金吾财讯 | 交银国际研报指，新意网集团(01686)2025上半财年业绩稍高于预期，收入14.7亿元（港元，下同），同比增长14.0%，主要是由新数据中心/旧项目客户电力容量及价格提升拉动。经调整EBITDA为10.53亿元，同比提高17.1%，大致符合该行预期。经营性现金流入9.83亿元，同比上升37.3%，高于预期。MEGA IDC 1期已投入使用，首批占总楼面面积约 30%的客户已经进驻，另一家云服务供应商已承诺租用另外约30%面积，并在期内进一步提升其设计容量，公司表示可在2期完工（2026/2027年）前填满1期的余下容量。公司表示，AI带动相关的应用以及云服务的需求，当中以内地互联网以及云服务供应商对扩张的需求更为积极。截至2025上半财年末，公司已装备容量同比/环比增长12MW/2MW至103MW，而未来总容量可达280MW。该行调升目标价至8.58港元，对应约20倍2026年EV/EBITDA，但该行认为现时估值已与同行国际头部企业相若并充分反映基本面上的正面驱动因素，短期进一步上升空间有限，因此下调评级至中性。
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