Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 8.71 RMB [6] Core Views - The company achieved a significant revenue growth of 59.04% YoY in H1 2024, reaching 1.061 billion RMB, driven by the delivery of Langfang Gu'an Data Center and increased sales of AI computing servers [1][2] - Q2 2024 revenue surged by 95.91% YoY to 680 million RMB, primarily due to the strong performance of AI server sales [1][2] - The company's gross margin declined to 23.97% in H1 2024, down 3.79 percentage points YoY, mainly due to changes in product structure and increased depreciation from newly built cabinets [3] - The company is expected to further diversify its cabinet layout with the delivery of new projects in Guangzhou Nansha, Langfang Gu'an, and Tianjin Wuqing Data Centers in H2 2024, which will support future profit growth [4] Financial Performance - In H1 2024, the company reported a net profit attributable to the parent company of 75.71 million RMB, up 3.05% YoY, and a non-GAAP net profit of 80.96 million RMB, up 17.13% YoY [1] - The company's EBITDA is projected to grow from 549.32 million RMB in 2023 to 1.25393 billion RMB in 2026, with a CAGR of 23.11% [5] - The company's EPS is expected to increase from 0.15 RMB in 2023 to 0.40 RMB in 2026, reflecting strong earnings growth [5] Business Expansion - As of June 2024, the company operates over 39,000 self-built cabinets and has a total data center area exceeding 240,000 square meters [4] - The company has expanded into the optical module sector by acquiring a 70% stake in Sichuan Huatuo Optoelectronics Co Ltd [4] - In the new energy sector, the company has completed 186 grid-connected projects and signed 395 projects with a total capacity of 576 MW as of June 2024 [4] Valuation Metrics - The company's P/E ratio is expected to decline from 59.46 in 2023 to 21.70 in 2026, indicating improving valuation attractiveness [5] - The EV/EBITDA ratio is projected to decrease from 23.11 in 2023 to 10.48 in 2026, reflecting stronger earnings relative to enterprise value [5] - The company's P/B ratio is forecasted to decline from 2.74 in 2023 to 2.14 in 2026, suggesting a more favorable valuation relative to book value [5]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,060,983,158.96, representing a 59.04% increase compared to ¥667,115,239.82 in the same period last year[12]. - Net profit attributable to shareholders was ¥75,713,680.62, a slight increase of 3.05% from ¥73,472,550.74 in the previous year[12]. - The total assets of the company increased by 22.14% to ¥10,490,010,176.93 from ¥8,588,621,586.84 at the end of the previous year[12]. - The net assets attributable to shareholders rose by 5.30% to ¥3,227,379,136.24 compared to ¥3,065,038,769.07 at the end of the previous year[12]. - The basic earnings per share decreased by 5.05% to ¥0.0789 from ¥0.0831 in the same period last year[12]. - The diluted earnings per share also saw a decline of 4.83%, falling to ¥0.0789 from ¥0.0829[12]. - The net cash flow from operating activities was ¥231,210,562.27, down 20.19% from ¥289,689,003.45 in the previous year[12]. - The weighted average return on equity decreased to 2.43% from 3.37% in the same period last year, reflecting a decline of 0.94%[12]. Investments and Acquisitions - The company acquired 70% of Sichuan Huatuo Optical Communication Co., Ltd. for CNY 117.37 million to expand into the optical module sector[18]. - The company implemented its first share buyback, repurchasing 5,090,000 shares for a total amount of CNY 50.04 million[18]. - The company plans to issue convertible bonds with a total amount not exceeding CNY 905 million, primarily for the Pangu Cloud Tai Data Center project[19]. - The company has invested CNY 103,738,119.45 in the self-built digital smart industry park project, with a cumulative actual investment of CNY 1,032,148,107.64[43]. - The new generation cloud computing and artificial intelligence industrial park project has an investment of CNY 355,257,414.49, with a cumulative actual investment of CNY 3,463,934,713.38[44]. Research and Development - The company invested ¥29,159,863.54 in R&D, a 66.79% increase from ¥17,483,484.52, reflecting a commitment to enhancing technological capabilities[27]. - The company added 15 software copyrights and 5 patents during the reporting period, enhancing its technological service capabilities[19]. - Research and development expenses increased to CNY 29,159,863.54, up from CNY 17,483,484.52, representing a 66.7% rise year-over-year[120]. Market