高盛-CN數(shù)據(jù)中心 Demand upcycle creates valuation upside;Raise TPs for GDSVNET;Buy GDS09042024

3September2024|3:27PMHKT

ChinaDataCenters

Demandupcyclecreatesvaluationupside;RaiseTPsforGDS/VNET;BuyGDS

SharepricesofChinainternetdatacenter(IDC)nameshavemostlyoutperformed

TimothyZhao

+852-2978-2673|timothy.zhao@

themarketoverthepastthreemonths,ledbyourBuy-ratedGDS(ADR/H-share

GoldmanSachs(Asia)L.L.C.

+111%/125%)andNeutral-ratedVNET(+33%),comparedtoKWEB-14%and

RonaldKeung,CFA

+852-2978-0856|ronald.keung@

Sell-ratedSinnet-6%.Webelievetherecent2Q24resultsofChinaIDCoperators

GoldmanSachs(Asia)L.L.C.

havereinforcedourpriorobservationthatsignsofChinademandrecoveryis

EuniceLiu

+852-2978-7472|eunice.liu@

emergingpostthepriordowncyclein2021-23.

GoldmanSachs(Asia)L.L.C.

Morespeci?cally,weseeChinawholesaleIDCsareenteringanupwarddemandcycledrivenbyGen-AIandGPU-relatedcapexamongcloudhyperscalers(e.g.weexpectcombinedcloudrevenuegrowthofAlibaba,Tencent,BaiduandKingsoftto

acceleratefrom7%in2Q24to11%in2H24Eand14%in2025-26E,outofwhichmorethanhalfoftheincrementalgrowthisdrivenbyAIrelateddemand,Exhibit2),topinternetcompaniesincludingSFVcompanies,aswellasAIstartups.This,inourview,islikelytodrivegradualEV/EBITDAmultiplere-ratingfollowingthe3-year

sector-widemultiplede-rating(Exhibit3,e.g.down50%from2021averagefor

GDS/VNETasperBloombergconsensus,duetoovercapacity,demandweakness,high?nancialleverageandcorporategovernanceconcerns),coupledwithamorefavorable?nancingenvironmentbothoffshore(e.g.Fedratecut)andonshore(e.g.LPRcut,potentialc-REITsapprovals).

Thatsaid,wealsoseeincreasingdivergenceamongplayersinthesectorfrom2Q24results(Exhibit4)whichislikelytosustainduetothedifferentdemand

_

dynamics.CompanieswithhigherexposuretowholesaleIDCsandhighpower

densitycabinetsincludingGDS(Buy)andVNET(Neutral)deliveredabove-expectedrevenuegrowthwhichmayfurtheraccelerateinto2025-26E(e.g.GDS/VNETIDCrevenue+15%/+10%yoyin2024Evs.+18%/+14%yoyin2025-26Eonavg),whileSinnet(Sell)andVNET’sretailIDCsegmentcontinuedtosufferfrombusiness

adjustmentanddemandweakness(e.g.+1%/-3%in2Q24respectively).

Ontheotherhand,Gen-AIhascreatedanopportunityforIDCstobemoredeeply

involvedintheAIsupplychainbybuildingAIDCswithhigherrequirementson

campusdesign,powerdensityandtechnologycapabilities.Anumberofplayerse.g.Sinnet,VNETandRangeTechnology(300442.SZ,NotCovered)have

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachs

ChinaDataCenters

announced/indicatedplans;forexample,theAIDCbusinessofRange(mostly

computingpowerrentalcurrently)accountedfor57%revenueandgenerated22%

GPMin1H24,30ppbelowIDCGPMduetohigherhardwarecosts,yetRangeaimstobuildaplatformAIDCbusinesswithhighermarginsinthelongerterm.

nGDSHoldingsremainsourpreferredpickinthesector,withournew12m-fwdtargetpricesforGDS/9698.HKatUS$24.0/HK$23.4(41%impliedupside).We

shiftourvaluationmethodologyfromblendedEV/EBITDAtoSOTPvaluationsoastobetterre?ecttherespectivefundamentals/valuationofGDSChinaandGDS

International(GDSI,whichwillaccountfor24%/20%revenue/adj.EBITDAby2026Evs.10%/7%in2024E,Exhibit16andExhibit17).Wesee1)GDSisbestpositionedtocapturethedemanduptickamongourChinadatacentercoverage(vs.

