世纪互联（VNET）FY24Q4业绩点评及业绩说明会纪要：批发业务迅速发展，业绩表现超预期

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [43]. Core Insights - The report highlights that Century Internet (VNET) has shown strong revenue growth, with Q4 2024 revenue reaching RMB 2.246 billion, a year-on-year increase of 18.3%. Adjusted EBITDA for the same period was RMB 721 million, reflecting a 63.8% increase, with a profit margin of 32.1% [3][9][21]. - The wholesale business has been a significant driver of growth, with revenue increasing by 125.4% year-on-year to RMB 665 million. The company has expanded its operational capacity significantly, with a total of 486 MW in service capacity as of December 31, 2024 [3][9][19]. - The company expects revenue for 2025 to be between RMB 9.1 billion and RMB 9.3 billion, representing a growth of 10% to 13% year-on-year. Adjusted EBITDA is projected to be between RMB 2.7 billion and RMB 2.76 billion, indicating a growth of 15% to 18% [4][12][24]. Revenue Breakdown - The company's data centers are primarily located in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, with operational, under-construction, and planned capacities of 486 MW, 406 MW, and 608 MW, respectively. The self-built city-type data centers have 48,705 operational cabinets, with 19.2% and 58.5% located in the Yangtze River Delta and Beijing-Tianjin-Hebei regions, respectively [4][11][18]. Delivery and Construction Plans - As of December 31, 2024, the company has a strong commitment rate of 82.9% for its under-construction capacity, which has increased by 109 MW to a total of 406 MW. The planned total capacity is around 1,500 MW, with expected deliveries in 2025 reaching a historical high of 400-450 MW, representing a year-on-year increase of 161% to 194% [5][19][22]. New Orders - In Q4 2024, the company secured a total of 133.5 MW in new orders across the Yangtze River Delta, Greater Bay Area, and Beijing-Tianjin-Hebei regions. In Q1 2025, it won two orders totaling 119 MW in the Beijing-Tianjin-Hebei region [15][19]. Regional Data Center Demand - The overall utilization rate of wholesale data centers in the Beijing-Tianjin-Hebei region is expected to reach 85% by 2025, while the Yangtze River Delta region may see similar levels by 2026, indicating potential supply shortages in these key areas [18][19]. Financial Health - The company maintained strong cash flow, with a net operating cash flow of RMB 2.005 billion for the full year 2024. As of December 31, 2024, cash and cash equivalents totaled RMB 2.08 billion, indicating a stable cash position [22][23]. Capital Expenditure - The company plans to increase its capital expenditure for 2025 to between RMB 10 billion and RMB 12 billion, significantly higher than the previous year's level, to support its ambitious delivery plans [4][24][29].