Investment Rating - The report has downgraded the investment rating to "Accumulate" from "Buy" [3][5]. Core Views - The company benefits from the AI trend, with a significant increase in new contracts and a strong growth outlook for 2024 [2][3]. - The company achieved a revenue of 10.322 billion RMB in 2024, representing a year-on-year growth of 5.5% [1][4]. - The adjusted EBITDA for 2024 was 4.876 billion RMB, with a slight decrease in the EBITDA margin to 47.2% [1][4]. Summary by Sections Financial Performance - In Q4 2024, the company added 14,440 square meters of new usage area, with 14,275 square meters from organic growth [1]. - The total signed area reached 630,000 square meters, with a significant new contract of 40,000 square meters expected to positively impact revenue [2]. - The company expects total revenue growth of 9.4%-12.3% in 2025, projecting revenue between 11.29 billion and 11.59 billion RMB [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 11.5 billion, 12.8 billion, and 13.7 billion RMB respectively [3]. - Adjusted EBITDA for the same period is projected to be 5.29 billion, 5.77 billion, and 6.18 billion RMB [3]. Valuation Metrics - The target valuation for the company is set at 45 billion RMB, corresponding to an EV/Adjusted EBITDA of approximately 15x for 2025 [3]. - Current stock price reflects an EV/Adjusted EBITDA of 14.3x for 2025, 13.0x for 2026, and 11.8x for 2027 [3][4].
万国数据-SW：国内新签大单，受益于AI大趋势-20250321