研報掘金丨天風證券:首予光環新網“增持”評級,擁有核心區域資源、未來有望受益
天風證券研報指出,光環新網(300383.SZ)在北京、天津、河北燕郊、上海等七個城市及地區開展IDC業務,截至2023年年報,公司已投產機櫃達5.2萬個,全國範圍內各數據中心項目全部達產後將擁有超過11萬個機櫃的運營規模。2024年重點推進天津以及上海二期項目,天津一二期總規模1.5萬個機櫃,已完成天津部分項目的預售工作,預計最快將於2025 年上半年陸續交付客户,上海嘉定二期5000 個機櫃已具備交付條件。公司也提供算力服務,截止2024年三季度算力業務規模已超過3,000P,而2024年中報時僅為2,000P,增幅較快。基於公司IDC業務機架逐步達產,上架率有望逐步提高,同時AI算力需求正從訓練逐步轉向推理,公司擁有核心區域資源、未來有望受益,首次覆蓋,給予“增持”評級。
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