中国数据中心行业再评级潜力

EquitiesIT ServicesChinaHelen Fang*Head of Industrials Research, Asia PacificThe Hongkong and Shanghai Banking Corporation Limitedhelen.c.fang@hsbc.com.hk+852 2996 6942Kenneth Chin*Associate, Asia IndustrialsThe Hongkong and Shanghai Banking Corporation Limitedkenneth.t.k.chin@hsbc.com.hk+852 2822 4521Jennifer Pan*AssociateGuangzhou*Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/qualified pursuant to FINRA regulationsHSBC in Extel Survey 2025Thank you for your supportSee results3m ADTV(USDm)2025e8499Issuer of report: The Hongkong and ShanghaiBanking Corporation LimitedView HSBC Global Research at:https://www.research.hsbc.com UpsidelMarket capdownsideBuy26.0%Buy47.1%Kna27.2% EVI Adj. EBITDA (x)2026e2027e15.113.512.111.08.56.416.911.49.5 (USDm) Financials & valuation: GDS HoldingsFinancial statementsYear to12/2024a12/2025e12/2026eProfit & loss summary (CNYm)Revenue10,32211,45412,944EBITDA4,4635,9555,361Depreciation & amortisation-3,262-3,462-3,726Operating profitEBIT1,2012,4941,635Net interest-1,835-1,892-1,960PBT-615602-326HSBC PBT-615602-326Taxation-156-325-81Net profit-831220-465HSBC net profit-831220-465Cash flow summary (CNYm)Cash flow from operations1,9382,5993,477Capex-8,761-2,849-4,786Cash flow from investment-8,761-2,849-4,786Dividends000Change in net debt-1,962-4,8041,310FCF equity-6,822-251-1,310Balance sheet summary (CNYm)Intangible fixed assets16,61617,05617,056Tangible fixed assets45,41942,92443,984Current assets11,61317,97217,110Cash & others7,86812,52611,21673,64977,95178,150Total assetsOperating liabilities4,1003,7934,051Gross debt25,98125,83525,835Net debt18,11313,30914,619Shareholders' funds23,53925,00424,941Invested capital61,45561,42962,6807Ratio, growth and per share analysise12/2024aYearto12/202e12/2026eY-o-y % changeRevenue11.013.0EBITDA33.4-10.0Operating profit107.6-34.4PBT-154.1HSBC EPS-311.9Ratios (%)Revenuel (x)0.20.20.2ROIC2.61.93.3ROE-3.80.9-1.9ROA-1.00.4-0.5EBITDA margin43.252.041.4Operating profit margin11.621.812.6EBITDA/net interest (x)2.43.12.758.6Net debt/equity76.953.2Net debt/EBITDA (x)4.12.22.7CF from operations/net debt10.719.523.8Per share data (CNY)EPS Rep (diluted)-4.530.96-2.02-4.530.96-2.02HSBC EPS (diluted)DPS0.000.000.00Book value128.26108.76108.482 Financials & valuation: VNET GroupFinancial statementsYear to12/2024a12/2025e12/2026eProfit & loss summary (CNYm)Revenue8,2599,27310,994EBITDA2,2682,8403,492Depreciation & amortisation-1,598-1,894-2,317Operating profitEBIT6699461,176Net interest-373-518-631PBT475102545HSBC PBT475102545Taxation-234-225-230Net profit183-182246HSBC net profit183-182246Cash flow summary (CNYm)Cash flow from operations2,0051,5302,287Capex-4,924-10,200-7,696Cash flow from investment-4,391-10,200-7,696Dividends000Change in net debt3,2266,6285,409FCF equity-2,918-8,671-5,409Balance sheet summary (CNYm)Intangible fixed assets1,4041,4041,404Tangible fixed assets24,13330,44035,8196,8208,0659,341Current assetsCash & others2,0383,0393,899Total assets32,35739,90946,564Operating liabilities13,18513,24713.386Gross debt11,51719,14525,415Net debt9,47916,10721,516Shareholders' funds6,3666,1846,430Invested capital17,13423,62329,278Ratio, growth and per share analysisYear to12/2024a12/2025e12/2026eY-o-y % changeRevenue11.412.318.6EBITDA25.223.0Operating profit41.324.2PBT-78.5435.0HSBC EPS-199.3Ratios (%)Revenuel (x)0.50.50.4ROIC2.2-5.62.63.0-2.93.9ROE0.8-0.30.7ROAEBITDA margin27.530.631.8Operating profit margin8.110.210.7EBITDA/net interest (x)6.15.55.5Net debt/equity137.0239.0308.0Net debt/EBITDA (x)4.25.76.2CF from operations/net debt21.29.510.6Per share data (CNY)0.11-0.100.14EPS Rep (diluted)HSBC EPS (diluted)0.11-0.100.14DPS0.000.000.00Book value3.653.553.69 Financials & valuation: SUNeVisionFinancialstatementsYear to06/2024a06/2025e06/2026eProfit & loss summary (HKDm)2,6743,2804,403RevenueEBITDA1,8492,3433,147Depreciation & amortisation-583-645-768Operating profitEBIT1,2661,6982,379Net interest-220-379-312PBT1,0601,3182,067HSBC PBT0Taxation-152-190-297Net profit2061,1291,770HSBC net profit9071,1291,770Cash flow summary (HKDm)Cash flow from operations1,5901,7322,494Capex-2,978-2,383-2,145Cash flow from investment-874-1,563-1,284Dividends-455-455-564Change in net debt2.6001,105215FCF equity-1,389-651349Balance sheet summary (HKDm)Intangible fixed assets000Tangible fixed assets22,82824,56625,942Current assets1,2409961,686Cash & others499213859Total assets24,07225,56627,632Operating liabilities1,9491,9491.949Gross debt16,39717,21718,078Net debt15,89817,00417,2195,1165,7906.996Shareholders' fundsInvested capital21,62123,40024,821Ratio, growth and per share analysisYear to06/2024a06/2025e06/2026eY-o-y % changeRevenue14.022.734.2EBITDA10.326.734.3Operating profit8.034.240.1PBT-2.224.456.8HSBC EPS0.224.456.8Ratios (%)Revenuel (x)0.10.10.2ROIC5.46.58.4ROE18.620.727.7ROA4.95.97.7EBITDA margin69.271.471.5Operating profit margin47.351.854.0EBITDA/net interest (x)8.46.210.1Net debt/equity310.6293.6246.1Net debt/EBITDA (x