Investment Rating - Buy rating maintained with a target price increase to HKD 22.88, implying a potential upside of 29.3% [1][3][10] Core Views - Strong performance in international business drives target price upgrade [1] - Q3 2024 results meet expectations with revenue of RMB 2.97 billion, up 17.7% YoY, and adjusted EBITDA of RMB 1.30 billion, up 15.0% YoY [1][6] - Full-year 2024 revenue guidance maintained at RMB 11.34-11.76 billion, with adjusted EBITDA expected to be RMB 4.95-5.15 billion [1][6] - CAPEX guidance for 2024 increased from RMB 6.5 billion to RMB 11.0 billion to support accelerated expansion in both domestic and international markets [1] Domestic Business - Q3 2024 domestic revenue reached RMB 2.62 billion, up 6.1% YoY, with adjusted EBITDA of RMB 1.21 billion, up 3.6% YoY [2] - Adjusted EBITDA margin for domestic business declined by 1.0 ppt YoY to 43.7% [2] - Newly added operational area in Q3 2024 was 25,647 sqm, significantly higher than 20,265 sqm in Q2 2024 [2] - Total operational area in China for the first three quarters of 2024 reached 62,744 sqm, surpassing the full-year 2023 figure of 48,739 sqm [2] International Business - Secured a large-scale contract in Batam with a committed/reserved capacity of 34/38MW, expected to be operational within 18 months [2] - Announced a multi-billion RMB investment in Thailand for a data center campus with a planned power capacity of 120MW [2] - Total locked capacity for international clients reached 431MW by Q3 2024, up from 111MW in Q3 2023 and 388MW in Q2 2024 [2] Financial Performance - Q3 2024 service revenue increased by 17.7% YoY to RMB 2.97 billion, with a 4.9% QoQ growth [6] - Adjusted gross profit rose by 20.4% YoY to RMB 1.50 billion, with an adjusted gross margin of 50.7% [6] - Operating area reached 595,606 sqm, up 9.9% YoY, with a utilization rate of 73.6% [6] - Total committed and pre-committed area increased by 3.5% YoY to 626,783 sqm [6] Industry Coverage - The report also covers other data center companies such as SUNeVision Holdings (1686 HK) with a Buy rating and a target price of HKD 4.50, and 21Vianet Group (VNET US) which is unrated [10]

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 2024年第三季度業績公告 我們謹此宣佈截至 2024 年 9 月 3 0 日止第三季度的未經審計財務業績（「業 績公告 」）。 業 績 公 告 可 於 香 港 聯 ...

Investment Rating - The report initiates coverage on GDS Holdings with a "Recommend" rating [2][3] Core Views - GDS Holdings is a global leader in data center services, with a strong presence in China and expanding into Southeast Asia and Northeast Asia [2] - The company's revenue has shown steady growth, with overseas business surging by 494% YoY in 2023 [2] - The domestic market for data centers in China is growing due to increasing demand for computing power and digital transformation [2] - Southeast Asia's data center market has significant growth potential, driven by rapid expansion in the digital economy and AI technology [2] - The company is expected to achieve revenues of 114.2/135.8/160.1 billion RMB in 2024-2026, with EBITDA of 48.6/55.5/64.5 billion RMB [2] Company Overview - GDS Holdings has transitioned from a service-oriented model to a resource-driven model since 2009, expanding its data center coverage across key regions in China and internationally [2][6] - The company has a robust portfolio of self-developed and third-party data centers, with a total net floor area of 565,062 square meters as of December 31, 2023 [9] - GDS Holdings uses a VIE structure for its operations in mainland China and directly controls its subsidiaries in Southeast Asia and Northeast Asia [10] Financial Performance - In 2023, GDS Holdings reported total revenue of 9,957 billion RMB, with a 6.8% YoY growth [2][15] - The company's overseas business revenue reached 223 billion RMB in 2023, with a 494% YoY increase [15] - EBITDA margin improved to 24.7% in the first half of 2024, indicating a recovery in profitability [19] Market Trends - China's data center market is experiencing a clusterization trend, with deployments shifting from central to peripheral areas and from east to west [25][26] - The Southeast Asian digital economy is expanding rapidly, with a projected growth rate of 15.8% over the next five years, surpassing the US and EU [36] - AI technology is driving increased demand for data centers in Southeast Asia, with the AI market expected to grow at a CAGR of 28.53% from 2024 to 2030 [42] Strategic Initiatives - GDS Holdings is focusing on green data center solutions, aiming to achieve carbon neutrality by 2030 [34] - The company is accelerating its overseas expansion, particularly in Southeast Asia, with new data center projects in Malaysia and Indonesia [48] - GDS Holdings has partnered with overseas power companies to ensure stable electricity supply and is exploring fuel cell power solutions [49] Valuation and Forecast - The company's EV/EBITDA is projected to be 14/12/10x for 2024-2026, with a revenue CAGR of 14.7%/18.9%/17.9% [2][54] - GDS Holdings is expected to increase its operational area to 67/80/87 million square meters by 2026, with a corresponding rise in revenue [50]