VNET/Sinnetwithhigherretailexposure),withacceleratedmove-insfromcloud

hyperscalersandreducedcapextoenablepositiveFCFin?ectionofGDSChinain2024E;and2)GDSIprovidesavalueaccretiveopportunityforshareholdersvs.

c.US$4/ADSasimpliedbySeriesA?nancingin1Q24;wevalueGDSI’s12mvaluationattributabletoGDS’shareholdersatUS$4.4/ADSandseeGDSI’s

continuedorderwins(e.g.c.200MWin2Q24leadingto3x+utilizedcapacityin2

years)andtheongoingSeriesB?nancingmayfurtherliftGDSI’svalueattributabletoGDSshareholders.

nVNET’swholesaleIDCbusinesssurprisedustotheupside.Thecompany

announcedthelargestIDCcustomerorderwinof200MWin2Q24,andaddedtheUlanqabcampusasanotherstrategicwholesalecampuswith1.2GWplannedIT

power(aspermanagementtheprojectconstructionwillbedividedin3phasesandtakec.5yearsat200MW+newconstructionp.a.)primarilysupportingLLMtrainingdemandfrominternet,autonomousdrivingand?nancialcustomers.Management

hasraised2024EcapextoRmb5-5.5bnandexpectstoput63-87%new

wholesalecapacityintoserviceoverthenext12months.Weexpectthe

revenue/EBITDAmixshifttowardwholesaleIDCstodriveimprovedvaluationmultiples(i.e.weapplyahighertargetEV/EBITDAof6.3xvs.4.5xpriorona

narrowervaluationgapwithGDSthankstohigherwholesalecontribution),butnotethatitsretailIDCandnon-IDCcloud/VPNbusinessesmayconstrainrevenue/EBITDAupwardrevisions.StayNeutralwithahighertargetpriceofUS$3.1(12%impliedupside).

nSinnetreportedanothersetofresultsthatfellbelowGSe/streetconsensus,withstagnantIDCresourcesandrevenuegrowth,duetocontinuedsoftnessin

downstreamdemandanditshigherportionoflegacycabinetsvs.peers.StaySellwithalowertargetpriceofRmb7.4(-8%implieddownside)asweseelower

visibilityoncapacitygrowth/demandmove-inandlessattractivevaluation.

_

3September20242

GoldmanSachsChinaDataCenters

Exhibit1:TotalCapexofChina’slargeinternetcompanies/CSPs

resumedtothepriorpeaklevelin1Q24,partiallyboostedbyGen-AIrelatedCapex

Exhibit2:WeexpectChina’sinternetcloudrevenuegrowthtore-accelerateinto2024E,asmostplayerscompletedbusinessadjustmentsandGen-AIdemandboostscloudrevenue

Rmbbn

35

30

25

20

15

10

5

0

99%

40%

19%

2%-26%

Alibaba

211%

73%

64%

47%1%

21%

4%

-9%

-21%-34%

-51%-55%

-22%

TencentBaiducoreKCyoy%

Rmbbn

70

250%

60

200%

50

150%

40

30

20

100%

50%

10

0%

-

-50%

-100%

45%

39%

42%

30%

9%

6%

2%

-1%

-2%

KingsoftCloudTencentCloud

CombinedyoygrowthofBATKcloud%

10%12%

7%

4%3%5%5%

BaiduCloudAliCloud

50%40%30%20%10%0%

-10%-20%

Source:CompanydataSource:Companydata,GoldmanSachsGlobalInvestmentResearch

Exhibit3:Historical12m-fwdEV/EBITDAamongChinadatacenteroperators

Exhibit4:2Q24resultssnapshotofselectedChinadatacenteroperators

Jan-21

40x35x30x25x20x15x10x 5x0x

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

GDSVNETSinnetRangeAtHubAofeiSUNeVision

Source:BloombergSource:Companydata,GoldmanSachsGlobalInvestmentResearch,VisibleAlphaConsensus