and Competition - The company faces risks related to intensified market competition and technological updates, as outlined in the risk management section[2]. - The company is responding to national strategies by participating in the "Yue Calculation" action plan for high-quality development of computing infrastructure in Guangdong Province[21]. - The company is involved in the construction of a collaborative computing supply system in the Beijing-Tianjin-Hebei region, focusing on intelligent computing needs[22]. - The company aims to enhance its computing service capabilities by upgrading existing data centers to intelligent computing centers by 2026[22]. Financial Health and Liabilities - The company's financial expenses surged by 113.25% to ¥110,524,825.41, attributed to the gradual delivery of several data centers[27]. - The company reported a total equity of CNY 3.26 billion, up from CNY 3.09 billion, reflecting an increase of approximately 5.5%[116]. - The company's total liabilities increased, with short-term borrowings at 1,446,069,938.84 yuan, accounting for 13.79% of total liabilities, showing no significant change from the previous period[34]. - The company's cash and cash equivalents at the end of the reporting period amounted to 569,649,614 yuan, which is 5.43% of total assets, an increase from 435,935,225 yuan (5.08% of total assets) at the end of the previous year[34]. Shareholder and Governance - The company plans to distribute a cash dividend of 0.21 RMB per 10 shares for the 2023 annual profit distribution[106]. - The company has implemented a stock incentive plan, with 834,170 shares becoming invalid due to the departure of 20 incentive recipients[59]. - The company has not reported any major litigation or arbitration matters during the reporting period, indicating a stable legal environment[67]. - The company has not experienced any violations or penalties during the reporting period, maintaining a clean compliance record[69]. Future Outlook - The company has provided a positive outlook for the remainder of 2024, projecting continued revenue growth and market expansion[83]. - The company plans to expand its market presence and invest in new product development to enhance competitiveness in the upcoming quarters[138]. - Future outlook remains cautiously optimistic, with a focus on improving financial performance and shareholder value[134]. Accounting and Financial Reporting - The financial report was approved by the board of directors on August 26, 2024[140]. - The company adheres to the accounting standards and has ensured that its financial statements accurately reflect its financial position and operating results[145]. - The company follows specific accounting treatments for business combinations, recognizing identifiable assets and liabilities at fair value on the acquisition date[151]. - The company must include previously excluded subsidiaries in the consolidated financial statements upon changing from an investment entity to a non-investment entity[153].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - In the first half of 2024, the company achieved operating revenue of 1.06 billion yuan, a year-on-year increase of 59%, and a net profit attributable to shareholders of 75.71 million yuan, up 3% year-on-year [2]. - The company's IDC business is accelerating, driven by strong demand for computing power related to AI and new technologies, with significant growth in internet comprehensive services revenue, which increased by 467% year-on-year [2]. - The company is actively constructing five self-built data center projects to meet high computing power demands, with over 39,000 cabinets and more than 240,000 square meters of data center space by the end of the reporting period [2]. - The acquisition of a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. for 117.37 million yuan positions the company in the optical module sector [2]. - Revenue forecasts for 2024-2026 are projected at 1.72 billion, 2.11 billion, and 2.61 billion yuan, with net profits of 200 million, 310 million, and 460 million yuan respectively, indicating a strong growth trajectory [2]. Financial Summary - For 2024, the company is expected to have an operating income of 1.72 billion yuan, with a growth rate of 28.54% [4]. - The net profit for 2024 is projected to be 202 million yuan, reflecting a growth rate of 42.76% [4]. - The company's earnings per share (EPS) is forecasted to be 0.21 yuan in 2024, with a price-to-earnings (P/E) ratio of 42 [4].

