On November 25, Gelonghui reported that htsc published a research report indicating that gds holdings announced its third quarter results, with total revenue growing by 17.7% year-on-year to 2.966 billion yuan, primarily benefiting from improved domestic industry supply and demand conditions and strong growth in overseas business. The firm stated that the company's 2024 earnings guidance remains unchanged, expecting total revenue for 2024 to be between 11.34 billion and 11.76 billion yuan (an annual increase of 13.9% to 18.1%), with adjusted EBITDA between 4.95 billion and 5.15 billion yuan (an annual increase of 7% to 11.4%), and raised 2024 total capital expenditure to 11 billion yuan, of which 3 billion yuan is for domestic business and 8 billion yuan for overseas business. In addition, the company plans a Series B equity financing of 1 billion USD, expecting the B3 financing to be officially completed by the end of this year, with the valuation of the company's international business subsidiary increasing by 75% compared to Series A in this round of financing. The firm maintains its 'buy' rating, lowering the target price from 27.49 HKD to 26.4 HKD. The firm keeps its profit forecast unchanged, expecting the company’s revenue for 2024 to 2026 to be 11.56 billion, 13.2 billion, and 15.03 billion yuan respectively, with adjusted EBITDA of 5.046 billion, 5.856 billion, and 6.848 billion yuan respectively, remaining bullish on the company's long-term development.