Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals [5]. Core Insights - The report highlights that the company achieved revenue of 2.25 billion yuan in Q4 2024, representing an 18.3% year-over-year increase, and an adjusted EBITDA of 720 million yuan, which is a 63.8% year-over-year increase [1][3]. - The company is expected to experience a significant delivery year in 2025, with projected revenue growth of 10%-13% and adjusted EBITDA growth of 15%-18% [2][9]. - The company plans to invest 10-12 billion yuan in capital expenditures in 2025, reflecting strong confidence in future demand [2][10]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 2.25 billion yuan, exceeding consensus expectations of 2.07 billion yuan, driven by strong growth in base IDC business [3][4]. - The adjusted EBITDA for Q4 2024 was 720 million yuan, surpassing expectations and showing a significant year-over-year increase [3][4]. - For the full year 2024, the company achieved revenue of 8.26 billion yuan, which is an 11.4% increase year-over-year, also exceeding previous guidance [3][4]. Business Segments - The base IDC business achieved record revenue of 660 million yuan in Q4 2024, a 125.4% year-over-year increase, with operational capacity reaching 486 MW [4][34]. - The company secured multiple large orders in Q4 2024 and Q1 2025, totaling 252.5 MW, indicating strong demand from internet and cloud computing sectors [2][4]. Future Outlook - The company plans to deliver 400-450 MW in 2025, which is expected to be 161%-194% higher than the previous year [9][43]. - The anticipated capital expenditure for 2025 is projected to be 10-12 billion yuan, a significant increase from the previous year, aimed at supporting the delivery plan [10][43]. - The report emphasizes the growing demand for high-performance IDC services, particularly driven by advancements in AI technology [39][46].