Range Technology (300442 CH) Initiate at Buy: A leading AIDC operator in China

研报英文原文证据摘录

Range Technology (300442 CH) Initiate at Buy: A leading AIDC operator in China

pute demand. We estimate China’s AI

compute demand to reach c5GW by 2028, marking a c5x increase from 2025. Domestic 52-WEEK PRICE (CNY)

hyperscalers are accelerating capex, with the combined spend by ByteDance, Alibaba

and Tencent reaching RMB346bn in 2025 and projected to reach RMB747bn in 2026 120.00

(+116% y-o-y). However, this is still well below the spending intensity of US peers, 77.00

indicating substantial growth potential. The shift toward SuperPOD cluster architectures 34.00

06/25 12/25 06/26

raises technical barriers and enhances the value proposition of specialised operators Target price: 111.00 High: 103.39 Low: 43.39 Current: 85.18

such as Range. Over the long term, domestic IDC operators have the potential to

serve global inference demand via “token exports”, leveraging China's model cost- Source: LSEG IBES, HSBC Qianhai Securities estimates

efficiency, abundant low-cost green power in western China, and lower civil and

mechanical & electrical equipment costs. Yiran Liu* (Reg. No. S1700520040001) Head of A-share IT Software Research

HSBC Qianhai Securities Limited

Robust revenue growth with improving EBITDA margin. We expect a 36% revenue yiran1.liu@hsbcqh.com.cn

CAGR over 2025-28, backed by in-service IT capacity, expected to grow to 1.6GW +86 10 5795 2349

(637MW traditional IDC, 973MW AIDC) by 2028 from 750MW in 2025. In addition, Heng Zhang* (Reg. No. S1700524050001)

the rising share of higher margin AIDC revenue is set to lift blended gross margins. Analyst, A-share IT Software Research HSBC Qianhai Securities Limited

Diversified funding channels, including an ample bank credit line and China's first heng.zhang@hsbcqh.com.cn