Core Insights - The company has seen a continuous increase in new orders for its domestic data center business, driven by the demand from AI computing [1][2] - The data center industry is currently experiencing a cycle of improving supply and demand, with AI contributing to significant new demand [2] - The company is actively expanding its overseas business, with a goal of signing 1GW capacity within three years [2] - The successful issuance of the first domestic data center REITS project has garnered significant market attention, reflecting recognition of quality digital infrastructure assets [3] Domestic Data Center Business - As of the end of 1H25, the company has accumulated nearly 200MW of new data center orders in the domestic market, with 150MW added in Q1 and approximately 40MW in Q2, primarily driven by AI computing demand [1] - The domestic data center deployment rate reached a historical high of 77.5% in Q2 25, benefiting from the expansion of AI inference and internet applications [1] Industry Supply and Demand - The data center industry is in a phase of continuous improvement in supply and demand, with AI driving new demand and leading to a supply shortage [2] - The approval process for new projects has become stricter, and the company’s resource reserves in core locations are expected to provide a competitive advantage [2] Overseas Business Expansion - As of the end of Q2 25, the company’s operational scale reached 213MW, with a cumulative signed capacity of 783MW, aiming for 1GW capacity in three years [2] - The company has successfully signed a project in Thailand and has initiated construction of a second data center park in Finland, indicating strong growth potential in the European market [2] REITS Project - The Southern Data Center REITS has successfully listed on the Shanghai Stock Exchange, with a project valuation of 2.4 billion yuan and an implied EV/EBITDA valuation of 16.9 times [3] - The public offering received a subscription multiple of 456 times, showcasing market recognition of quality digital infrastructure assets [3] - The REITS project is expected to help the company reduce leverage, holding significant strategic importance [3] Financial Projections - The company maintains its revenue and adjusted EBITDA forecasts, expecting adjusted EBITDA of 5.29 billion, 5.93 billion, and 6.88 billion yuan for 2025-2027 [3] - The target valuation remains unchanged, with a target price of 45.83 HKD per share based on the SOTP valuation method [3]
万国数据-SW(9698.HK)2025年秋季策略会速递：供需持续好转 DAYONE拓展顺利