Shares of GDS Holdings (GDS) have gained 0.5% over the past four weeks to close the last trading session at $41.99, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $55.15 indicates a potential upside of 31.3%.The mean estimate comprises 12 short-term price targets with a standard deviation of $9.69. While the lowest estimate of $37.00 indicates a 11.9% decline from the current p ...

25 March 2026 | 6:45PM HKT Equity Research Eunice Liu +852-2978-7472 | eunice.liu@gs.com Goldman Sachs (Asia) L.L.C. Jason Sun +852-2978-2616 | jinshi.sun@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisi ...

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Core Viewpoint - GDS Holdings is executing well to capture demand and has a strong capital recycling strategy, which supports a positive outlook for the business [1]. Group 1: Company Performance - GDS Holdings has been recognized for its effective execution in the market, indicating strong operational performance [1]. - The company is believed to be well-positioned to capitalize on growing demand within its sector [1]. Group 2: Investment Strategy - The investment approach discussed includes a combination of fundamental, technical, and momentum investing, suggesting a diversified strategy to enhance investment outcomes [1]. - The author aims to track investment ideas and connect with like-minded investors through the platform, indicating a focus on community engagement and shared insights [1].

证券研究报告 万国数据-SW (9698 HK) 大集群数据中心需求放量：新签订单 200MW+达成 500MW 框架合 作协议 国内业务方面，截至 4Q25 末，公司在运营面积达到 670,106 平方米（同比 增长 6.4%），约 1515MW，公司在建设/储备规模分别达到 220MW/ 3700MW。机柜利用率达 75.5%，同比提升 1.1pct。受益于 AI 带来的新增 需求，公司 2026 年以来新签数据中心订单量已达到 200MW，并与客户达 成 500MW 的框架合作协议（MOU）。近期随着 OpenClaw 等 AI 应用使用 量提升，国内 AI 算力需求不断涌现，以字节、阿里为代表的互联网客户逐 步在内蒙古乌兰察布、和林格尔、宁夏中卫等电力便宜且充沛的地区释放大 规模 AI 集群需求，有望在未来 3-5 年内带动行业增速提振。 预计 2026 年资本开支为 90 亿元，以应对高速增长的行业需求 资本开支方面，公司 2025 年资本开支为 47.06 亿元，逐步承接了 317MW 的新增订单及客户需求。展望 2026 年，公司预计市场需求将较 25 年明显 提升，相应的，公司上调其资本开支计 ...

Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing their offerings in this area [1] Group 1 - The company publishes thousands of quarterly earnings calls each quarter, showcasing significant growth and expansion in their coverage [1]

Group 1 - Zhipu AI (02513) saw a price increase of over 10% during trading, currently up 7.4%, following the announcement of its first closed-source model GLM-5-Turbo and a 20% price hike for its new model API [1] - Capital Airport (00694) dropped over 4% after JPMorgan downgraded its investment rating from "Neutral" to "Underweight" and cut the target price by 40% to HKD 1.8, citing structural challenges and potential selling pressure from being removed from the Hong Kong Stock Connect list [1] - Cloudwalk Technology (02670) rose over 7% after signing a strategic cooperation agreement with SF Express to define new standards for building delivery [1] Group 2 - Yiming Anke-B (01541) increased by over 8% after receiving approval for its II phase clinical study of IMM0306 for treating Primary Membranous Nephropathy [2] - WanGuo Data-SW (09698) surged over 12.6% after reporting a net revenue of RMB 11.4323 billion (USD 1.6348 billion) for the year, a 10.8% year-on-year increase, with adjusted EBITDA also up by 10.8% [2] - Automotive stocks collectively fell, with Li Auto-W (02015) down 6.24%, Xpeng Motors-W (09868) down 4.35%, and Great Wall Motors (02333) down 2.64%, amid warnings from multiple CEOs about rising chip costs [2] Group 3 - Smoore International (06969) opened slightly higher but fell 15.21% after reporting a revenue of approximately RMB 14.256 billion for 2025, a 20.8% increase, but a net profit decline of 18.5% [3] - China Cosco Shipping Energy Transportation (01138) rose 5.39% as reports indicated significant impacts on the tanker and energy markets due to ongoing Middle East conflicts [3] Group 4 - China Oriental Education (00667) increased by 6.57% after reporting a revenue of RMB 4.616 billion for 2025, a 12.1% year-on-year increase, with net profit up 47.5% [4] - Changfeng Pharmaceutical (02652) surged over 21%, currently up 9.99%, after announcing the acceptance of its IND application for a new inhalation powder for treating pulmonary arterial hypertension [4] Group 5 - Swarmer (SWMR.US) debuted on the US stock market with a staggering opening price increase of 315.4%, currently up 520%, focusing on AI-driven drone swarm control systems [5] - 36Kr (KRKR.US) rose 37.39% after reporting a total revenue of RMB 227 million for 2025, with a gross margin increase to 58% and a net profit of approximately RMB 11.42 million [5] - Space-related stocks saw active trading, with Rocket Lab (RKLB.US) up 10.21% and Planet Labs PBC (PL.US) up 10.08% [5] Group 6 - Solaris Energy Infrastructure (SEI.US) rose 10.88% after announcing agreements worth USD 620 million to add approximately 900 MW of gas turbine capacity between 2026 and 2029 [7] - Uber (UBER.US) increased by 4.19% following a partnership with NVIDIA to deploy autonomous taxi fleets in major US cities by 2027 [8] - Aiko Solar (CSIQ.US) rose 1.94% after announcing a supply agreement for a 500 MW energy storage project [8] - Atour (ATAT.US) saw a price increase of 5.98% after reporting a net revenue of approximately RMB 2.788 billion for Q4 2025, a 33.8% year-on-year increase [8]

