Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a revenue of 10.322 billion RMB in 2024, representing a year-on-year growth of 3.67%, and an adjusted EBITDA of 4.876 billion RMB, reflecting a growth of 10.76% in 2025 [5][3] - The growth in AI inference demand is anticipated to reduce the domestic data center vacancy rate, leading to valuation enhancement and performance improvement opportunities for the company [1][4] - The company has signed new domestic orders amounting to 152MW, indicating a positive trend in domestic business [2] Summary by Sections Financial Performance - In 2024, the company is projected to achieve an operating income of 10.322 billion RMB, a 5.5% increase from the previous year, and an adjusted EBITDA of 4.876 billion RMB, a 3% increase [1] - For 2025, the total revenue is expected to be between 11.29 billion RMB and 11.59 billion RMB, with an adjusted EBITDA forecasted between 5.19 billion RMB and 5.39 billion RMB [3] Business Development - As of the end of Q4 2024, the company’s operational area reached 613,583 square meters, with a cabinet utilization rate of 73.8% [2] - The company plans to increase its capital expenditure budget to 4.3 billion RMB in 2025 to meet the construction needs of the new signed orders [3] Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a target EV/EBITDA multiple of 15x for domestic operations, leading to a target price of 36.37 HKD per share [4][10]
万国数据-SW：国内订单放量，期待25年供需拐点-20250401