INESA-it(600602) 国联证券·2024-10-30 06:23Investment Rating - The investment rating for the company is "Hold" [5][11]. Core Insights - The company reported a revenue of 4.012 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 8.25%. The net profit attributable to shareholders was 158 million yuan, up 1.22% year-on-year. The company is expected to benefit from the development of the data element industry and computing power facility construction due to its deep involvement in Shanghai's urban digitalization and the upcoming completion of the Songjiang Phase II project [3][7]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 1.122 billion yuan, a decrease of 7.13% year-on-year. The net profit attributable to shareholders was 45 million yuan, down 28.95% year-on-year. The non-recurring net profit was 42 million yuan, showing a significant increase of 223.46% year-on-year. The gross margin for the third quarter was 21.72%, an increase of 2.58 percentage points year-on-year [7][8]. Project Development - The company is set to start the construction of the Songjiang Data Center Phase II project, which will include approximately 1,124 high-power racks with a total IT power of 22MW and an estimated total investment of 795 million yuan. The project is expected to be completed and delivered by October 2024 [7][8]. Market Position and Future Outlook - The company is the total integrator and operator of the Shanghai Big Data Center resource platform and has maintained a deep cooperation with the municipal big data center since its establishment in 2018. The company is expected to benefit from the recent public data policies released by the National Data Bureau [7][8]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 6.041 billion yuan, 6.900 billion yuan, and 7.899 billion yuan, respectively, with year-on-year growth rates of 14.76%, 14.23%, and 14.47%. The net profit attributable to shareholders is expected to be 223 million yuan, 284 million yuan, and 381 million yuan for the same years, with growth rates of 15.81%, 27.16%, and 34.14% respectively [7][8].