研報掘金|中金:上調萬國數據目標價至50美元 維持“跑贏行業”評級
中金髮表報吿指,萬國數據宣佈成功發行首單數據中心持有型不動產ABS(P-REIT),認為這標誌著公司打通國內資本循環通道,有望在不增加淨負債的前提下、提升公司EBITDA的未來增長潛力。中金維持萬國數據“跑贏行業”評級,上調目標價至50美元。去年起公司海外資產出表,報表口徑僅包含國內業務。還原合併口徑後,維持2024年收入預測基本不變,看好公司上架率提升和擴張潛力,上調2024年經調整EBITDA預測1.5%至51.38億元;上調2025年收入預測5.8%至147.7億元,上調2025年經調整EBITDA預測2.7%至64.1億元;引入2026年國內收入預測131.43億元,經調整EBITDA預測59.1億元。
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