Data,Re?nitivEikon

_

Exhibit5:GS2024-26ErevenueandEBITDAforecastsvs.priorGSe/consensus

Source:GoldmanSachsGlobalInvestmentResearch,VisibleAlphaConsensusData,Wind

3September20243

GoldmanSachsChinaDataCenters

GDSHoldings(GDS/9698.HK):2Q24resultsinlinewithGSe/above

consensus;Chinamove-inaccelerationandGDSIorderwinstodrivemultipleupside;Buy

GDSChina:Move-inre-accelerationandFCFbreakevenin2024E

nAcceleratedmove-insin2Q24:RevenuefromGDSChina)grew+6%yoyin2Q24,accountingfor91%oftotalrevenue.Thiswasprimarilydrivenbyaccelerated

_

utilizedareagrowthof+10%yoy(vs.+7%yoyin1Q24)or16ksqmadditionsintotalareautilized(vs.below10ksqmperquarterin1Q23-1Q24)thankstoafastermove-inschedulefromlargeinternetclientsaswellasAI-drivenimprovedmove-infororderswhichhavebeeninthebacklogforlongaspermanagement,andpartiallyoffsetbyMSRdecline.Utilizationratewaslargelystableat72.4%,asGDS

brought31ksqmnewcapacityintoserviceinChinain2Q24.Adj.EBITDAdeclined-3%yoytoRmb1,233mnwith47.8%adj.EBITDAmargin(-4.4ppyoy/+1.0ppqoq).MoredetailsinourFirstTake.

nLookingahead,wemodel13-14ksqmnewmove-inperquarterin2H24Eand

2025E,whichisequivalenttotheaveragerunratein1H24andleadstoc.10%/12%yoygrowthofGDSChina’sutilizedcapacityin2H24Eand2025E.Wemodel8%/6%revenue/adj.EBITDACAGRsin2023-26EforGDSChina.

nIn?ectionpointofpositiveFCFin2024Ewith2025EFCFupsidefromREITs

?nancing:WebelieveGDSChinaisontracktoreachFCFin?ectionpointin2024E(Exhibit8)thankstoreducedcapex.Beyond2024E,weexpectcontinuedlower

capexatRmb1.8bn(vs.Rmb2.5bnin2024E),improvedEBITDAdrivenbyhealthymove-insandutilizationimprovement,andseepotentiallylowerinterestexpensesasthecompanyplansforREITsofferingoverthenext6-18monthsintheformofbothpublicREITs(apotentialsizeofRmb2bnpermanagement)andprivateREITs(e.g.theproposedRmb1.47bnABSissuancebackedbyoneofGDSChina’sdata

3September20244

GoldmanSachsChinaDataCenters

centercampusesasperdisclosureattheShanghaiStockExchangeinJul),andconsequentlydeconsolidatecertaindebtoutstanding.

Exhibit6:WeexpectGDS’utilizedcapacitygrowthto

re-accelerateinto2025EdrivenbybothGDSIandGDSChina...

Exhibit7:...leadingtolargelystableutilizationdespitemorenewcapacityinservicein2Q24

ths.sqm

4080%3570%3060%2550%2040%1530%1020%510%

-0%

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24E

4Q24E

1Q25E

2Q25E

3Q25E

4Q25E

NewareautilizedGDSChinaonlyAreautilizedyoyGDSChinayoy

100%90%80%70%60%50%40%30%20%10%0%

90.3%

72.6%72.1%72.7%

58.4%

40.1%

1Q232Q233Q23

GDSChinanewareainserviceGDSChinautilization

73.9%

55.6%

4Q23

98.2%

73.5%

1Q24

84.1%

72.4%

2Q24

GDSInewareainserviceGDSIntlutilization

ths.sqm

35

30

25

20

15

10

5

-

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Companydata

Exhibit8:GDSChinaisreachinganin?ectionpointofpositiveFCFin2024Ethankstoreducedcapex

