中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

奥飞数据 2025042220250416 摘要 • 奥飞数据 2024 年利润下滑，受新增固定资产折旧、财务费用及资产减值 影响，但 2025 年一季度收入同比增长超 40%，IDC 业务环比增长显著， 利润同比提升，但受所得税收益变化影响。 • 奥飞数据业绩增长得益于人工智能行业发展推动 IDC 需求增加，以及公司 前期高资本性开支和充足的资金支持，使其在重资产行业中占据优势。 • 截至 2025 年一季度末，奥飞数据累计运营机柜达 235-240 兆瓦，计划后 续交付廊坊固安、天津一期及河北保定项目，预计新增 IT 容量约 100 兆 瓦，年底运营机柜容量达 340 兆瓦左右。 • 奥飞数据采取"广积粮，高筑墙"战略，通过融资储备资金，并在核心区 域储备资源，以快速响应 AI 时代需求，实现快速交付。 • 2026 年奥飞数据重点项目将进入收尾阶段，预计交付超过 200 兆瓦，全 部项目完成交付，数据中心行业需求端拉动明显，上游设备涨价，国家收 紧 IDC 审批。 • 2025 年一季度 IDC 业务毛利率在 30%以上，剔除贸易类业务后，毛利率 较去年同期有所提升，大约在 32%左右。研发费用显著增长 ...

Core Viewpoint - The company, AoFei Data, has experienced a doubling of revenue from 2022 to 2024, but its net profit has decreased by 25% during the same period, indicating a concerning trend of rising costs outpacing revenue growth [1][4]. Revenue and Profit Summary - In 2024, AoFei Data reported revenue of 2.165 billion yuan, a 62.18% increase from the previous year, while net profit was 124 million yuan, down 12.2% year-on-year [1][4]. - The company's revenue for 2022, 2023, and 2024 was 1.097 billion yuan, 1.335 billion yuan, and 2.165 billion yuan respectively, showing consistent growth, while net profit figures were 166 million yuan, 141 million yuan, and 124 million yuan, reflecting a downward trend [4][6]. - The first quarter of 2025 showed revenue of 536 million yuan, a 40.62% increase year-on-year, and net profit of 51.75 million yuan, up 2.47% [4]. Business Segments and Margins - Revenue in 2024 was derived from four main segments: IDC services (64.05%), other internet services (25.83%), distributed photovoltaic energy-saving services (4.07%), and optical module sales (6.05%) [6]. - The gross margins for IDC services and other internet services were 29.7% and 16.15% respectively, both showing increases from the previous year [6]. Expense and Debt Analysis - AoFei Data's expenses have risen significantly, with financial expenses increasing from 139 million yuan in 2023 to 224 million yuan in 2024, a 61.12% rise, primarily due to increased financing [7]. - Research and development expenses surged from 25.84 million yuan to 66.57 million yuan, marking a 157.6% increase as the company intensified its R&D efforts [7]. - The company's asset-liability ratio increased from 64.08% in 2023 to 71.12% in 2024, indicating a growing debt burden [8]. Strategic Transactions - In 2024, AoFei Data acquired 70% of Sichuan Huatuo for 1.174 billion yuan and later sold the same stake for 1.3 billion yuan, indicating a strategic move to focus on core business areas and improve liquidity [9]. - The sale of Sichuan Huatuo was aimed at reducing the company's asset-liability ratio and reallocating funds to core operations [9]. Project Development - The company is actively developing large data center projects in locations such as Langfang, Guangzhou, Tianjin, and Chengdu, with significant investments already made [10]. - As of the latest reports, the Guangzhou Nansha data center has seen an investment of 1.114 billion yuan with revenue of 231 million yuan, while the Langfang Gu'an data center has received 2.814 billion yuan with revenue of 514 million yuan [10].

Core Viewpoint - The company reported significant revenue growth but faced a decline in net profit due to increased costs associated with high debt and heavy investment in fixed assets [1][2]. Financial Performance - The company achieved a revenue of 2.165 billion yuan, representing a year-on-year increase of 62.18% [1]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 104 million yuan, a decrease of 17.92% year-on-year [1]. - Depreciation and amortization expenses rose from 282 million yuan in 2023 to 421 million yuan in 2024, an increase of 49.51% [1]. - Financial expenses increased from 139 million yuan in 2023 to 224 million yuan in 2024, a rise of 61.12% [1]. Asset and Liability Management - As of December 31, 2024, the company had total assets of 11.685 billion yuan and total liabilities of 8.310 billion yuan, resulting in a debt-to-asset ratio of 71.11%, up by 7.04 percentage points from the previous year [2]. - The company has added fixed assets worth 2.069 billion yuan and liabilities of 2.807 billion yuan during the reporting period [1]. Market and Industry Trends - The demand for computing power is rapidly increasing, driven by national initiatives promoting new infrastructure investments [2]. - The company is in an expansion phase with multiple large data center projects under construction in major cities like Beijing, Guangzhou, and Shenzhen [2]. - The industry is experiencing intensified competition, with new entrants and existing players expanding, leading to a potential decline in overall gross margins [2]. Future Outlook - The computing infrastructure boom is showing signs of cooling, with a shift towards a new paradigm prioritizing resource efficiency [3]. - The company has several data center and intelligent computing center projects scheduled for delivery in 2025, including multiple centers in Langfang and Tianjin [3]. - Despite the growth in computing power, operational challenges persist, with average cabinet utilization rates reported between 20% to 30% [3].

