Guangdong Aofei Data Technology (300738) 天风证券·2025-04-24 12:23Investment 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 growth 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 year-on-year increase 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 gross margin improved to 31.58% [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 base from the previous year [5]. Expansion Capacity - The company has delivered 43,000 cabinets as of 2024, with plans for further expansion in key locations, including multiple data centers expected to be delivered in 2025 [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]. Financial Forecasts - The net profit attributable to the parent company is adjusted to 200 million yuan for 2025 and 290 million yuan for 2026, with an expected net profit of 410 million yuan in 2027 [8].