Guangdong Aofei Data Technology (300738) 长江证券·2024-10-31 06:52Investment Rating - The report maintains a "Buy" rating for the company [7][6] Core Insights - The company achieved a revenue of 1.581 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 52.2%. The growth was driven by the deployment of data centers and server sales [3][4] - The gross profit margin showed a significant improvement, primarily due to an increase in cabinet delivery rates and a decrease in the proportion of server sales [4] - The company has a rich pipeline of ongoing projects and is advancing the construction of core regional reserve projects. A recent agreement for a data center is expected to generate revenue of 1.089 billion yuan, providing support for future growth [5][6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 520 million yuan, a year-on-year increase of 39.9%, but a quarter-on-quarter decline of 23.5%. The net profit attributable to the parent company was 30 million yuan, down 38.5% year-on-year [3][4] - The EBITDA for the first three quarters was 603 million yuan, reflecting a year-on-year increase of 38.9% [3] Project Development - As of June 2024, the company operates 13 self-built data centers across various cities, with a total cabinet count exceeding 39,000 and a total floor area of over 240,000 square meters [5] - The company is progressing with the construction of a large data center in Hebei, which is expected to enhance regional synergy with other data centers [5] Profit Forecast and Investment Recommendations - The report forecasts the company's net profit for 2024-2026 to be 158 million yuan, 196 million yuan, and 232 million yuan, respectively, with corresponding PE ratios of 56x, 45x, and 38x [6] - The expected EBITDA for the same period is projected to be 976 million yuan, 1.182 billion yuan, and 1.427 billion yuan, with EV/EBITDA ratios of 13x, 12x, and 11x [6]