Sinnet(300383) 中国银河·2024-10-30 02:30Investment 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].