中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

Core Viewpoint - VNET Group, Inc. has successfully closed a US$430 million offering of 2.50% convertible senior notes due 2030, aimed at funding capital investments and general corporate purposes [1][7]. Summary by Sections Notes Offering - The offering consists of US$430 million in aggregate principal amount of 2.50% convertible senior notes, maturing on April 1, 2030 [1][2]. - Interest on the notes will be paid semi-annually starting October 1, 2025 [2]. Repurchase and Redemption Rights - Holders can require the company to repurchase their notes for cash on April 3, 2028, or under certain conditions related to fundamental changes [3]. - The company may redeem the notes in cash starting April 10, 2028, under specific conditions [3]. Conversion Terms - The notes are initially convertible at a rate of 72.7273 ADSs per US$1,000 principal amount, equating to an initial conversion price of approximately US$13.75 per ADS, representing a 25.0% premium over the closing price on March 12, 2025 [5]. - Conversion is restricted until 40 days after the original issuance and subject to certain conditions thereafter [4]. Regulatory Compliance - The notes are offered in offshore transactions outside the U.S. and are not registered under the Securities Act, thus cannot be sold in the U.S. without an exemption [6]. Use of Proceeds - The net proceeds from the notes offering will be utilized for capital investment in wholesale IDC projects, working capital, and general corporate purposes [7]. Company Overview - VNET Group, Inc. is a leading carrier-neutral and cloud-neutral internet data center services provider in China, offering hosting, IDC services, cloud services, and business VPN services [8]. - The company operates in over 30 cities in China, serving a diverse customer base of over 7,500 enterprise clients across various industries [9].

BEIJING, March 13, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier-neutral and cloud-neutral internet data center services provider in China, today announced the pricing of its offering (the "Notes Offering") of US$430 million in aggregate principal amount of 2.50% convertible senior notes due 2030 (the "Notes"). The Notes Offering is expected to close on or about March 17, 2023, subject to the satisfaction of customary closing conditions.The Notes will bear ...

BEIJING, March 13, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier-neutral and cloud-neutral internet data center services provider in China, today announced the commencement of a proposed offering by the Company of US$400 million aggregate principal amount of its convertible senior notes due 2030 (the "Notes"), subject to market and other conditions (the "Notes Offering"). The Notes will be senior, unsecured obligations of the Company, and will accrue inter ...

Financial Data and Key Metrics Changes - The company reported a net revenue increase of 18.3% year-over-year to RMB2.25 billion for Q4 2024, and a full-year net revenue of RMB8.26 billion, up 11.4% year-over-year [11][12][38] - Adjusted EBITDA for Q4 2024 rose by 63.8% year-over-year to RMB721.3 million, with a full-year adjusted EBITDA of RMB2.43 billion, reflecting a 19.1% increase from the prior year [12][38] - The company achieved a net profit of RMB248 million for the full year, marking a turnaround from a net loss of RMB2.6 billion in 2023 [12][38] Business Line Data and Key Metrics Changes - The wholesale business revenue reached a record high of RMB665 million for Q4 2024, representing a year-over-year growth rate of 125.4% [12][39] - Retail business revenue remained stable at RMB964.8 million for Q4 2024, with a utilization rate of 63.5% for retail capacity [40][30] - The wholesale capacity in service increased by 127 megawatts quarter-over-quarter to 486 megawatts, with utilized capacity rising to 353 megawatts [9][26] Market Data and Key Metrics Changes - The company noted a significant uptick in wholesale customer demand, with the pace of orders accelerating from around 24 months to 6-12 months [10] - The Greater Beijing area is projected to experience a supply shortage in wholesale IDC services by 2025, followed by the Yangtze River Delta region in 2026 [22][70] - The overall utilization rate of wholesale data centers in the Greater Beijing area is expected to reach 85% by 2025, indicating a potential supply shortage [23] Company Strategy and Development Direction - The company plans to utilize joint venture structures to enhance efficiency and facilitate high-quality business development [15] - A strong focus on AI-related opportunities is evident, with expectations of continued high demand for high-performance data centers driven by advancements in AI technology [17][35] - The company aims to expand its high-performance data center network to meet the growing demands of the AI era [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of China's IDC market, driven by surging demand due to the AI boom [47] - The company anticipates total net revenues for 2025 to be between RMB9.1 billion to RMB9.3 billion, representing year-over-year growth of 10% to 13% [16] - Management highlighted the importance of maintaining a strong cash flow and prudent debt management to support future growth [41][42] Other Important Information - The company achieved recognition in the S&P Global Sustainability Yearbook 2025, reflecting its commitment to ESG practices [45][46] - Capital expenditures for 2025 are expected to be between RMB10 billion to RMB12 billion, representing a significant increase to support the delivery plan [16][44] Q&A Session Summary Question: Details on CapEx arrangement for 2025 and impact of AI-related orders on retail segment - Management indicated that over 90% of the 2025 CapEx will be allocated to the wholesale IDC business, with a focus on high-power density retrofits for retail IDC [53][54] - AI-related orders are expected to boost demand in the retail segment, with higher pricing trends for AI-specific deployments [58][61] Question: Insights on the partnership with Changzhou Gaoxin Group and supply-demand dynamics - The 64 megawatts JV project with Changzhou Gaoxin Group will not impact CapEx as it will not be on the balance sheet, generating revenue through management fees [67] - Supply shortages are anticipated in the Greater Beijing area by 2025 and in the Yangtze River Delta by 2026, with limited competition as peers focus on overseas markets [69][71] Question: Expectations for rental prices and unit CapEx - Management expects rental prices to stabilize, with a slight decrease in unit CapEx due to increased use of domestic equipment [76][82] Question: Retail revenue growth potential and financing for CapEx - Retail revenue is expected to recover to mid-single-digit growth, driven by demand from SMEs adopting AI technologies [86][88] - Financing for the RMB10 billion CapEx will be supported by operating cash flow, REITs, and favorable loan conditions [87][95] Question: Customer preferences between in-house and third-party data centers - Most customers prefer rental options from third-party providers, with a growing trend towards hybrid models combining both in-house and rental solutions [105][106]

