Sinnet(300383) 天风证券·2025-04-24 06:23Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's performance in 2024 is expected to be stable, but the first quarter of 2025 is impacted by the expiration and disposal of Amazon's operational assets, leading to a decrease in revenue and net profit [1] - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 381 million yuan, down 2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.831 billion yuan, a decrease of 7% year-on-year, with a net profit of 69.17 million yuan, down 58% year-on-year [1] Business Performance - In 2024, the IDC and value-added services revenue was 2.089 billion yuan, down 6% year-on-year, with a gross margin of 34.4%, a decline of 1.35 percentage points [2] - The cloud computing and related services revenue was 5.102 billion yuan, down 8% year-on-year, but the gross margin improved to 9%, an increase of 1.14 percentage points [2] IDC and Resource Planning - The company has a rich IDC reserve, with a total planned capacity that is 3.9 times the currently operational capacity [3] - The company is expanding its data center business in key regions and has initiated the construction of the Tianjin Baodi Phase III project [3] Computing Power Leasing - The company has launched high-performance computing services, with a computing power scale exceeding 4000P, and plans to expand further into Hainan and Malaysia [4] Profit Forecast and Investment Suggestions - Due to the impact of Amazon's asset disposal on cloud business, profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 367 million yuan, 457 million yuan, and 551 million yuan respectively [5] - The company maintains a strong resource position in core areas and is expected to benefit from increasing AI computing demand, hence the "Accumulate" rating is upheld [5]