Sinnet(300383) 民生证券·2024-10-25 04:00Investment 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].