金吾财讯 | Applied Digital（APLD）盘前股价走高，报27.3美元，涨3.51%，
消息面上，Needham对该股维持“买入”评级，坚定看好其长期成长空间，对应目标价维持83美元不变。机构研报指出，公司四季度整体营收表现优于市场一致预期，营收增量主要来自利润率偏低的一次性装修服务。剔除转嫁费用及装修服务后，公司核心基本租金收入与市场预判基本持平，比特币挖矿业务表现小幅超出预期。核心业务亮点集中在高性能计算板块，当期HPC净营业收入利润率达到91%，大幅高于公司此前80%左右的指引上限，盈利效率显著提升，租赁资产经济效益逐步对标行业上市同行水平。
算力储备与项目落地进度持续推进，目前公司正与两家存量租户深度洽谈合计250兆瓦装机容量合作，包含Polaris Forge园区100兆瓦、Delta Forge园区150兆瓦扩容项目。同时公司对外可推介、待落地的整体装机储备规模达1.7吉瓦，充足算力储备为后续营收增长、业绩兑现提供稳定支撑，成为机构看好公司中长期发展的核心逻辑之一。
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