万国数据(GDS)盘前跌4.4% 财报高净利难掩经营隐忧 或将面临价值重估

金吾财讯
May 22

金吾财讯 | 万国数据(GDS)股价连日大幅下挫,盘前报33.6美元,跌4.4%。

消息面上,万国数据发布一季度亮眼财报,业绩数据与资本市场表现出现明显背离。公司当期实现营收33.67亿元,同比增长23.6%,净利润同比飙升247.1%,单季净利润率高达78.8%。但亮眼数据并未提振市场信心,财报披露后,其美股ADR、港股相继大幅下挫,反映出资本市场对其业绩真实性的审慎态度。

超高净利主要来源于一次性资本运作收益。公司通过处置旗下DayOne相关普通股,确认21.36亿元投资收益,占据一季度利润八成以上,剔除该笔收益后,公司真实经营利润仅6亿元左右。扣除非经常性损益后,公司核心收入、经调整EBITDA均仅实现个位数增长,主业增长动能显著放缓。

行业基本面承压成为核心制约。国内IDC行业供给过剩态势凸显,行业上架率、毛利率持续下行,价格战常态化。即便万国数据77.3%的上架率处于行业领先水平,仍难以实现提价,重资产模式下的电费、折旧等固定成本持续侵蚀利润。同时公司经营性现金流大幅缩水,盈利质量进一步走弱。

尽管公司斩获单季200MW历史新高订单,但算力红利多被上游芯片、设备厂商获取,机房租赁企业议价能力薄弱。公司维持全年业绩指引不变,未随一季报上调预期,侧面印证管理层对主业增长的谨慎态度,未来订单转化能力与商业模式升级将成为其估值修复关键。

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