VNET Group (VNET) Q4 2024 Earnings Call March 12, 2025 08:38 PM ET Company Participants Xinyuan Liu - GM, Board Secretary and Head - Investor Relations & ESGJu Ma - Rotating President and GM - AIDC Strategic Business GroupQiyu Wang - Chief Financial OfficerEdison Lee - Head - HK/China Tech, Telecom & Software Research Conference Call Participants Shuyun Che - Research AnalystXinyi Wang - Equity Research Analyst - Greater China Telecom & Data CenterYang Liu - AnalystTimothy Zhao - AnalystDaley Li - Vice Pres ...

VNET Group, Inc. Earnings Presentation for 4Q24 and FY2024 March 12, 2025 Disclaimer This presentation has been prepared by VNET Group, Inc. (the "Company") solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions prese ...

Financial Performance - Total net revenues for Q4 2024 increased by 18.3% to RMB2.25 billion (US$307.8 million) from RMB1.90 billion in Q4 2023[6] - Adjusted EBITDA for Q4 2024 rose by 63.8% to RMB721.3 million (US$98.8 million), with an adjusted EBITDA margin of 32.1%, up from 23.2% in Q4 2023[26] - Full-year 2024 net income increased to RMB248.4 million (US$34.0 million), a significant recovery from a net loss of RMB2.60 billion in 2023[9] - Total net revenues for the full year of 2024 were RMB8.26 billion (US$1.13 billion), an increase of 11.4% from RMB7.41 billion in 2023[31] - Net revenues from IDC business increased by 16.1% to RMB5.78 billion (US$791.8 million) from RMB4.98 billion in 2023[31] - Gross profit for the full year of 2024 was RMB1.83 billion (US$251.0 million), representing a 41.8% increase from RMB1.29 billion in 2023[33] - Adjusted EBITDA for the full year of 2024 was RMB2.43 billion (US$332.9 million), a 19.1% increase from RMB2.04 billion in 2023[37] - Net income attributable to VNET Group, Inc. for the full year of 2024 was RMB183.2 million (US$25.1 million), compared to a net loss of RMB2.64 billion in 2023[38] - Basic and diluted earnings per share for the full year of 2024 were RMB0.11 (US$0.02) and RMB0.02 (US$0.003), respectively[39] Revenue Breakdown - Wholesale IDC business revenues surged by 125.4% to RMB665.2 million (US$91.1 million) in Q4 2024, compared to RMB295.1 million in the same period of 2023[21] - Retail IDC business revenues slightly decreased by 1.1% to RMB964.8 million (US$132.2 million) in Q4 2024[21] Operating Expenses - Total operating expenses in Q4 2024 were RMB267.9 million (US$36.7 million), significantly lower than RMB2.50 billion in the same period of 2023[23] - Total operating expenses for the full year of 2024 were RMB1.16 billion (US$159.3 million), significantly reduced from RMB3.26 billion in 2023[35] Capacity and Utilization - Capacity in service reached 486MW as of December 31, 2024, up from 332MW a year earlier, with 406MW under construction[9] - Utilization rate of wholesale capacity was 72.6% as of December 31, 2024, compared to 65.8% a year prior[9] - Commitment rate for capacity in service was 98.7% as of December 31, 2024, compared to 98.1% a year earlier[9] Cash Flow and Financing - The company obtained new debt financing and refinancing facilities totaling RMB5.68 billion (US$777.7 million) during the full year of 2024[40] - Cash and cash equivalents decreased from RMB 2,243,537 to RMB 1,492,436, a decline of 33.5%[53] - Cash, cash equivalents, and restricted cash at the end of the period totaled RMB 5,098,987 thousand, up from RMB 3,024,214 thousand at the beginning of the period[60] - Financing activities generated net cash of RMB 2,757,673 thousand, primarily from proceeds of bank borrowings and issuance of ordinary shares[60] Assets and Liabilities - Total assets increased from RMB 30,385,903 to RMB 32,357,042, representing a growth of 6% year-over-year[53] - Current liabilities decreased from RMB 11,437,132 to RMB 9,343,415, a reduction of approximately 18.3%[53] - Non-current assets rose from RMB 20,562,425 to RMB 25,536,894, reflecting a significant increase of 24.2%[53] - Total current assets decreased from RMB 9,823,478 to RMB 6,820,148, a decline of 30.5%[53] - Total non-current liabilities increased from RMB 12,434,388 to RMB 16,092,808, an increase of 29.2%[53] Shareholder Equity - Total shareholders' equity increased from RMB 6,014,415 to RMB 6,514,383, an increase of 8.3%[54] - Long-term borrowings increased from RMB 5,113,521 to RMB 7,767,390, a rise of 51.8%[53] - Accumulated deficit improved from RMB (11,016,323) to RMB (10,859,888), a reduction of 1.4%[53] Quarterly Performance - Net revenues for the three months ended December 31, 2024, were RMB 2,246,389, representing a 5.9% increase from RMB 2,120,794 in the previous quarter[55] - Operating income for the three months ended December 31, 2024, was RMB 98,869, a significant increase from RMB 11,767 in the previous quarter[55] - The net loss attributable to VNET Group, Inc. for the three months ended December 31, 2024, was RMB 11,096, a significant improvement from a net loss of RMB 2,442,788 in the same period last year[55] - Basic loss per share for the three months ended December 31, 2024, was (0.01), compared to (2.65) in the same period last year[55] Other Financial Metrics - Adjusted cash gross profit for Q4 2024 was RMB923.9 million (US$126.6 million), reflecting a 24.6% increase year-over-year[17] - Adjusted cash gross profit for the full year of 2024 was RMB3.34 billion (US$457.2 million), compared to RMB2.98 billion in 2023[34] - The adjusted cash gross margin for the three months ended December 31, 2024, was 41.1%, compared to 40.6% in the previous quarter[57] - Interest income for the twelve months ended December 31, 2024, was RMB 27,958, down from RMB 41,802 in the previous year[55] - The company recognized an impairment of goodwill amounting to RMB 1,364,191 for the twelve months ended December 31, 2023[57] Capital Expenditures - The company incurred RMB 1,017,474 thousand in capital expenditures for property and equipment during the reporting period[60]

