增收不增利，奥飞数据费用“刹不住”

Core Viewpoint - The company, AoFei Data, has experienced a doubling of revenue from 2022 to 2024, but its net profit has decreased by 25% during the same period, indicating a concerning trend of rising costs outpacing revenue growth [1][4]. Revenue and Profit Summary - In 2024, AoFei Data reported revenue of 2.165 billion yuan, a 62.18% increase from the previous year, while net profit was 124 million yuan, down 12.2% year-on-year [1][4]. - The company's revenue for 2022, 2023, and 2024 was 1.097 billion yuan, 1.335 billion yuan, and 2.165 billion yuan respectively, showing consistent growth, while net profit figures were 166 million yuan, 141 million yuan, and 124 million yuan, reflecting a downward trend [4][6]. - The first quarter of 2025 showed revenue of 536 million yuan, a 40.62% increase year-on-year, and net profit of 51.75 million yuan, up 2.47% [4]. Business Segments and Margins - Revenue in 2024 was derived from four main segments: IDC services (64.05%), other internet services (25.83%), distributed photovoltaic energy-saving services (4.07%), and optical module sales (6.05%) [6]. - The gross margins for IDC services and other internet services were 29.7% and 16.15% respectively, both showing increases from the previous year [6]. Expense and Debt Analysis - AoFei Data's expenses have risen significantly, with financial expenses increasing from 139 million yuan in 2023 to 224 million yuan in 2024, a 61.12% rise, primarily due to increased financing [7]. - Research and development expenses surged from 25.84 million yuan to 66.57 million yuan, marking a 157.6% increase as the company intensified its R&D efforts [7]. - The company's asset-liability ratio increased from 64.08% in 2023 to 71.12% in 2024, indicating a growing debt burden [8]. Strategic Transactions - In 2024, AoFei Data acquired 70% of Sichuan Huatuo for 1.174 billion yuan and later sold the same stake for 1.3 billion yuan, indicating a strategic move to focus on core business areas and improve liquidity [9]. - The sale of Sichuan Huatuo was aimed at reducing the company's asset-liability ratio and reallocating funds to core operations [9]. Project Development - The company is actively developing large data center projects in locations such as Langfang, Guangzhou, Tianjin, and Chengdu, with significant investments already made [10]. - As of the latest reports, the Guangzhou Nansha data center has seen an investment of 1.114 billion yuan with revenue of 231 million yuan, while the Langfang Gu'an data center has received 2.814 billion yuan with revenue of 514 million yuan [10].