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Daley Li

Vice President and Equity Research Analyst at Bank of America Corp. /de/

Hong Kong

Daley Li is a Vice President and Equity Research Analyst at Bank of America Securities, focused primarily on US and Hong Kong markets with coverage of companies such as GDS Holdings and VNET Group. Li is known for delivering a strong performance track record, ranking #141 among more than 9,000 Wall Street analysts on TipRanks, with an outstanding 68% success rate and an average return of 132.4% per rating over a one-year time frame. Li joined Bank of America Securities in 2021 and quickly earned recognition for insights within the general sector, maintaining a portfolio with nearly 60% buy recommendations. Professionally, Li is listed as a registered securities analyst and is likely to hold FINRA Series 7 and Series 63 licenses to support research activities across international equity markets.

Daley Li's questions to VNET Group (VNET) leadership

Question · Q1 2025

Daley Li of Bank of America Merrill Lynch inquired about the key drivers for the strong Q1 gross profit margin improvement and the future outlook, as well as the progress of the company's REITs plan.

Answer

CFO Qiyu Wang attributed the gross profit margin improvement to two factors: an increasing proportion of higher-margin wholesale business and the strategic repurposing of retail cabinets for high-value AI demand while phasing out lower-margin services. Regarding REITs, Wang stated the private REIT project has been accepted by the Shanghai Stock Exchange with results expected in H2, and the company remains confident in its RMB 2 billion asset recovery target for the year.

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Question · Q3 2024

Daley Li asked for the demand outlook by region for the next 2-3 years, specifically comparing Ulanqab and Huailai, and inquired where future CapEx would be concentrated. She also questioned the key drivers behind the improving gross profit margin and its expected future trend.

Answer

Rotating President Chenggang Shen detailed the strategic focus on three campuses: Ulanqab for large-scale AI training, Huailai for inference and smaller training, and Taicang as a core regional node. CFO Qiyu Wang attributed the higher gross margin to IDC optimization, a rising mix of high-margin wholesale business, and favorable adjustments to depreciation terms.

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