中信证券发布研报称，万国数据-SW(09698)首单C-REIT交易完成后，轻重资产联动模式有望于明年跑通形成闭环，增强整体运营与融资效率，管理层亦释放出在国内资源获取更积极的信号，配合在建项目承诺率与稼动率提升，公司盈利能力有望持续改善。该行给予公司美股50美元/ADS目标价，对应港股目标价50港元/股，维持对公司港/美股的“买入”评级，看好公司中长期的投资价值。
3Q25公司收入28.87亿元，调整后EBITDA为13.42亿元，毛利率改善，盈利能力明显提升。成熟项目稼动率提升与成本优化共同驱动毛利稳步回升，当前公司现金储备134.44亿元，本季度完成C-REIT交易净流入22.48亿元，显著增强流动性;本季度新增融资超50亿元，债务结构稳定，为持续扩张提供充足保障。中国业务需求动能延续，单位容量稼动率与承诺率保持稳健，新增资源节奏短期承压但结构优化;DayOne业务EBITDA率改善，产能与订单持续兑现。公司维持全年收入与EBITDA指引不变，同时得益于融资情况，全年Capex指引维持27亿元，资金弹性稳定。
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