Sinnet(300383) 银河证券·2025-04-24 14:37Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Viewpoints - The company is accelerating its data center business delivery and providing high-performance intelligent computing services, with significant investments in various regions including Inner Mongolia and Tianjin [5]. - The cloud computing service revenue is expected to increase, driven by continuous investment and technological upgrades, with a projected revenue share of 70.07% in 2024 [5]. - The company is expected to achieve net profits of 3.95 billion, 4.32 billion, and 4.94 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 62.41, 57.06, and 49.82 [5]. Financial Forecast Summary - Revenue Forecast: Projected revenues for 2024, 2025, 2026, and 2027 are 72.81 billion, 76.48 billion, 83.38 billion, and 92.45 billion yuan respectively, with growth rates of -7.31%, 5.03%, 9.02%, and 10.88% [2][7]. - Net Profit Forecast: Expected net profits for the same years are 3.81 billion, 3.95 billion, 4.32 billion, and 4.94 billion yuan, with growth rates of -1.68%, 3.45%, 9.38%, and 14.52% [2][7]. - Gross Margin: The gross margin is projected to be 16.55%, 16.50%, 16.70%, and 16.90% for the years 2024 to 2027 [2][7]. - Earnings Per Share (EPS): The diluted EPS is expected to be 0.21, 0.22, 0.24, and 0.27 yuan for the years 2024 to 2027 [2][7]. - Price-to-Earnings Ratio (PE): The PE ratios are forecasted to be 64.56, 62.41, 57.06, and 49.82 for the years 2024 to 2027 [2][7].