Q&A 公司如何评价 2025 年的整体业绩表现，以及在人工智能浪潮下，公司在资源、 资金和新订单获取方面取得了哪些进展？ 万国数据 20260317 摘要 AI 驱动需求爆发，2026 年新增订单目标超 500MW（同比增 67%）， 其中 AI 占比达 60%-70%，目前已锁定 200MW 订单及 500MW 意向 书。 2026 年收入指引 124-129 亿元（同比+8.5%至 12.8%），EBITDA 指引 57.5-60 亿元，资产证券化剥离影响表观增速，备考增长率更高。 资本开支计划由 2025 年 47 亿元翻倍至 2026 年 90 亿元，重点投向内 蒙古、中卫、韶关等枢纽节点，新市场投资收益率稳定在 10%-11%。 财务杠杆显著改善，净债务/EBITDA 由 6.8 倍降至 5.8 倍，考虑近期融 资后将降至 4.8 倍，提前达成低于 5 倍的三年目标，现金储备达 28 亿 美元。 单价受区位组合影响预计 2026 年下滑 3%-4%，但交付周期缩短至 4 季度，且西部电力供应瓶颈或支撑长期定价权，对标美国市场存在价格 反弹潜力。 资产循环加速，计划 2026 年下半年向海洋 REI ...

Summary of GDS Holdings (GDS) Conference Call Company Overview - **Company**: GDS Holdings (GDS/9698.HK) - **Industry**: Data Center Services in China Key Financial Results - **4Q25 Results**: - Net Revenue: Rmb 2.922 billion, +9% YoY, in line with consensus but -3% vs. Goldman Sachs estimate (GSe) [1] - Adjusted EBITDA: Rmb 1.366 billion, +5% YoY, slightly below GSe by -2% but +3% vs. consensus [1] - **2025 Guidance**: - Net Revenue: Rmb 11.432 billion, +11% YoY, in line with consensus [4] - Adjusted EBITDA: Rmb 5.403 billion, +11% YoY, in line with consensus [4] - **2026 Guidance**: - Net Revenue: Rmb 12.650 billion, +10% YoY, slightly above consensus [4] - Adjusted EBITDA: Rmb 5.875 billion, +8% YoY, slightly above consensus [4] Sales and Capacity Expansion - **Sales Momentum**: - 200MW commitments secured and 500MW MoUs signed YTD [2] - Notable order wins include 81MW in Langfang, 46MW in Changshu, 20MW in Taicang, and 45MW in Horinger [2] - **Capacity Expansion**: - Total developable capacity expected to reach 5.4GW by the end of 2025, including 1.735GW in service and 220MW under construction [2] DayOne Performance - **DayOne Results**: - Revenue: US$195 million, +221% YoY, slightly above GSe [3] - Adjusted EBITDA: US$73 million, +383% YoY, above GSe by 2% [3] - Total committed capacity reached 1.25GW, significantly above GSe of 1GW [3] Investment Thesis - **Market Position**: GDS is a leader in China's carrier-neutral data center market with a wholesale-centric business model [13] - **Growth Drivers**: Expected demand from Generative AI-driven cloud growth and overseas expansion [13] - **Visibility**: Focus on backlog delivery is anticipated to enhance revenue growth visibility and improve EBITDA/FCF [13] Price Target and Risks - **Price Target**: - 12-month target price of US$49/HK$48, representing an upside of 13.5% and 20.3% respectively [16] - **Key Risks**: - Below-expected move-in demand, slower overseas revenue ramp-up, lower pricing trends, customer churn, and slower deleveraging process [14] Additional Insights - **Operational Metrics**: - GDS's gross profit margin (GPM) for 4Q25 was 50.6%, down from 51.9% YoY [10] - Adjusted EBITDA margin was 46.7%, slightly above consensus [10] - **Market Context**: GDS is well-positioned to capture growth in the data center sector, particularly with the rise of AI technologies [13] This summary encapsulates the key points from the conference call, highlighting GDS Holdings' financial performance, growth strategies, and market outlook.

分组1 - GDS Holdings reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of a loss of $0.04 per share, and showing a significant improvement from a loss of $0.1 per share a year ago, resulting in an earnings surprise of +1,500.00% [1] - The company achieved revenues of $417.8 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.45%, and this represents an increase from year-ago revenues of $368.62 million [2] - GDS Holdings has consistently outperformed consensus EPS and revenue estimates over the last four quarters, indicating strong operational performance [2] 分组2 - The stock has increased approximately 23.7% since the beginning of the year, contrasting with a decline of 2.1% in the S&P 500 [3] - The future performance of GDS Holdings will depend on management's commentary during the earnings call and the outlook for earnings estimates [4][6] - The current consensus EPS estimate for the upcoming quarter is -$0.42 on revenues of $438.98 million, and for the current fiscal year, it is -$0.55 on revenues of $1.85 billion [7] 分组3 - The Technology Services industry, to which GDS Holdings belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of GDS Holdings may also be influenced by the overall industry outlook, as historical data indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]