专注于质量增长，谨慎扩张计划

GDS (GDS) reported FY22Q4 results and guided FY23 revenue growth to be weak, with YoY growth of +8.6% and +6.2% EBITDA, as the company focuses on existing backlog delivery and tightens capital expenditure control (down 33.5% YoY to RMB75bn). Despite short-term pain, we remain positive on GDS' improving customer mix and geographic diversification, as well as the decoupling from dependence on Alibaba and Tencent. Given the digital economy and the development of artificial intelligence, we remain optimistic about the long-term demand for data centers. Maintain Buy.

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