Guangdong Aofei Data Technology (300738) 天风证券·2025-04-24 10:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [8]. Core Views - The company is expected to achieve significant revenue growth, with a projected revenue of 2.165 billion yuan in 2024, representing a year-on-year increase of 62.18% [1]. - The company's EBITDA for 2024 is forecasted to be 820 million yuan, an increase of 34.16% year-on-year, indicating strong operational momentum [4]. - The demand for IDC services and the expansion of computing power business are driving high growth potential for the company [1][7]. Revenue Growth - The company reported a revenue of 584 million yuan in Q4 2024, a year-on-year increase of 97.35%, and 536 million yuan in Q1 2025, a growth of 40.62% [2]. Profitability Metrics - The gross margin for Q4 2024 was 28.69%, showing a year-on-year increase of 2.98 percentage points, while Q1 2025 saw a gross margin of 31.58%, up 0.5 percentage points year-on-year [3]. - The net profit attributable to the parent company for Q1 2025 was 52 million yuan, reflecting a slight year-on-year increase of 2.47% despite a high comparative base from the previous year [5]. Expansion Capacity - The company has delivered 43,000 cabinets as of 2024, all located in prime areas, indicating strong expansion capabilities [6]. - New data centers are expected to be delivered in 2025, enhancing the company's capacity to meet growing demand [6]. Computing Power Business - The company's computing power business is anticipated to grow rapidly, driven by increasing demand from cloud vendors and advancements in AI technology [7]. Profit Forecast and Investment Suggestions - The net profit forecast for 2025 is adjusted to 200 million yuan, with expectations of 290 million yuan in 2026 and 410 million yuan in 2027, reflecting a strong growth trajectory [8].