Exhibit9:WemodelGDSChina’snetdebt/adjEBITDAratioto

declineto5xby2026EthankstoimprovingEBITDAandreducedcapex

Netdebt/adjEBITDA

Rmbbn

8

6

4

4.7

2

0

-1.8

-2

-0.6

-3.5

-4

-6

2023

Capex

_

Adj.EBITDA

4.7

0.4

-1.8

-2.5

2024E

Rmbbn

2.0

1.5

1.5

1.0

5.1

0.5

0.0

-1.8-1.8

-0.5

-1.0

-1.5

2025E

Interestexpenses

EBITDA-interestexpense-capex

9.0x8.0x7.0x6.0x5.0x4.0x3.0x2.0x1.0x0.0x

8.4x

8.1x

7.7x

7.2x

6.4x

7.1x

7.2x

6.8x

5.9x

5.0x

2022

2023

2025E

2026E

2024E

GDSHoldingsGDSChina

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Companydata,GoldmanSachsGlobalInvestmentResearch

3September20245

GoldmanSachsChinaDataCenters

Exhibit10:GDSChina:Revenueandcommittedcapacitybreakdown(2Q24)

Exhibit11:WebelievetheacceleratedAliCloudrevenue/capexgrowthcouldpotentiallydrivefastermove-ins

AliCloudrevenueandcapexyoy

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

12%10%8%6%4%2%0%-2%-4%

11%

221%

10%

9%

8%

42%

51%

6%

4%

4%

3%

8%

15%

3%

3%

2%

6%

14%

75%

50%

28%

-2%

-5%

34%

-24%

29%

-42%

-48%

250%200%150%100% 50% 0% -50%-100%

-57%

-70%

0%

1Q222Q223Q224Q221Q232Q23

Capexyoy(LHS)

RevenueCommittedcapacity

Top1Top2Top3Others

3Q234Q231Q242Q243Q24E4Q24E

Revenueyoy

Source:CompanydataSource:Companydata,GoldmanSachsGlobalInvestmentResearch

GDSI

nRobustsalesandcapacityexpansionpipeline:GDSIhassecuredtwohyperscaleordersof206MWinJohor(Exhibit12),andsignedalargesalescontractwitha

globaltechcompanyforcapacityinBatamrecently.Managementattributesthe

robustsalespipelinetoregionalexpansionandspillovereffectofAIdemandfromtheUS,andexpectstheutilizedcapacitytogrowby257MWtoatotalof358MWwithinthenext24months.Asof2Q24(Exhibit13),GDSIhasatotalof125MWof

datacentercapacityinservice,294MWunderconstruction,and480MWheldforfuturedevelopmentacrossstrategiclocationsinHongKong,Singapore,Malaysia(Johor),andIndonesia(Batam)etc.Allofthesecapacitycouldbeconstructedanddeliveredwithin3-4years,aspermanagement.

nSeriesB?nancingunderway:Aspermanagement,GDSIhasstartedtheprocessofSeriesBequity?nancingfromexternalinvestors,withthebase-caseissuance

sizetobeatUS$600-800mnandsimilartoUS$672mnissuanceamountatSeriesA?nancingclosedinJun2024whichimplied24xGDSI’s2025Eadj.EBITDA.

_

Managementseespotentialtoincreasetheissuancesizegiventhestronginvestorappetite,andexpectstheSeriesB?nancingdetailstobe?xedby2024-end.PostSeriesB?nancing,managementthinksthenext?nancingwillbeintheformof

mezzaninedebtinordertooptimizetheoverallcostofcapitalforGDSI,while

placingseniordebtattheprojectlevel(mostlyinlocalcurrencies;GDSI’sMalaysianbusinessiscurrentlyundertakingalargesyndicatedtermloan).