Core Viewpoint - VNET Group, Inc. reported strong financial results for Q4 and full year 2024, driven by significant growth in its wholesale IDC business, which is benefiting from increased demand for AI-driven services in China [2][8][27]. Financial Highlights - Total net revenues for Q4 2024 were RMB2.25 billion (US$307.8 million), an increase of 18.3% from RMB1.90 billion in Q4 2023 [8][13]. - Net revenues from the IDC business rose by 28.3% to RMB1.63 billion (US$223.3 million) compared to RMB1.27 billion in the same period of 2023 [14]. - Wholesale IDC revenues surged by 125.4% to RMB665.2 million (US$91.1 million) from RMB295.1 million in Q4 2023 [8][28]. - Retail IDC revenues slightly decreased by 1.1% to RMB964.8 million (US$132.2 million) from RMB975.2 million in Q4 2023 [8][28]. - Adjusted EBITDA for Q4 2024 was RMB721.3 million (US$98.8 million), reflecting a year-over-year increase of 63.8% [21]. Operational Highlights - The company secured multiple significant orders in Q4 2024, including a 32MW order from an internet customer in the Yangtze River Delta and a 100MW framework agreement in Ulanqab [2]. - Capacity in service increased to 486MW as of December 31, 2024, up from 332MW a year earlier [8]. - The utilization rate of wholesale capacity was 72.6% as of December 31, 2024, compared to 65.8% a year prior [8]. Full Year Financial Results - Total net revenues for the full year 2024 reached RMB8.26 billion (US$1.13 billion), an increase of 11.4% from RMB7.41 billion in 2023 [27]. - Net income attributable to VNET Group, Inc. for 2024 was RMB248.4 million (US$34.0 million), a significant recovery from a net loss of RMB2.60 billion in 2023 [35]. - Adjusted cash gross profit for the full year was RMB3.34 billion (US$457.2 million), up 12.1% from RMB2.98 billion in 2023 [31]. Business Outlook - The company anticipates total net revenues for 2025 to be between RMB9,100 million to RMB9,300 million, representing year-over-year growth of 10% to 13% [38]. - Adjusted EBITDA for 2025 is expected to range from RMB2,700 million to RMB2,760 million, indicating a growth of 11% to 14% year-over-year [38].

Core Viewpoint - VNET Group, Inc. is set to report its unaudited fourth quarter and full year 2024 financial results on March 12, 2025, before U.S. market opens [1] Company Overview - VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China, offering hosting, IDC services, cloud services, and business VPN services [4] - The company operates in over 30 cities across China, serving a diverse base of more than 7,000 enterprise customers from various industries, including internet companies, government entities, and small to mid-sized enterprises [4]