Core Viewpoint - The recent financial performance of GDS Holdings Limited (万国数据-SW) shows a positive trend with significant revenue growth and strategic financial maneuvers to support future expansion and technology development [1] Financial Performance - For the third quarter, GDS reported a net revenue of 2.8871 billion RMB, representing a year-on-year increase of 10.2% [1] - The net profit for the same period was 728.6 million RMB, with a net profit margin of 25.2% [1] Strategic Initiatives - The company successfully issued the first public REITs for data centers in the country, generating approximately 2.248 billion RMB in net cash proceeds, which bolsters liquidity for future business expansion, technology research, and AI infrastructure development [1] Market Outlook - According to Bank of America Securities, GDS management indicated that the delivery of large-scale orders has accelerated customer onboarding, with an internal growth area of 23,000 square meters in Q3, and expectations to maintain similar levels in Q4 [1] - The company anticipates a year-on-year decline of 3% to 4% in service revenue per square meter for the fiscal year 2026, primarily due to contract renewal pricing adjustments and dilution effects from new orders [1] - Despite the expected decline in service revenue, the bank noted that the decreasing costs of data center construction will keep the internal return rates of new projects resilient, with strong order growth anticipated in 2026 driven by AI demand [1]
港股异动 | 万国数据-SW(09698)再涨超6% 新项目内部回报率保持韧性 AI需求有望推动明年订单强劲增长