Sinnet(300383) Minsheng Securities·2024-08-29 06:31Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company is steadily transitioning towards a focus on computing power, with expectations for significant performance growth throughout the year [2] - Data center construction is progressing steadily, and the scope of computing power business is expanding [2] - The company is actively engaged in energy-saving and emission reduction efforts for data centers, enhancing energy efficiency management capabilities [2] - Amazon Web Services (AWS) continues to show stable growth, while subsidiary Wushuang Technology is leveraging AI to seek breakthroughs [2] - In the context of the AI wave and digital economy, the data center industry and cloud computing sector are expected to maintain rapid growth [2] Financial Performance and Forecasts Revenue and Profit - 1H24 revenue reached 3,917 million yuan, a year-on-year increase of 3.1%, with net profit attributable to the parent company of 268 million yuan, up 5.8% year-on-year [2] - 2Q24 revenue was 1,939 million yuan, a year-on-year increase of 1.0%, with net profit attributable to the parent company of 104 million yuan, up 30.5% year-on-year [2] - Forecasted revenue for 2024-2026 is 9,116/10,901/12,868 million yuan, with net profit attributable to the parent company of 608/784/920 million yuan [2][3] Key Financial Metrics - 1H24 IDC and value-added services revenue was 1,094 million yuan, a year-on-year increase of 0.90% [2] - 1H24 cloud computing business revenue was 2,784 million yuan, a year-on-year increase of 4.16% [2] - 1H24 electricity savings exceeded 36 million kWh, reducing electricity costs by approximately 23.8 million yuan [2] - 1H24 green electricity transactions exceeded 56 million kWh, reducing CO2 emissions by nearly 50,000 tons [2] Valuation Metrics - Current P/E ratios for 2024-2026 are 23/18/15x [2][3] - P/B ratios for 2024-2026 are 1.1/1.0/1.0x [3][5] Business Development Data Center Expansion - The company's Beijing Fangshan data center obtained an enhanced Class A certification for data center infrastructure [2] - The Yanjiao data center has delivered over 11,000 racks, with a steadily increasing occupancy rate [2] - Shanghai Jiading Phase II and Tianjin Baodi projects are expected to be delivered within the year and 1H25, respectively [2] - The company has expanded its computing power business scale to over 2,000P [2] Strategic Initiatives - The company was selected for the Beijing General Artificial Intelligence Industry Innovation Partnership Program [2] - The Tianjin Zanpu Cloud Computing Center has deployed inference computing resources to provide high-standard, diversified intelligent computing infrastructure services for the AI large model industry in the Beijing-Tianjin-Hebei region [2] - The company acquired a 90% stake in Haiying (Hainan) Technology Co Ltd, investing 467 million yuan to expand intelligent computing center business in Hainan and establish a cross-border industrial cloud base [2] Cloud Computing and AI - AWS China (Beijing) region business continues to grow steadily, with AWS being recognized as a "Leader" in Gartner's Magic Quadrant for Cloud AI Developer Services for five consecutive years [2] - The "AWS Generative AI Partner Program" implements an industry-focused strategy, providing customers with extensive, in-depth, and secure solutions [2] - Subsidiary Wushuang Technology is collaborating with Baidu to explore AI-driven advertising products and services, actively expanding customer acquisition channels [2] Financial Projections Income Statement - Forecasted operating income for 2024-2026 is 9,116/10,901/12,868 million yuan, with growth rates of 16.0%/19.6%/18.0% [3][5] - Forecasted net profit attributable to the parent company for 2024-2026 is 608/784/920 million yuan, with growth rates of 56.7%/29.1%/17.2% [3][5] Balance Sheet - Forecasted total assets for 2024-2026 are 19,757/20,536/21,726 million yuan [5] - Forecasted total liabilities for 2024-2026 are 6,027/6,196/6,704 million yuan [5] Cash Flow Statement - Forecasted operating cash flow for 2024-2026 is 1,274/1,819/1,965 million yuan [5] - Forecasted capital expenditures for 2024-2026 are -1,734/-1,407/-1,349 million yuan [5]