Investment Rating - The investment rating for VNET Group Inc is Overweight [2][65] - The industry view is Attractive [2][65] Core Insights - VNET Group Inc's stock price closed at US$5.96 on May 9, 2025, with a 52-week range of US$16.13 to US$1.71 [2] - The company has a market capitalization of approximately RMB 12,524 million and an enterprise value of RMB 23,618 million [2] - Average daily trading value is US$20 million [2] Summary by Sections Data Center Electricity Usage - In April 2025, Ulanqab's datacenter electricity usage was 288 GWh, translating to an average daily power usage of 400 MW, marking a 13% month-over-month increase from March [7] - The strong electricity usage indicates robust demand in the region, with VNET's total delivery plan of 323 MW in Ulanqab for 2025 [7] REIT Approval - VNET's private REITs, valued at RMB 860 million, received official approval on May 9, which could support its capital expenditure plan of RMB 10-12 billion [7]
摩根士丹利：世纪互联-两项更新 -REIT及乌兰察布数据中心电力情况
2025-05-14 03:09