数据港：国有数据中心龙头，整体经营稳步向上

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, citing stable revenue growth and improved operational quality in the short term, with promising long-term prospects due to significant R&D investments and ample cash reserves [5][6] Core Views - The company is a leading state-owned data center enterprise in China, with a strong presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - The company primarily operates wholesale data centers, with 97.93% of its revenue in 2023 coming from this segment, contributing significantly to its income [3] - The company has demonstrated robust operational stability, with declining sales, management, and financial expense ratios over the past three years, alongside increased dividend payouts since 2023 [4][5] Business Overview - The company has built 35 data centers as of H1 2024, with a total capacity of 371.1 MW, equivalent to approximately 74,200 standard 5Kw cabinets, strategically located in key regions [2][23] - The company's IDC services accounted for 98.9% of total revenue in 2023, with a focus on wholesale data center services, which have been expanding rapidly since 2019 [3][26] - The company has extended its business to include IDC solutions and cloud sales, leveraging its expertise in data center construction and operation to provide comprehensive services [44][46] Financial Performance - The company's revenue grew from CNY 4.06 billion in 2016 to CNY 15.42 billion in 2023, driven by the rapid expansion of its IDC services [38] - The company's EBITDA and net profit attributable to shareholders have shown steady growth, with EBITDA reaching CNY 1.10 billion in 2023 and net profit increasing to CNY 1.23 billion [64][68] - The company's asset-liability ratio has stabilized and slightly declined, reflecting improved financial health after a period of rapid expansion [75][77] Industry Outlook - The IDC industry in China is expected to grow steadily, driven by the development of the digital economy, artificial intelligence, and the "East Data West Computing" initiative, with the traditional IDC market projected to exceed CNY 250 billion by 2028 [33] - The company is well-positioned to benefit from the industry's growth, with a focus on green and low-carbon data centers, leveraging its experience in energy-efficient technologies [82] Valuation and Peer Comparison - The company's valuation is compared to peers such as GDS, Chindata, and 21Vianet, with an EV/EBITDA multiple of 9.49x for 2023, lower than the industry average of 14.25x, supporting the "Overweight" rating [97][101]