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VNET Group Inc ADR VNET Stock Quote

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Morningstar‘s Stock Analysis VNET

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Economic Moat


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VNET Group Making Wholesale Gains; FVE Reduced to USD 8.60 on Currency Weakness

Dan Baker Senior Equity Analyst

Analyst Note

| Dan Baker |

No-moat VNET’s third-quarter 2022 result was respectable and management maintained its 2022 financial guidance, but slightly lowered its cabinet delivery guidance for the retail business. Third-quarter revenue increased 16.3% year on year with adjusted EBITDA up 1.1% year on year. Revenue growth was slightly higher than GDS’ 14.9%, but GDS’ adjusted EBITDA growth was higher at 10.9%.

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Key Statistics VNET

Company Profile VNET

Business Description

VNET started as AsiaCloud in 1999, and moved to the data center business with its first self-developed data center opening in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNETGroup in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, Huawei Cloud, and JD Cloud as customers. At end September 2022 it had 77,570 self-built cabinets with the majority in Beijing, Shanghai, and Greater Bay area. It also operated partnered data centers with around 5,090 cabinets and had 283 MW of wholesale capacity contracted or under a memorandum of understanding.

No. 10 Jiuxianqiao East Road, Guanjie Building Southeast 1st Floor
Beijing, 100016, China, People's Republic of
T +86 1084562121
Industry Information Technology Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 3,221