万国数据(GDS)盘中扬升3.14% 高盛料盈利增长加速趋势将越趋明显

金吾财讯
Aug 17

金吾财讯 | 万国数据(GDS)盘中股价扬升3.14%,暂报35.49美元,成交额1588.26万美元。消息面上,高盛研究指,万国数据-SW(09698.HK)第二季订单表现强劲,管理层在业绩会议上提到人工智能及非人工智能需求健康,将增强未来几年EBITDA的可见性。该行预计,随着订单转化为收入及EBITDA(通常订单签订至损益确认有12至18个月滞后),盈利增长加速趋势将在2027年下半年及以后越趋明显。高盛维持对万国数据的“买入”评级,按分类加总估值法计算,美股目标价由46美元升至49美元,H股目标价由45港元升至48港元,主要反映更新后的汇率假设。该行估算,万国数据中国业务2027年及2028年经调整EBITDA按年增长分别为8%及19%(撇除一次性项目)。为更准确衡量未来三年EBITDA扩张,该行将按年EBITDA变动拆分为两大驱动因素:一是新客户启用带来的EBITDA贡献,按管理层指引以每兆瓦220万元人民币年化EBITDA计算;二是现有合约续约时的定价调整带来的EBITDA损失,由于2021至2023年市场价格下跌,续约价格可能较原价低20%至30%,估计合约续约带来的EBITDA损失将拖低2026至2028年经调整EBITDA增长分别约2个百分点、2.5个百分点及1个百分点。

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