大行评级丨大和:万国数据第二季业绩稳健,维持“买入”评级

格隆汇
Yesterday
大和发表研报指,万国数据第二季业绩稳健,收入同比增长7%至31亿元,经调整EBITDA同比增长3%至14亿元,利润率45.5%,同比下跌主要由于公用事业成本上升。营运指标较预期强劲,净交付面积达21,307平方米,使用率升至79.2%。上半年新签订单创纪录达471兆瓦,高于2025年全年的317兆瓦,主要来自三大客户。管理层将2026年销售目标由500兆瓦倍增至1吉瓦,并预计2026年底积压订单将达约1.2吉瓦,加上明确的交付时间表,为2028年前的业绩提供强劲能见度。大和上调2026至2027年EBITDA预测11%至49%,以反映强劲需求及交付进度;目标价维持47港元,基于万国数据中国业务2026至2027年平均预测EBITDA的13倍估值,以及持有DayOne约20%股权的估值,维持“买入”评级。

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