一、新增核心技术人员的具体情况 关于公司核心技术人员变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东奥飞数据科技股份有限公司 | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2024-065 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 根据广东奥飞数据科技股份有限公司（以下简称"公司"）战略发展规划， 综合考虑公司核心技术研发等实际情况，加之何烈军先生因工作职责调整将减少 参与公司具体研发项目，经公司管理层研究决定，公司不再认定何烈军先生为核 心技术人员。何烈军先生仍在公司任职，不会对公司技术研发和生产经营产生不 利影响。 为进一步完善公司的研发管理体系，加强研发技术水平和创新能力，提升研 发团队整体实力，确保技术升级和研发目标的实现，经公司管理层研究决定，公 司新增认定李灵光先生为公司核心技术人员。 奥飞数据研发团队总体保持相对稳定，何烈军先生不再认定为核心技术人员 但仍在公司任职。因此，本次公司核心技术人员变动不会对公司核心竞争力和日 常经营产生重大不利影响。 五 ...

民生证券股份有限公司 关于广东奥飞数据科技股份有限公司 核心技术人员变动的核查意见 民生证券股份有限公司（以下简称"保荐人"）作为广东奥飞数据科技股份 有限公司（以下简称"公司"或"奥飞数据"）持续督导的保荐人，根据《证券 发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作（2023 年 12 月修订）》及《深圳证券交易所创业板 股票上市规则（2024 年修订）》等有关规定，对奥飞数据核心技术人员变动的事 项进行核查，核查情况及核查意见如下： 一、核心技术人员变动的具体情况 根据奥飞数据战略发展规划，综合考虑公司核心技术研发等实际情况，加之 何烈军先生因工作职责调整将减少参与公司具体研发项目，经公司管理层研究决 定，公司不再认定何烈军先生为核心技术人员。何烈军先生仍在公司任职，不会 对公司技术研发和生产经营产生不利影响。 为进一步完善公司的研发管理体系，加强研发技术水平和创新能力，提升研 发团队整体实力，确保技术升级和研发目标的实现，经公司管理层研究决定，公 司新增认定李灵光先生为公司核心技术人员。 李灵光先生，1986 年 2 月出生，中国国籍，毕业于湛江师 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | | 广东奥飞数据科技股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）第四 届董事会第十次会议（以下简称"会议"）于 2024 年 8 月 26 日以现场与通讯相 结合的方式在公司会议室召开，以书面方式进行表决。会议通知已于 2024 年 8 月 23 日以电话通知、电子通讯通知、专人送达等方式发出送达全体董事。应当 参加会议董事 9 人，实际参加会议董事 9 人，其中董事冯康、李刚、金泳锋、康 海文以通讯方式参会。经全体董事共同推举，会议由公司董事黄展鹏先生主持， 公司监事、高级管理人员列席会议。会议的召集、召开程序以及表决程序符合《公 司法》及《公司章程》等有关规定，形成的决议合法有效。 二、 董事会会议审议情况 经与会董事认真审议，会议以记名投 ...

一、保荐工作概述 | 1.公司信息披露审阅情况 | | | --- | --- | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 | 是 | | 止关联方占用公司资源的制度、募集资金管理制度、内 | | | 控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用（募集资金已使用 | | | 完毕） | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未亲自列席，已审阅会 | | | 议文件 | | （2）列席公司董事会次数 | 未亲自列席，已审阅会 | | | 议文件 | | （3）列席公司监事会次数 | 未亲自列席，已审阅会 | | | 议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 无，计划下半年进行 ...

证券代码：300738 证券简称：奥飞数据 公告编号：2024-063 债券代码：123131 债券简称：奥飞转债 广东奥飞数据科技股份有限公司 第四届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 经审核，公司监事会认为，董事会编制的《2024 年半年度报告》及《2024 年 半年度报告摘要》的内容与格式符合中国证监会和深圳证券交易所的各项规定， 其审议、表决程序符合法律法规、规范性文件的规定，报告内容真实、准确、完 整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗 漏。 广东奥飞数据科技股份有限公司(以下简称"公司"或"奥飞数据")第四届 监事会第九次会议（以下简称"会议"）于 2024 年 8 月 26 日以现场与通讯相结 合的方式在公司会议室召开，以书面方式进行表决。会议通知已于 2024 年 8 月 23 日以电话通知、电子通讯通知、专人送达等方式发出送达全体监事。应当参加 会议监事 3 人，实际参加会议监事 3 人，其中监事陈剑钊以通讯方式参会。公司 董事会秘书列席会议。会议 ...

| 证券代码：300738 | 证券简称：奥飞数据 公告编号：2024-064 | | --- | --- | | 债券代码：123131 | 债券简称：奥飞转债 | ISO 14064 由国际标准化组织在 2006 年提出，是一个主要针对温室气体量 化的标准，在组织层面上量化和报告温室气体排放和清除的规范和指南。 继 2021 年实现所有自建数据中心的"历史碳中和"以及所有自建数据中心 2022 年"年度碳中和"，公司 2023 年持续认真执行《数据中心碳中和及新能源 战略规划》，实现所有自建数据中心 2023 年度的碳中和。公司响应国家"双碳" 战略，积极履行应尽的义务和社会责任，此次获得认证是公司数据中心碳中和及 新能源战略规划中的重要一环，公司将持续执行战略方针，确保自建数据中心每 年都能达到碳中和目标，为客户提供"零碳"绿色数据中心服务。 特此公告。 广东奥飞数据科技股份有限公司 董事会 广东奥飞数据科技股份有限公司（以下简称"公司"或"奥飞数据"）获得 由中国合格评定国家认可委员会（CNAS）指定认证机构颁发的 2023 年度公司自 建数据中心的碳中和证书，主要情况如下： 经指定认证机构按照国际标 ...

法律意见书 www.dentons.cn 广州市珠江新城珠江东路 6 号广州周大福金融中心 14 层、15 层 北京大成（广州）律师事务所 关于广东奥飞数据科技股份有限公司 2024 年第一次临时股东大会的 Tel.: 86 20 8527 7000/01 Fax: 86 20 8527 7002 北京大成（广州）律师事务所 关于广东奥飞数据科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致：广东奥飞数据科技股份有限公司 本所律师根据《股东大会规则》第五条的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神，对本次股东大会所涉及的有关事项和相关文件 进行了必要的核查和验证，出席了本次股东大会。本所假设： 1.提供予本所之文件中的所有签署、盖章及印章都是真实的，所有作为正本 提交给本所的文件都是真实、准确、完整的； 2.提供予本所之文件中所述的全部事实都是真实、准确、完整的； 3.提供予本所之文件的签署人均具有完全的民事行为能力，并且其签署行为 已获得恰当、有效的授权； 4.所有提供予本所的复印件是同原件一致的，并且这些文件的原件均是真实、 准确、完整的； 5.公司在指定信息披露媒体上公 ...