EBITDA或迎来兑现，重视被低估的AIDC

Summary of AIDC Industry Conference Call Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is currently undervalued in the domestic market, with EV/EBITDA valuations typically ranging from 10 to 15 times, compared to 20 to 30 times for international leaders [1][2][7]. Key Points and Arguments - Valuation Discrepancy: Domestic AIDC companies are significantly undervalued compared to international counterparts, indicating potential for value reassessment in the domestic market [1][2][7]. - REITS Performance: Recent REITS issuances by companies like Runze Technology and GDS Holdings showed high subscription multiples of 167 times and 166 times, respectively, with EV/EBITDA ratios of approximately 14 times and 17 times, highlighting market recognition of AIDC assets [1][5]. - EBITDA Growth Potential: Domestic AIDC companies are expected to see sustained EBITDA growth due to large-scale AIDC tender projects scheduled for delivery in the second half of 2025, with significant growth anticipated in 2026 [1][4][10]. - Impact of ASIC Chips: The introduction of domestic ASIC chips, which have higher power consumption than advanced process chips, is expected to increase demand for AI DC resources, further driving EBITDA growth in the AIDC sector [1][6]. Additional Important Insights - Investment Strategy: Investors are advised to increase their positions in AIDC stocks at the current market bottom, as the industry is expected to experience positive changes driven by AI development and ongoing project tenders [3][11]. - Market Recovery: The industry faced a slowdown in Q2 due to H20 supply issues, but improvements are anticipated in Q3 and Q4 of 2025 as new domestic chips enter the market and companies adjust their guidance positively [10]. - Valuation Calculation: AIDC companies' market value can be estimated using short, medium, and long-term EBITDA projections, with a neutral benchmark of 20 times EV/EBITDA. For instance, Century Internet's projected EV for 2025 is estimated between 552 billion to 564 billion [8]. Future Outlook - The AIDC industry has a promising future, with continuous growth in AI applications expected to drive demand for AIDC services. The ongoing tender projects and the early-stage development of AI will likely lead to increased EBITDA for listed companies [9].