2025 年 09 月 05 日 奥飞数据 (300738) —— 增速与利润率提升并进，储备资源蓄势待发 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 04 日 | | --- | --- | | 收盘价（元） | 20.30 | | 一年内最高/最低（元） | 28.88/8.48 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 0.06 | | 流通 A 股市值（百万元） | 19,993 | | 上证指数/深证成指 | 3,765.88/12,118.70 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.51 | | 资产负债率% | 74.51 | | 总股本/流通 A 股（百万） | 985/985 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-04 10-04 11-04 12-04 01-04 02-04 03-04 04-04 05-04 06-04 07-04 08-0 ...

9月5日，奥飞数据盘中上涨2.02%，截至13:32，报20.71元/股，成交6.42亿元，换手率3.19%，总市值 204.03亿元。 资金流向方面，主力资金净流入256.16万元，特大单买入1794.46万元，占比2.80%，卖出2858.56万元， 占比4.45%；大单买入1.47亿元，占比22.86%，卖出1.34亿元，占比20.81%。 奥飞数据所属申万行业为：通信-通信服务-通信应用增值服务。所属概念板块包括：数据要素、网络安 全、粤港澳、百度概念、边缘计算等。 截至6月30日，奥飞数据股东户数10.42万，较上期减少13.14%；人均流通股9452股，较上期增加 15.14%。2025年1月-6月，奥飞数据实现营业收入11.48亿元，同比增长8.20%；归母净利润8789.69万 元，同比增长16.09%。 分红方面，奥飞数据A股上市后累计派现1.13亿元。近三年，累计派现5293.44万元。 奥飞数据今年以来股价涨42.96%，近5个交易日跌11.91%，近20日涨3.97%，近60日涨6.93%。 今年以来奥飞数据已经2次登上龙虎榜，最近一次登上龙虎榜为2月21日，当日龙虎榜净买入-2.06 ...

奥飞数据所属申万行业为：通信-通信服务-通信应用增值服务。所属概念板块包括：网络安全、粤港 澳、数据要素、算力概念、百度概念等。 截至6月30日，奥飞数据股东户数10.42万，较上期减少13.14%；人均流通股9452股，较上期增加 15.14%。2025年1月-6月，奥飞数据实现营业收入11.48亿元，同比增长8.20%；归母净利润8789.69万 元，同比增长16.09%。 分红方面，奥飞数据A股上市后累计派现1.13亿元。近三年，累计派现5293.44万元。 机构持仓方面，截止2025年6月30日，奥飞数据十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1370.70万股，相比上期增加370.39万股。广发科技先锋混合（008903）位居第三大流通股 东，持股1240.38万股，为新进股东。易方达供给改革混合（002910）位居第四大流通股东，持股975.40 万股，相比上期增加58.07万股。南方中证1000ETF（512100）位居第六大流通股东，持股727.49万股， 相比上期增加150.17万股。财通资管数字经济混合发起式A（017483）位居第八大流通股东，持股 481.45万股 ...

Group 1 - The core viewpoint of the news is that Aofei Data's stock has seen a significant increase, with a rise of 5.02% to 24.69 CNY per share, and a total market capitalization of 24.32 billion CNY [1] - Aofei Data, established on September 28, 2004, operates in the Internet Data Center (IDC) sector, with its main business revenue composition being 64.05% from IDC services, 25.83% from other internet services, 6.05% from optical module sales, and 4.07% from distributed photovoltaic energy-saving services [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has Aofei Data as a top ten holding, with Jiashi Information Industry Stock Initiation A (017488) holding 2.7123 million shares, accounting for 3.43% of the fund's net value [2] - The Jiashi Information Industry Stock Initiation A fund has achieved a year-to-date return of 50.96%, ranking 250 out of 4222 in its category, and a one-year return of 136%, ranking 39 out of 3779 [2] Group 3 - The fund manager of Jiashi Information Industry Stock Initiation A is Li Tao, who has been in the position for 4 years and 304 days, with the fund's total asset size at 4.755 billion CNY [3] - During Li Tao's tenure, the best fund return was 116.77%, while the worst return was -15.41% [3]