3September20246

GoldmanSachsChinaDataCenters

Exhibit12:GDSIwonc.200MWnewordersin2Q24andprovidesavisiblityramp-uppathtoward2025-26Eintermsofutilizedcapacity

ITpowerinMW

Exhibit13:GDSIdatacentersummarybyregionasof2Q24

ITpowerinMW

400

350

300

250

200

150

100

50

1

-

2Q23

20

3Q23

21

4Q23

Utilized

358

320

101

73

1Q242Q242025E2Q26E

Committed

500

450

400

350

300

250

200

150

100

50

-

480

36

388

294

412

362

125

265

101

98

3

Utilized

120

5

Inservice

292533

UnderCommittedHeldforfuture

constructiondevelopment

JapanASEANHongKong

Source:CompanydataSource:Companydata

Exhibit14:GDSI:Revenueandcommittedcapacitybreakdown(2Q24)

Exhibit15:WeexpectGDSItocontribute24%ofGDS’sareautilizedin2026Evs.10%in2024E

100%90%80%70%60%50%40%30%20%10%0%

4%

3%

5%

89%

5%5%

16%

74%

RevenueCommittedcapacityTop1Top2Top3Others

thssqm

800

700

600

500

400

300

200

100

-

1

3190%

2021

13

1

405

3700%

3%

2023

2022

GDSChina

50

10%447

2024EGDSIntl

131

21%

500

2025EGDSIntl%

24%171

542

2026E

30%

25%

20%

15%

10%

5%

0%

Source:CompanydataSource:Companydata,GoldmanSachsGlobalInvestmentResearch

Exhibit16:WeexpectrevenuefromGDSItoaccountfor24%ofExhibit17:WeexpectGDSItocontributeto20%ofadj.EBITDAby

_

revenuein2026Evs.10%in2024E2026Evs.7%in2024E

Rmbbn

18

16

14

12

10

8

6

4

2

-

0%

2021

0%

2020

0%

2022

24%

18%

10%

2%

20232024E2025E2026E

Rmbbn

6

5

30%

25%

4

20%

3

15%

2

10%

1

5%

-

(1)

0%

5.6

5.1

4.74.7

20%

4.3

14%

7%1.4

0.8

0.3

-2%-2%(0.1)(0.1)

202220232024E2025E2026E

25%

20%

15%

10%

5%

0%

-5%

GDSChinarevenueGDSIntlrevenueGDSIntl%GDSChinaGDSIntlGDSIntl%

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Companydata,GoldmanSachsGlobalInvestmentResearch

Forecastrevisionsandvaluation

Weraise2024-26Erevenueby1%/3%/9%and2024-26EEBITDAby0%/1%/5%primarilydrivenbyhigherrevenuefromGDSI.

3September20247

GoldmanSachsChinaDataCenters

For2024E,weexpectrevenuetogrow+15%yoytoRmb11.4bn,drivenby6%/3.94xyoyrevenuegrowthforGDSChina/GDSIrespectively,withGDSIcontributing10%oftotalrevenue.Wemodeladj.EBITDAtogrow10%yoyin2024EtoRmb5.1bn,withGDSIstartingtocontributeadj.EBITDAofRmb345mn.

Our12-monthtargetpricesforGDS/9698.HKareliftedtoUS$24.0/HK$23.4(from

US$12.7/HK$12.4prior).WeshiftourvaluationmethodologyfromblendedEV/EBITDAtoSOTPvaluationsoastobetterre?ecttherespectivefundamentals/valuationofGDSChinaandGDSInternational(GDSI,whichwillaccountfor24%/20%revenue/adj.

EBITDAby2026Evs.10%/7%in2024E).InourSOTPvaluation,weapply1)11xtargetEV/EBITDAtoGDSChina‘savg.2025/26EEBITDA,whichisbasedonthe1yraveragemultiplebeforeGDSIvaluationkickedinfromApr;2)23xtargetEV/EBITDAtoGDSI‘savg.2025/26EEBITDA,whichisbasedonthe1yraverageof12m-fwdEV/EBITDA

multiplesoftheglobalIDCpeersandcomparedto24x2025EV/EBITDAimpliedby

GDSI’sSeriesA?nancingin1Q24;3)10%holdco.discount,inlinewithwhatweapplytootherChinainternetnameswithrelativesimplecorporatestructureswhichweuse

SOTPtovalue.StayBuywith41%/41%upsidepotentialforGDS/9698.HK.

