Investment Rating - The report maintains an "Outperform" rating for GDS Holdings [3][4][10] Core Views - The company's net loss has expanded due to non-cash asset impairment, reflecting weak industry demand [4][9] - The company achieved total revenue of approximately RMB 9.957 billion in 2023, a year-on-year increase of 6.8%, with adjusted EBITDA of RMB 4.624 billion, up 8.8% [4][10] - The company is focusing on international business expansion, having secured a total of USD 587 million in convertible preferred stock subscriptions to support operations [4][10] - Revenue growth is expected to improve in 2024, with projections indicating a growth rate of over 12% [4][10] Financial Summary - Revenue projections for 2024-2026 are RMB 11.151 billion (+12%), RMB 12.824 billion (+15%), and RMB 15.004 billion (+17%) respectively [4][10] - Adjusted EBITDA for the same period is expected to be RMB 5.046 billion (+0.16%), RMB 5.667 billion (-2.0%), and RMB 6.332 billion [4][10] - The target price is set at HKD 19.09, reflecting a target market cap of RMB 26.892 billion based on a 13x EV/EBITDA multiple for 2024 [4][10]
非现金的资产减值导致净损失扩大，反应行业需求依然偏弱