南方万国数据中心 REIT （508060.SH）申购价值分析报告

Group 1: Investment Strategy - The REIT is based on the Guojin Data Center, a major industrial project in Kunshan, with a total net room area of 609,000 square meters as of the end of 2024[1] - The initial pricing range for the REIT is set at 2.014 - 3.021 CNY per share, corresponding to a P/FFO of 12.39 to 18.58 times, which is higher than the comparable Southern Runze Data Center REIT[1] - The projected net cash distribution rates for 2025 and 2026 are 6.05% and 6.20%, respectively, lower than those of the Southern Runze Data Center REIT[1] Group 2: Operational Performance - Revenue and EBITDA have shown a downward trend from 2022 to Q1 2025, with figures of 173.5 million, 168.3 million, 164.4 million, and 43.0 million CNY for revenue, and 149.2 million, 145.3 million, 142.1 million, and 38.1 million CNY for EBITDA[1] - The actual usage rates of cabinets improved, with the overall usage rate reaching 95.73% in Q1 2025, and the 7kW cabinets exceeding 96%[1] - The gross profit margin remained stable above 58%, with an EBITDA margin increasing from 85.99% to 87.57%[1] Group 3: Market Position and Risks - The project is backed by the leading third-party data center operator, GDS Holdings, which has 96 operational and under-construction data centers as of the end of 2024[1] - The asset valuation growth rate is 254.48%, lower than the 491.27% of the Southern Runze Data Center REIT[1] - Risks include potential price declines due to increased competition and stricter energy efficiency policies that may impact operational costs[1]