Core Viewpoint - The company reported a strong performance in the first half of 2025, driven by the growing demand for intelligent computing centers and the AI boom, leading to significant revenue and profit growth [1][2][3]. Financial Performance - The company's operating revenue increased by 8.20% year-on-year to 1.148 billion yuan, while net profit attributable to shareholders rose by 16.09% to 88 million yuan, and EBITDA surged by 50.87% to 594 million yuan [1]. - IDC business revenue grew by 42.22% year-on-year to 895 million yuan, primarily due to the robust development of AI applications and the increasing demand for intelligent computing centers [2]. - The gross profit margin for the first half of 2025 was 33.49%, an increase of 9.52 percentage points year-on-year, attributed to a higher proportion of revenue from the data center business and improved project delivery rates [2]. Project Development - The company is actively advancing the construction and delivery of large intelligent computing centers in locations such as Langfang, Tianjin, Zhangjiakou, and Guangzhou, contributing to steady performance growth [1]. - The company is progressing with the construction of a large data center project in Hebei Huailai, which is planned to have 15,000 cabinets [2]. Market Outlook - The data center industry is expected to shift from oversupply to a state of demand exceeding supply, driven by AI, providing the company with new growth opportunities [3]. - The company maintains a positive long-term growth outlook, with projected EBITDA of 1.106 billion, 1.371 billion, and 1.635 billion yuan for 2025 to 2027, reflecting a compound annual growth rate of 26.8% [3]. Valuation - The company is assigned a target price of 31.17 yuan per share, based on an EV/EBITDA multiple of 32.5 for 2025, which is higher than the average of comparable companies [3].

据证券之星公开数据整理，近期奥飞数据(300738)发布2025年中报。截至本报告期末，公司营业总收入 11.48亿元，同比上升8.2%，归母净利润8789.69万元，同比上升16.09%。按单季度数据看，第二季度营 业总收入6.12亿元，同比下降9.97%，第二季度归母净利润3614.94万元，同比上升43.37%。本报告期奥 飞数据短期债务压力上升，流动比率达0.39。 本次财报公布的各项数据指标表现尚佳。其中，毛利率33.49%，同比增39.75%，净利率8.31%，同比增 15.47%，销售费用、管理费用、财务费用总计1.83亿元，三费占营收比15.92%，同比增12.9%，每股净 资产3.51元，同比增7.83%，每股经营性现金流0.46元，同比增91.04%，每股收益0.09元，同比增13.43% 该公司被1位明星基金经理持有，该明星基金经理最近还加仓了，持有该公司的最受关注的基金经理是 易方达基金的杨宗昌，在2024年的证星公募基金经理顶投榜中排名前五十，其现任基金总规模为40.97 亿元，已累计从业6年129天，综合其过往业绩分析，该基金经理基本面选股能力出众，擅长挖掘成长 股。 | 项目 | ...

8月27日，奥飞数据（300738.SZ）披露2025年半年报，上半年实现营业收入11.48亿元，同比增长8.20%；归母净利润8789.69万元，同比增长16.09%，相较 于去年的增收不增利，盈利能力有所改善。 但亮眼数据难掩隐忧：74.51%的资产负债率、远超净利的财务费用、低于同行的净利率水平，暴露了奥飞数据仍在负重前行，举债扩张带来的流动性承压 明显。 为缓解资金压力，奥飞数据接连出售子公司、引入战投，并抛出大手笔定增。然而，定增募资缩水、1425个待建机柜未锁定合作意向，为后续公司化债与产 能消化蒙上一层阴影。 利息支出超过净利，负债率攀升 资料显示，奥飞数据是国内领先的互联网云计算与大数据基础服务综合解决方案提供商，主要为客户提供IDC服务及其他互联网综合服务。其中，IDC服务 为公司的核心业务，上半年实现营收8.95亿元，占总营收的比重约78%。 业绩的修复离不开上半年项目的集中交付。据披露，奥飞数据目前正推进廊坊固安、天津武清、张家口怀来、广州南沙、成都双流等五大重点项目的建设。 报告期内，廊坊固安数据中心第五栋、天津武清数据中心二期项目及三期项目部分交付运营。 财报显示，公司上半年综合毛利 ...

奥飞数据 (300738 CH) EBITDA 快速增长，盈利能力改善 2025 年 8 月 28 日│中国内地 通信服务 1H25 公司营业收入同比增长 8.20%至 11.48 亿元；归母净利润同比增长 16.09%至 0.88 亿元；EBITDA 同比增长 50.87%至 5.94 亿元。受益于国内 旺盛的智算建设需求，公司积极推进廊坊固安、天津武清、张家口怀来、广 州南沙等大型智算中心的建设和交付工作，实现业绩稳步增长。在 AI 的带 动下，我们观察到数据中心行业供需格局呈现出明显的好转迹象，公司拥有 核心地段的 IDC 项目储备及优质的客户资源积累，有望在本轮 AI 浪潮中率 先受益，实现机柜规模及 EBITDA 的高速增长，维持"买入"评级。 证券研究报告 数据中心业务收入快速增长，大型数据中心项目交付上架提速 分业务来看，1H25 公司 IDC 业务收入同比增长 42.22%至 8.95 亿元，主要 受益于国内 AI 应用的蓬勃发展，智算中心需求进一步增加，上半年公司廊 坊固安数据中心第五栋、天津武清数据中心二期项目及三期项目部分交付运 营，此外，公司有序推进河北怀来项目的土建环节，规划建成一座 ...

