VNET(US:VNET)2025-03-13 02:00Company and Industry Summary Company: Century Internet Key Points - New Orders and Revenue Performance Century Internet secured significant new orders in Q4 2024, including a 32MW order from an internet client in the Yangtze River Delta and a 100MW framework agreement with another internet client at the Ulanqab base, with 28MW expected to be delivered in Q4 2025. Additionally, a 55MW order was obtained from another cloud client, and a 64MW order was secured in collaboration with Changzhou High-tech Group. The company's revenue for 2024 is projected to reach 8.26 billion RMB, representing a year-on-year increase of 11.4%, exceeding the company's guidance of 8-8.1 billion RMB [1][1][1]. - IDC Business Revenue Breakdown The company's IDC (Internet Data Center) business generated revenue of 5.78 billion RMB in 2024, reflecting a year-on-year growth of 16.1%. The breakdown includes: 1. Base-type IDC revenue of 1.95 billion RMB, up 90.4% year-on-year 2. Retail-type IDC revenue of 3.83 billion RMB, up 3.1% year-on-year [1][1][1]. - EBITDA and Operational Metrics The adjusted EBITDA for 2024 is expected to be 2.43 billion RMB, a year-on-year increase of 19.1%, surpassing the company's guidance of 2.28-2.3 billion RMB. The operational capacity for base-type IDC in Q4 2024 reached 486MW, an increase of 128MW from Q3 2024, with an overall utilization rate of 72.6% [2][2][2]. - Utilization Rates and Rental Prices The base-type IDC's mature utilization rate remained stable at 95.6%, while the ramp-up utilization rate decreased to 34.0% from 46.4% in Q3 2024 due to new IDC constructions. For retail-type IDC, the number of operational cabinets was 52,107, with a slight increase in overall utilization rate to 63.5%. The monthly rental price per cabinet (MRR) rose to 8,794 RMB, compared to 8,788 RMB in Q3 2024 [2][2][2]. - Future Guidance The company anticipates a steady growth trajectory, projecting revenue for 2025 to be between 9.1-9.3 billion RMB, representing a year-on-year increase of 10%-13%. The adjusted EBITDA is expected to be between 2.7-2.76 billion RMB, reflecting a year-on-year growth of 11%-14%. If the E-JS02 project progresses smoothly, the EBITDA growth rate could reach 15%-18% [2][2][2].