Investment Rating - The report initiates coverage on GDS Holdings (9698 HK) with a "Recommend" rating [2][54] Core Views - GDS is a leading data center service provider in China and Southeast Asia, with a strong domestic presence and rapid overseas expansion [2][6] - The company's revenue grew steadily to RMB 9,957 billion in 2023, with overseas business surging 494% YoY [2] - Domestic computing power demand is increasing, driving data center development, while Southeast Asia presents significant growth potential [2][36] - GDS is expected to achieve revenues of RMB 114 2/135 8/160 1 billion in 2024-2026, with EBITDA of RMB 48 6/55 5/64 5 billion [2][54] Company Overview - GDS transformed from a service-oriented to resource-driven model since 2009, expanding data center coverage across major Chinese cities and entering Southeast Asian markets [2][6] - The company operates 93 self-developed data centers with a total net floor area of 565,062 m² as of December 31, 2023 [9] - GDS uses a VIE structure for its mainland China operations and directly controls overseas subsidiaries [10] Financial Performance - 2023 revenue reached RMB 9,957 billion, with service income accounting for 99 99% [15] - Overseas business grew rapidly, with service income increasing 494% YoY to RMB 223 billion in 2023 [15] - EBITDA margin recovered to 24 7% in 1H2024, indicating improved profitability [19] Domestic Market - China's data center industry shows clustering trends, with deployments shifting from central to peripheral areas and east to west [25][26] - The company focuses on liquid cooling, energy storage, and hydrogen energy technologies to achieve carbon neutrality by 2030 [34] - GDS actively participates in China's East Data West Computing project, transferring data center layouts from first-tier cities to surrounding areas [33] Southeast Asia Expansion - Southeast Asia's digital economy is growing rapidly, with IDC predicting a 15 8% growth rate, surpassing the US and EU [36] - The region's e-commerce market is booming, with platforms like Shopee leading the way [38] - GDS has established data centers in Malaysia and Indonesia, with plans to expand further in the region [48] Technology and Innovation - GDS is developing innovative solutions like the Turbo series, focusing on liquid cooling, energy storage, and hydrogen energy [34] - The company is exploring fuel cell power solutions in collaboration with SK ecoplant [49] Future Outlook - GDS is expected to increase its operational area to 670,000/800,000/870,000 m² in 2024-2026 [50] - The company's gross margin is projected to rise to 21 4%/24 7%/27 9% in 2024-2026 [50] - GDS's EV/EBITDA is forecasted at 14/12/10x for 2024-2026, below the industry average of 17x [54]

司点评报 外 研 究 海 | --- | --- | |----------------------|-----------| | | | | 日期 | 2024-9-27 | | 收盘价（港元） | 19.76 | | 总股本（亿股） | 15.24 | | 流通股本（亿股） | | | | 14.69 | | 归母净资产（亿元） | 194.47 | | 总资产（亿元） | 791.65 | | 每股归母净资产（元） | 12.76 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 zhouluyun@xyzq.com.cn SAC：S0190522070002 请注意：周路昀并非香港证券及期货 事务监察委员会的注册持牌人，不可 在香港从事受监管的活动 ＃周a路ss昀Author＃ | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------| | ＄ 会 z 计 yc 年 wz 度 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 14.22 | 港元 20.18↑ | +41.9% | 万国数据 (9698 HK) 2 季度业绩超预期，国际业务提速 2季度业绩超预期，全年指引不变。2024年2季度，公司实现收入约28.26 亿元（人民币，下同），同比增加 17.7%，经调整 EBITDA 为 13.12 亿元， 同比增加 14.9%，为我们此前预测 46.5 亿元的约 28.2%，略高于预期。公 司维持全年业绩指引不变，预计全年收入在113.4亿至117.6亿元之间，同 比增速在 13.9-18.1%，调整后 EBITDA 在 49.50 亿至 51.50 亿元之间，同比 增速在 7.0-11.4%。 中国业务：受益于入驻提速，保持稳健增长。公司中国业务在 2 季度实现 营收 25.8 亿元，同比增长 8.9%，经调整 EBITDA 利润率环比增长 0.8 个百 分点至 47.8%。2 季度新增的使用面积创三年新高，达 20,265 平方米， ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 2024年第二季度業績公告 我們謹此宣佈截至2024年6月30日止三個月及六個月的未經審計財務業績（「業績 公告」）。我們亦根據香港聯合交易所有限公司證券上市規則（ ...

交银国际研究 公司更新 数据中心 收盘价 目标价 潜在涨幅 2024年5月24日 港元7.89 港元11.28 +43.0% 万国数据 (9698 HK) 1 季度业绩大致符合預期，规模稳步扩大  1季度业绩大致符合预期，维持稳定增长，全年指引不变。2024年1季度， 个股评级 公司实现收入约26.27 亿元（人民币，下同），同比增加9.1%；经调整 买入 EBITDA为11.83亿元，同比增加4.7%，约为我们2024年财年预测（46.48 亿元）的25.5%，大致符合预期。公司维持全年业绩指引不变，预计全年 收入在113.4亿元至117.6亿元之间，同比增速在13.9-18.1%；预计调整后 1年股价表现 EBITDA在49.50亿元至51.50亿元之间，同比增速在7.0-11.4%。 9698 HK 恒生指数 30%  业务规模稳步扩大，扩张速度有所放缓。截至1季度末，公司的运营面积 20% 10% 为583,229平方米，环比增加1.9%，签约率为92.5%，与上季度持平；在 0% 建面积为172,537平方米，同比减少12.4%，预签约率同比持平；使用面 -10% -20% 积为436,875平 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698) 2024年第一季度業績公告 我們謹此宣佈截至2024 年3 月3 1 日止第一季度的未經審計財務業績（「業績 公告」）。業績公告可於香港聯交所網站 www.hkex ...

| --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|----------------------|-------|-------| | | | | | | | | | | | | | | | | | | | 11 > GDS万国数据 GDS Holdings Limited 萬國數據控股有限公司 * (於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司› 並以GDS WanGuo Holdings Limited於香港經營 ...