The data center operator deserves a bit more attention. Applied Digital (APLD 1.36%), a builder of big data centers, has been a major beneficiary of the artificial intelligence (AI) boom over the past few years. It originally rented out its centers to Bitcoin miners and other blockchain firms, but it pivoted toward serving the high-performance computing, AI, and machine learning markets in late 2022. Applied Digital stock went public at $5 on April 13, 2022, and its share price set an all-time high of $12.4 ...

在业务方面，传统IDC市场需求处于缓慢恢复阶段，公司敏锐且果断地对早期交付的低功率数据中心进 行升级改造，阶段性加大优惠力度，迅速斩获新增订单，已于2024年底逐步恢复上架。AIDC市场因AI 技术的高速发展而井喷式爆发，公司通过"引流策略"吸引众多头部AI客户入驻，AIDC业务收入达到约 14.51亿元，同比增长21.03%，成为公司发展的第二增长曲线。 公司继续夯实业务发展根基，扩增土地能耗等核心资源要素。截至2024年末，能耗指标储备较2023年末 增加约130%，为业务稳健发展提供了有力保障。在电力供应保障方面，京津冀园区自建的高等级 220kV变电站顺利投运，使得园区电力供应能力大幅增加，其他园区也在积极推进变电站的建设和申请 报批程序。 凭借前瞻性的全国战略布局，润泽科技在京津冀、长三角、大湾区等六大核心区域，规划完成了七个 AIDC智能算力基础设施集群，累积拥有61栋智算中心、约32万架机柜资源储备，基本完成了全国"一体 化算力中心体系"框架布局，并荣获多项荣誉，彰显了其在行业中的领先地位。 公司坚定执行"四大战略"，充分发挥"六大优势"，依托前瞻性战略布局加速构建全国多园区智算集群， 京津冀、 ...

智通财经APP获悉，国泰海通发布研报称，万国数据-SW(09698)作为IDC头部厂商拥有核心资源，近年 来海外市场投入力度大、先发优势显著，同时，叠加25年国内投入重启增长，公司将充分受益全球AI 发展下数据中心需求增长。该行预计公司25-27年收入为115.6亿元、129.8亿元和143.2亿元，EBITDA分 别为52.3亿元、57.0亿元和61.7亿元，参考可比公司估值，给予公司2025EEV/EBITDA20x，对应目标价 为48.40港元，维持"增持"评级。 万国数据领先前瞻布局东南亚，大力投入IDC有望核心受益 公司于2022年成立面向国际业务的控股公司DAYONE(原GDSI)，重点聚焦中国香港及东南亚地区，截 至24年底，DAYONE运营IDC规模为132MW，在建规模为369MW，储备规模为712MW。随着2024年 DAYONE完成B轮融资，公司对其持股摊薄至35.6%、不再并表，该行认为这有利于DAYONE获取更充 足的资金进一步拓展市场的同时，也有助于支撑公司继续凭借丰富、前瞻的储备充分受益东南亚市场发 展机遇。 万国数据加大国内资本开支 公司预计25年国内资本开支为43亿元，同比+ ...

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所并未发生变更，仍为容诚会计师事务所（特 殊普通合伙）。 证券代码：300442 证券简称：润泽科技 公告编号：2025-007 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以1,721,481,649股为基数，向全体股东每10股派发现金 红利1.288元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）主营业务概况 润泽科技是全国领先的综合算力中心领域的科技公司。公司成立十六 ...

Highlights AWS and Microsoft are pausing or slowing down the signing of leases for data centers, according to a Wells Fargo research note shared with PYMNTS. Microsoft said it remains on track to spend its 2025 budget of $80 billion or more for data centers but admitted to "slowing or pausing" early-stage projects based on "demand signals." AWS said changes it made to its data center plans are part of "routine capacity management." AWS and Microsoft are pausing or slowing down the development of data center ...

市场消息：Igenius推出全球最大的主权AI数据中心之一，利用了Vertiv基础设施、英伟达加速计算和 Omniverse。 ...