Core Viewpoint - The recent financial report of Aofei Data (300738) shows a positive trend in revenue and net profit, despite a decline in quarterly revenue, indicating potential growth opportunities and financial pressures [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.148 billion yuan, an increase of 8.2% year-on-year [1]. - Net profit attributable to shareholders was 87.89 million yuan, up 16.09% year-on-year [1]. - In Q2 2025, total revenue was 612 million yuan, a decrease of 9.97% compared to the previous year, while net profit for the same period was 36.14 million yuan, an increase of 43.37% year-on-year [1]. - Gross margin improved to 33.49%, a year-on-year increase of 39.75%, and net margin rose to 8.31%, up 15.47% year-on-year [1]. - The company reported a current ratio of 0.39, indicating increased short-term debt pressure [1]. Cost and Efficiency Metrics - Total operating expenses (sales, management, and financial expenses) amounted to 183 million yuan, accounting for 15.92% of revenue, which is a 12.9% increase year-on-year [1]. - Earnings per share (EPS) increased to 0.09 yuan, a rise of 13.43% year-on-year, while operating cash flow per share reached 0.46 yuan, up 91.04% year-on-year [1]. Debt and Cash Flow Analysis - The company’s cash and cash equivalents decreased by 31.81% to 388 million yuan, and accounts receivable fell by 33.53% to 417 million yuan [1]. - Interest-bearing liabilities increased by 32.31% to 8.232 billion yuan, leading to a debt-to-asset ratio of 45.29% [3]. Investment Sentiment - Analysts project a net profit of 208 million yuan for 2025, with an average EPS estimate of 0.21 yuan [4]. - Aofei Data is held by prominent fund managers, including Yang Zongchang from E Fund, who has recently increased his stake in the company [4][5].

Summary of Aofei Data Conference Call Company Overview - Aofei Data is a leading player in the domestic IDC (Internet Data Center) industry, showing strong growth in revenue and profitability. [2][4][5] Key Financial Metrics - IDC revenue for the first half of 2025 increased by 42.45% year-on-year, with a sequential growth of over 10% for three consecutive quarters. [2][4] - Gross margin has improved significantly, rising from 29% in the annual report to over 40% currently. [4] - EBITDA reached 590 million yuan, a year-on-year increase of 50.87%. [2][4] - Total assets are nearing 14 billion yuan, indicating substantial growth potential. [5] Expansion Plans - The company currently operates 57,000 standard cabinets, equating to 250 megawatts (MW) of IT power, with plans to add 150 MW in 2025. [2][8] - 50 MW has already been completed, and an investment of nearly 2 billion yuan is underway for ongoing projects, expecting to add approximately 100 MW. [2][8] - Aofei Data has reserved about 60 MW of energy resources through mergers and acquisitions to maintain flexibility and scale quickly when demand arises. [2][9] Industry Dynamics - Despite concerns in Q2 regarding capital expenditures from major players like Tencent and Alibaba, the overall market situation is improving due to the release of domestic production capacity and better supply of imported cards. [2][6] - The Chinese technology industry is in a once-in-20-years bull market, with a significant potential for growth in computing power, expected to increase by more than tenfold to catch up with the U.S. [3] Strategic Focus - Aofei Data is focusing on the renewable energy sector as a strategic direction, planning to list its renewable energy segment to mitigate high electricity costs associated with IDC operations. [4][14][15] - The company is also launching distributed photovoltaic projects to further offset electricity costs. [16] Risk Management - The company adheres strictly to accounting standards for credit impairment, with receivables and bad debt losses reported at over 60 million and 15 million yuan, respectively. [20] - The ability to recover these impairments will depend on actual circumstances, particularly the long delivery cycles affecting cash flow. [20] Future Outlook - Aofei Data is well-positioned for growth in the ongoing technology bull market, with expectations for significant development over the next three years. [21]