Open Source Securities: Maintain "Buy" rating on sinnet, urgent need for domestic computing cards to ramp up production

The research report from Kaiyuan Securities points out that Sinnet achieved a net profit attributable to the parent company of 144 million yuan in the first three quarters of 2025, with a net profit of 29 million yuan in Q3. As of Q3 2025, the total number of operational cabinets exceeded 72,000, with a national planned cabinet scale of over 230,000. With the development of AIGC driving the gradual release of computing power demand for training and inference, the company is expected to continue benefiting. Considering the short-term supply constraints of computing power cards, the firm has lowered its profit forecast, expecting net profits attributable to the parent company for 2025-2027 to be 202 million, 443 million, and 561 million yuan, respectively. The current stock price corresponds to PE ratios of 117.8, 53.8, and 42.5 times, with corresponding EV/EBITDA ratios of 20.5 times, 14.8 times, and 12.8 times, maintaining a "Buy" rating