Guangdong Aofei Data Technology (300738) 21世纪经济报道·2025-04-22 02:00Core Viewpoint - The recent financial performance of Guangdong Aofei Data Technology Co., Ltd. shows significant growth in both internet comprehensive services and traditional IDC services, driven by the increasing demand for AI computing power [1][2]. Financial Performance - In 2024, the company's internet comprehensive services revenue surged by 264.22% to 559 million yuan, accounting for an increase of approximately 14 percentage points compared to the previous year [1]. - Traditional IDC services contributed 1.387 billion yuan in revenue, reflecting a year-on-year growth of 24.14%, with a gross margin increase of 2.13 percentage points [1]. - The total operating revenue for the year reached 2.165 billion yuan, marking a year-on-year increase of 62.18% [1]. Dividend and Stock Performance - Aofei Data announced a cash dividend of 0.13 yuan per share (before tax), with a total distribution amounting to 12.81 million yuan [1]. - On April 21, the company's stock closed at 22.00 yuan, with a single-day increase of 5.67% [1]. Business Segmentation - The company categorizes its services into IDC services and internet comprehensive services, with the latter focusing on AI-related growth areas [2]. - The company has adopted a high-debt, high-investment growth model, with new fixed assets amounting to 2.069 billion yuan and new liabilities of 2.807 billion yuan [2]. Profitability and Challenges - In 2024, the net profit attributable to the parent company decreased by 12.2% to 124 million yuan, primarily due to rising fixed asset investments and financial costs [2]. - The accounts receivable balance at the end of the period was 685 million yuan, with a bad debt provision of 52.24 million yuan [2]. Q1 2025 Performance - For Q1 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 40.62%, and a net profit of 51.75 million yuan, a slight increase of 2.47% [3]. - Accounts receivable decreased by 41.75% to 369 million yuan, while long-term borrowings rose by 33.36% to 3.118 billion yuan [3]. Future Outlook - The company anticipates increased demand for data centers, particularly intelligent computing centers, driven by the growth of the AI industry [3]. - As of the end of 2024, Aofei Data had completed or was constructing 14 self-operated data centers, with a total cabinet count exceeding 43,000, representing a year-on-year growth of over 20% [3]. Sustainability Initiatives - The company has achieved carbon neutrality certification for all self-built data centers for 2023 and is promoting distributed photovoltaic power generation projects [3]. - By the end of 2024, Aofei Data had completed 238 grid-connected projects, totaling approximately 214 megawatts, contributing to revenue from light module sales of 131 million yuan and distributed photovoltaic energy-saving services of 88 million yuan [3].