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万国数据（GDS）震荡下跌6.24% 机构下调盈利预期指订单兑现尚需时日

金吾财讯
Oct 02

金吾财讯 | 万国数据（GDS）盘中股价震荡下跌6.24%，暂报27.94美元，成交额964.78万美元。对应港股（09698）周五收跌8.88%，收盘价报28.74港元。消息面上，大和新近发布研报称，万国数据受惠AI基建资本开支周期，上半年AI相关预订加速，但收入转换需要时间，有望转化为至2028年可计费电力、收入及经调整EBITDA增长。该行下调2027至2028年收入预测5%至9%、经调整EBITDA预测下调4%至10%，以反映单位经济前景转弱，重申“买入”评级，并将港股目标价由54港元下调至50港元。野村此前亦表示，万国数据第二季服务收入及经调整EBITDA分别按年增长6.5%及2.5%，大致符合市场预期。该行认为，客户迁入仍偏向明年下半年及以后，预期加速接单将于2028年开始贡献EBITDA增长，而今年至明年因现有组合合约集中续约，增长料较温和。该行略上调2026至2028年收入预测1.4%至4.7%，以反映强于预期的接单，现估计该三年每年新承诺量为1吉瓦，并额外计入2027及2028年客户迁入710兆瓦及950兆瓦。同时，因市场组合转变、新市场（如内蒙古）项目贡献增加，该行下调同期经调整EBITDA利润率预测1.8至3.7个百分点，经调整EBITDA预测下调2.6%至6.8%。该行重申“买入”评级，但将万国数据美股目标价由48.4美元降至45.7美元。

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