Investment Rating - The report downgrades 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 usage area, leading to stable revenue growth [2][3] - The company achieved a total revenue of 10.32 billion RMB in 2024, representing a year-on-year growth of 5.5% [1][4] - The adjusted EBITDA for 2024 was 4.88 billion RMB, with a slight decrease in the EBITDA margin [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 project awarded in Q1 2025, expected to positively impact revenue [2] - The company projects a revenue growth of 9.4%-12.3% for 2025, targeting 11.29-11.59 billion RMB [2] Future Outlook - The company has a backlog of 177,000 square meters and a total of 1.105 million square meters in construction and operational space [2] - Revenue estimates for 2025-2027 are projected at 11.5 billion, 12.8 billion, and 13.7 billion RMB respectively [3] Valuation Metrics - The target valuation 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, indicating a potential upside [3][5]
万国数据-SW：国内新签大单，受益于AI大趋势-20250322