billion yuan, a decline of 8.34%[28] - Fixed assets increased to 7.95 billion yuan from 7.78 billion yuan, showing a growth of 2.18%[28] - Total liabilities increased to 5.93 billion yuan from 5.82 billion yuan, a rise of 1.96%[29] - Short-term borrowings increased to 1.06 billion yuan from 965.77 million yuan, a rise of 9.32%[29] - Accounts receivable increased to 2.41 billion yuan from 2.18 billion yuan, reflecting a growth of 10.35%[28] - Long-term borrowings increased to 2.18 billion yuan from 2.06 billion yuan, showing a growth of 6.00%[29] Investments and Projects - Investment in data center construction and intelligent computing projects increased by 34.99% to 2,438,671,284.93 yuan[8] - The company's computing power business scale exceeded 3,000P in Q3 2024, and it plans to invest 1.235 billion yuan to build a computing center in Inner Mongolia, with expected annual revenue of 467 million yuan and net profit of 73.58 million yuan upon full operation[19] - The company completed the construction of the Shanghai Jiading Phase II project, which is now ready for delivery, and is advancing the Tianjin Baodi Phase I and II projects, with partial deliveries expected in the first half of 2025[18] - The company's Tianjin Baodi project is progressing rapidly, with mechanical and electrical engineering work advancing smoothly, aiming for partial delivery in H1 2025[18] Energy and Sustainability - The company installed a distributed photovoltaic power generation system with a total installed capacity of 860KWp, expected to generate nearly 1 million kWh annually[21] - The company achieved a total electricity saving of nearly 6 million kWh in Q3 2024 through various energy-saving measures, including the use of distributed photovoltaic power generation systems and optimization of UPS load balancing[22] - The company completed green electricity transactions exceeding 86 million kWh from January to September 2024, a year-on-year increase of over 215%, resulting in a reduction of approximately 71,200 tons of CO2 emissions[22] - The company completed 85% of the energy-saving renovation work at Zhongjin Yunwang's cold station, including upgrades to the water cooling system, installation of permanent magnet centrifugal units, and replacement of fluorine pump air conditioners[21] Certifications and Rankings - The company's data centers in Beijing, Shanghai, and Yanjiao have received the highest-level A-grade certification from the China Quality Certification Center (CQC)[17] - The company ranked 10th in the 2024 Computing Center Top30 and 5th in the 2024 China New Technology Top 100 lists[19] - The company's computing power business was awarded the "2024 High-Quality AI Computing Power Service Provider" at the AIAC 2024 Artificial Intelligence Application Conference[19] - The company's Beijing Fangshan Data Center and Yanjiao Cloud Computing Center DC5 both received the highest-level A-grade certification for data center infrastructure from the China Quality Certification Center (CQC) in 2024[25] - The company ranked 10th in the 2024 Computing Power Center Top 30 and 5th in the 2024 China New Technology 100 Strong list[26] - The company was recognized as a "2024 High-Quality AI Computing Power Service Provider" at the AIAC 2024 Artificial Intelligence Application Conference[25] Shareholder and Controller Information - The company's largest shareholder, Zhoushan Baihuida Venture Capital Partnership, holds 25.75% of the shares, with 462.82 million shares[11] - The company's actual controller, Geng Diangen, is the executive partner of Zhoushan Baihuida Venture Capital Partnership, and Geng Guifang, his sister, is a related party[12] Subsidiary and Partner Information - The company's subsidiary, Beijing Guanghuan Jinwang Technology Co., Ltd., was successfully selected as a 2024 energy business partner for China Tower Corporation's Beijing branch, with a validity period of 3 years[20] R&D and Innovation - R&D expenses increased to 213.42 million yuan from 189.29 million yuan, reflecting a growth of 12.75%[31] - Wushuang Technology faced significant revenue decline in Q3 2024 due to reduced customer budgets, but continued to explore AI innovation to improve advertising efficiency and effectiveness[24] AWS and Cloud Services - Amazon Web Services (AWS) China (Beijing) region business continued to grow, with multiple file storage services launched in Q3 2024, supporting enterprise data migration and cost reduction[23] Financial Expenses and Income - Financial expenses decreased by 58.45% due to the repayment of all USD loans in November 2023[9] - Investment income decreased by 97.14% due to reduced cash management收益[9]