Exhibit18:GDS:2Q24resultssnapshot

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

Exhibit19:GDS:Forecastchangesin2024-26E

Source:GoldmanSachsGlobalInvestmentResearch

Exhibit20:OurSOTP-basedtargetpricesforGDS/9698.HKareUS$24.0andHK$23.4

_

Source:GoldmanSachsGlobalInvestmentResearch

3September20248

GoldmanSachsChinaDataCenters

Exhibit21:GDSADRpricesensitivity(US$)onGDSChina

EV/EBITDAmultipleandGDSIvalue,assumingnoholdco.discount

Exhibit22:Ourtarget11xEV/EBITDAforGDSChinaisbasedonthe1yraveragemultiplebeforeGDSIvaluationkickedinfromApr

70%

60%

50%

40%

30%

20%

10%

0%

-10%

11xEV/EBITDA

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24E

4Q24E

1Q25E

2Q25E

3Q25E

4Q25E

GDSChinaareautilizedyoyAvgtrading12mEV/EBITDA

40x

35x

30x

25x

20x

15x

10x

5x

0x

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit23:Our23xtargetEV/EBITDAforGDSIisderivedfromthe1yraverageof12m-fwdEV/EBITDAmultiplesofglobalIDCpeers

Source:Bloomberg

Exhibit24:GDS:Summary?nancials

_

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

PriceTargetRisksandMethodology-GDSHoldings

Our12mtargetpricesofUS$24.0/HK$23.4forGDS/9698.HKarebasedonSOTP

3September20249

GoldmanSachsChinaDataCenters

valuationforGDSChinaandGDSInternational,witha10%holdcodiscount.Key

downsiderisks:Below-expectedmove-indemandandutilizationimprovement,sloweroverseasrevenue/pro?tabilityramp-up,lower-than-expectedpricingtrendinChinaandoverseasmarkets,customerchurn,slowerdeleveragingprocess.

InvestmentThesis-GDSHoldings

GDSistheleaderinChina’scarrier-neutraldatacentermarketwithawholesale-centricbusinessmodeland9.5%revenueshareamongthecarrier-neutralIDCplayersin2022(GSe).WeareconstructiveonGDS’sthree-yearroadmapforitsChinaandinternationalbusinesses,andbelieveitiswellpositionedtocapturedemand-alphafromGenerativeAI-drivencloudgrowthaccelerationandoverseasexpansion.ForGDSChina,webelievethefocusonbacklogdeliverywillleadtohigherrevenuegrowthvisibility,EBITDA/FCFimprovement,aswellasahealthierbalancesheetwith<5xnetdebt/EBITDAby2026Evs.8.5xin4Q23whichwouldreduceakeyinvestorconcern.ForGDSInternational

whichweforecasttocontributetoc.15%EBITDAinthreeyears,webelieveitprovidesGDSwithanopportunitytocreatevalueandpaycapitalbacktoshareholdersoverthenextfewyearsasGDSIisonpathtobecomeastandalonebusinesswithadifferent

growth/pro?tabilitypro?le.Weseethecurrentvaluationasattractiveaswebelievethesharesdonotfullyre?ectthepotentialshareholdervaluerealizationfromGDSI.

_

3September202410

GoldmanSachsChinaDataCenters

VNETGroup(VNET):2Q24resultsbeat;RobustwholesaleorderwinfortheUlanqabproject;Neutral

2Q24resultshighlights

n2Q24revenueandEBITDAbeat:Revenuegrew+9%yoytoRmb1,994mn(3%/3%aboveGSe/VisibleAlphaConsensusData)primarilydrivenbythewholesale

business,withadjustedEBITDA+7%yoytoRmb574mn(1%/5%aboveGSe/VisibleAlphaConsensusData).

nWholesaleIDC:Revenu