Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is positioned as a leading player in the Chinese IDC market, benefiting from the growing demand for AI infrastructure and data center services. It has a significant operational capacity and is expanding both domestically and internationally [6][7]. - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 114.78 billion, 129.92 billion, and 146.34 billion CNY respectively, alongside EBITDA of 52.81 billion, 58.55 billion, and 64.76 billion CNY [6][7]. Summary by Sections 1. Company Overview - The company has transitioned from a focus on customized solutions to a global expansion strategy, establishing a strong presence in key economic regions and overseas markets [6][18]. 2. IDC Industry Leadership - The company is recognized as the leading third-party IDC service provider in China, with a comprehensive service capability and a significant operational footprint of 1,326 MW IT power as of mid-2025 [6][55]. - The demand for computing power is expected to grow, driven by both domestic and international cloud service providers, enhancing the company's market position [6][45]. 3. DayOne Global Strategy - The company is expanding its global footprint through DayOne, focusing on high-demand regions such as Southeast Asia and Europe, with a robust pipeline of projects and customer orders [6][3][7]. 4. Financial Projections and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating a market capitalization of 80.3 billion HKD based on projected EBITDA multiples for its domestic and international segments [6][7]. - The company is expected to maintain a strong EBITDA margin, with significant improvements in revenue growth rates observed in the first half of 2025 [6][37]. 5. Market Dynamics - The IDC market is characterized by a complementary evolution between first-tier cities and emerging nodes, with a focus on low-latency computing needs and localized capabilities [6][45]. - The company is well-positioned to capitalize on the increasing demand for AI-driven computing infrastructure, with a strategic focus on resource allocation in key regions [6][45].
万国数据-SW（09698）：全球AI基建下乘势而起的中国IDC巨头（数据中心系列深度之八）