Industry Update Summary Industry: Communications Infrastructure - Data Centers Key Points 1. **Hyperscale Data Center Leasing** In Q1 2025, approximately 1.9GW of hyperscale data center leasing was recorded, with Oracle (ORCL) and Amazon (AMZN) leading the market, each leasing around 600MW. This represents an increase from the 1.3GW noted in Q1 2024, indicating strong demand despite a slight moderation in sentiment around hyperscale demand due to Amazon's pullback in U.S. colocation deals [2][3] 2. **Microsoft's Equipment Order Cancellations** Microsoft has canceled significant orders for long-lead time data center equipment, including around 1,000 backup diesel generators and transformers. This reflects a broader slowdown in data center demand, impacting equipment manufacturers negatively in the near term [4][5] 3. **Enterprise Demand Trends** Enterprise demand in Q1 2025 showed strong growth compared to Q4 2024 and Q1 2024, with increasing rental rates and favorable terms for landlords. However, caution is advised due to potential macroeconomic impacts on future demand [6] 4. **Impact of Tariffs on Build Costs** Recent tariffs are expected to increase data center build costs by 5-15%, varying by operator. This could lead to margin compression for equipment manufacturers and may affect project yields if costs cannot be passed on to customers [7] 5. **Amazon's Shift in Data Center Strategy** Amazon is slowing down its colocation data center leasing and focusing more on powered shell deals and self-builds. This shift is part of a broader strategy to enhance efficiency across its data center operations [8][10] 6. **Google's Colocation Activity** Google has signed several colocation deals in Q1 2025, indicating a response to its near-term capacity deficit. The company is actively seeking to bridge this gap through various leasing strategies [11] 7. **Microsoft's Market Position** Microsoft remains in a "digestion mode" with limited leasing activity in Q1 2025, but there is optimism for a return to the market in late 2025 as it aligns its capacity delivery with updated demand forecasts [12] 8. **Oracle's Continued Demand** Oracle has been active in securing capacity to support its OpenAI training workloads and OCI backlog, despite some organizational changes that have temporarily slowed decision-making [13] 9. **Meta's Data Center Activity** Meta has resumed activity in the data center market, securing over 500MW of capacity in Q4 2024 and continuing to seek additional capacity in Q1 2025, primarily to support its Llama project [14] Additional Insights - **Market Sentiment** There is a noted moderation in the urgency of hyperscalers to secure capacity, particularly in Europe, which may reflect broader economic uncertainties [3] - **Long-Term Outlook** While current demand dynamics show strength, the potential for macroeconomic factors to impact future enterprise demand remains a concern for industry stakeholders [6] - **Valuation Methodology** The report outlines a valuation methodology for data centers that includes discounted cash flow (DCF) analysis and relative value approaches, considering various financial metrics [17] - **Investment Risks** Key risks include sensitivity to interest rate movements, disruptive technology changes, and macroeconomic deterioration that could affect demand and valuation multiples [19]

Core Viewpoint - The article discusses the significant downturn in the computing power infrastructure sector, driven by AI technology iterations and reduced capital expenditures from major players, leading to a supply-demand imbalance in the industry [2][3][5]. Group 1: Industry Trends - Several companies, including Feilixin, Lianhua Holdings, and Jinjis Co., have terminated multi-million yuan computing power leasing contracts, indicating a broader trend of supply-demand imbalance in the industry [3]. - IDC companies like GDS Holdings and Runze Technology are facing a "prisoner's dilemma," with many top firms' debt ratios exceeding the 65% warning line [4]. - Recent regulatory scrutiny of IDC industry REITs reflects concerns about the quality of underlying assets and growth expectations in the sector [5][27]. Group 2: Market Dynamics - The global market is undergoing a paradigm shift in computing power development, with companies like Microsoft scaling back their AI data center investments [8]. - High-frequency trading reports indicate a systematic revaluation of the AI infrastructure sector, with a notable decline in the "Energy + AI" investment portfolio since January [9]. - The anticipated peak in global data center capacity has been moved up to 2025, with supply-demand dynamics expected to improve between 2024 and 2027, although average utilization rates will remain above historical averages [10]. Group 3: Operational Challenges - In China, the computing power scale reached 246 EFLOPS by mid-2024, with intelligent computing power applications growing over 65% year-on-year, yet the average cabinet utilization remains low at 20%-30% [11]. - Many companies that ventured into computing power leasing in 2023 have since reversed course, with significant contract terminations reported [14][15]. - The low utilization rates and declining rental prices have led to many intelligent computing centers struggling to cover operational costs, with little hope for investment returns [16]. Group 4: Regulatory Environment - Recent government-led initiatives aim to assess computing power resources, targeting the chaotic expansion of data centers [6][17]. - The regulatory focus on the industry highlights structural issues such as supply-demand imbalances and resource misallocation, suggesting a shift towards quality improvement in infrastructure construction [18][19]. Group 5: Financial Risks - The high debt levels in the IDC sector are concerning, with companies like GDS Holdings and Runze Technology reporting debt ratios of 67.86% and 66.02%, respectively [23]. - The reliance on debt financing for expansion poses significant risks, especially with long project payback periods and imbalances between short-term debt pressures and long-term cash flow generation [24]. - Regulatory feedback on REIT projects indicates a cautious approach towards growth expectations in the data center industry, emphasizing the need for sustainable cash flow and operational stability [28]. Group 6: Future Outlook - The industry faces a dual pressure of supply-demand dynamics and stringent regulatory scrutiny, making it crucial for IDC companies to balance short-term survival with long-term growth [30]. - There are mixed opinions on whether the industry will see a reversal in growth trends, with some experts noting strong customer loyalty and ongoing demand, while others remain concerned about excess computing power and resource constraints [31][32]. - Overall, the narrative of high growth in the computing power sector is retreating, but the long-term outlook may lead to a healthier supply-demand balance if companies can find equilibrium between financial stability and technological advancement [33].

Core Insights - The article highlights the strong buy rating initiated for Applied Digital Corporation (NASDAQ: APLD) due to its potential in the HPC AI data center market [1] Company Analysis - Applied Digital Corporation is positioned to become a leading provider in the high-performance computing (HPC) and artificial intelligence (AI) data center sector [1] - The stock has shown positive movement since the initiation of coverage, indicating investor interest and confidence in the company's growth potential [1] Industry Context - The focus on HPC and AI data centers reflects a growing trend in the technology sector, where demand for advanced computing solutions is increasing [1]