高盛：中国数据中心 - 2025 年第一季度展望 - 增长前景不变；估值调整后仍建议买入万国数据（GDS）和网宿科技（VNET）

12 May 2025 | 8:28PM HKT China Data Centers 1Q25 Preview: Growth outlook unchanged; remain Buy GDS and VNET post valuation correction With GDS/VNET to report 1Q25 results over the next couple of weeks (GDS on May 20, VNET toward May-end), we preview 1Q25 results. We are mostly in line with Visible Alpha Consensus Data (GSe GDS China revenue +16% yoy/EBITDA +18% yoy, VNET revenue +18% yoy/EBITDA +13% yoy), and expect both to maintain full-year guidance on revenue, EBITDA and capex unchanged. Key to watch/inv ...