Sinnet(300383) 民生证券·2025-04-22 10:52Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 7.28 billion yuan for 2024, a year-on-year decrease of 7.31%, and a net profit attributable to shareholders of 0.38 billion yuan, down 1.68% year-on-year [3]. - The IDC business is expanding steadily, with over 23,000 planned cabinets nationwide and more than 59,000 cabinets in operation as of Q1 2025 [4]. - The company is actively pursuing green initiatives, achieving energy savings of approximately 64.8 million KWH in 2024 and installing solar systems with a capacity of nearly 2,500 KW [4]. - The integration of AI is expected to enhance operational efficiency, although the cloud computing business saw a revenue decline of 11.41% year-on-year in Q1 2025 [5]. - Revenue projections for 2025-2027 are estimated at 7.66 billion, 8.23 billion, and 8.90 billion yuan, with corresponding net profits of 0.42 billion, 0.46 billion, and 0.49 billion yuan [5][7]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.28 billion yuan, with a net profit of 0.38 billion yuan and a decrease in net profit margin [3][11]. - For Q1 2025, revenue was 1.83 billion yuan, with a significant drop in net profit to 0.07 billion yuan, reflecting a 57.8% year-on-year decline [3]. IDC Business Expansion - The company is expanding its IDC operations in key regions, with a focus on the Beijing-Tianjin-Hebei and Yangtze River Delta areas [4]. - The IDC business gross margin was reported at 34.12%, influenced by increased competition and a decline in rental prices [4]. Green Initiatives - The company has implemented energy-saving measures and is developing renewable energy projects, contributing to its commitment to low-carbon operations [4]. AI Integration - The company is leveraging AI technologies to enhance its service offerings, although it faces challenges in cost reduction and efficiency improvements [5]. Future Projections - Revenue and net profit are expected to grow in the coming years, with a projected PE ratio of 57, 52, and 49 for 2025, 2026, and 2027 respectively [5][7].