Core Insights - The collaboration between RYTHM (若羽臣) and Aofei Data (奥飞数据) aims to enhance RYTHM's brand management capabilities through localized AI deployment, ensuring efficient and healthy development of its self-developed systems and full-link brand management business [1][3]. Group 1: Strategic Collaboration - Aofei Data will provide RYTHM with secure, stable, and efficient computing power support, driving innovation in RYTHM's brand business through comprehensive digital transformation [1][3]. - The partnership will enable RYTHM to integrate industry-level data assets with core business data assets, facilitating organic collaboration and value release of internal and external data resources [3][5]. Group 2: AI Deployment and Optimization - RYTHM plans to leverage Aofei Data's stable technical services to implement AI projects with a focus on data security, customizing AI models to meet diverse business scenarios [3][8]. - The company will build a group intelligence platform based on high-performance computing power to address multi-scenario operational needs, enhancing business efficiency and decision-making accuracy [7][8]. Group 3: Brand Strategy and Industry Leadership - RYTHM is committed to high-quality business development through digital empowerment, utilizing AI and big data for precise decision-making and operational advancement [8][9]. - The company has integrated advanced models like DeepSeek R1 and OpenAI GPT-4 to create a comprehensive digital decision-making model, optimizing product development, operational decisions, and supply chain management [8][9].

Core Viewpoint - The recent financial performance of Guangdong Aofei Data Technology Co., Ltd. shows significant growth in both internet comprehensive services and traditional IDC services, driven by the increasing demand for AI computing power [1][2]. Financial Performance - In 2024, the company's internet comprehensive services revenue surged by 264.22% to 559 million yuan, accounting for an increase of approximately 14 percentage points compared to the previous year [1]. - Traditional IDC services contributed 1.387 billion yuan in revenue, reflecting a year-on-year growth of 24.14%, with a gross margin increase of 2.13 percentage points [1]. - The total operating revenue for the year reached 2.165 billion yuan, marking a year-on-year increase of 62.18% [1]. Dividend and Stock Performance - Aofei Data announced a cash dividend of 0.13 yuan per share (before tax), with a total distribution amounting to 12.81 million yuan [1]. - On April 21, the company's stock closed at 22.00 yuan, with a single-day increase of 5.67% [1]. Business Segmentation - The company categorizes its services into IDC services and internet comprehensive services, with the latter focusing on AI-related growth areas [2]. - The company has adopted a high-debt, high-investment growth model, with new fixed assets amounting to 2.069 billion yuan and new liabilities of 2.807 billion yuan [2]. Profitability and Challenges - In 2024, the net profit attributable to the parent company decreased by 12.2% to 124 million yuan, primarily due to rising fixed asset investments and financial costs [2]. - The accounts receivable balance at the end of the period was 685 million yuan, with a bad debt provision of 52.24 million yuan [2]. Q1 2025 Performance - For Q1 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 40.62%, and a net profit of 51.75 million yuan, a slight increase of 2.47% [3]. - Accounts receivable decreased by 41.75% to 369 million yuan, while long-term borrowings rose by 33.36% to 3.118 billion yuan [3]. Future Outlook - The company anticipates increased demand for data centers, particularly intelligent computing centers, driven by the growth of the AI industry [3]. - As of the end of 2024, Aofei Data had completed or was constructing 14 self-operated data centers, with a total cabinet count exceeding 43,000, representing a year-on-year growth of over 20% [3]. Sustainability Initiatives - The company has achieved carbon neutrality certification for all self-built data centers for 2023 and is promoting distributed photovoltaic power generation projects [3]. - By the end of 2024, Aofei Data had completed 238 grid-connected projects, totaling approximately 214 megawatts, contributing to revenue from light module sales of 131 million yuan and distributed photovoltaic energy-saving services of 88 million yuan [3].

Revenue and Profit - The company achieved significant revenue growth in Q1 2025, with total revenue reaching 536 million yuan, a year-on-year increase of 40.62% [2] - However, the growth of net profit attributable to shareholders and net profit excluding non-recurring items was relatively slow, at 51.75 million yuan and 54.61 million yuan, with year-on-year increases of 2.47% and 2.29% respectively [2] Profitability - The company's gross margin was 31.58%, an increase of 1.64 percentage points compared to the same period last year, indicating improved cost control [3] - The net profit margin was 9.7%, a year-on-year decrease of 25.29%, suggesting challenges in profit conversion [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 87.53 million yuan, accounting for 16.33% of revenue, a decrease of 11.33 percentage points from the previous year, indicating improved expense management [4] Cash Flow and Debt Situation - The company's cash and cash equivalents significantly increased to 761 million yuan, a year-on-year growth of 137.39%, while accounts receivable decreased to 369 million yuan, down 18.38% [5] - Interest-bearing liabilities rose to 7.915 billion yuan, a year-on-year increase of 53.97%, indicating increased short-term debt pressure, with a current ratio of only 0.56, raising concerns about debt repayment capacity [5] Per Share Metrics - The net asset value per share was 3.47 yuan, a year-on-year increase of 7.49% [6] - Operating cash flow per share was 0.2 yuan, a significant year-on-year increase of 1134.69%, indicating improved cash flow from operations [6] - Earnings per share were 0.05 yuan, a slight year-on-year decrease of 0.19% [6] Business Model and Capital Structure - The company's performance is primarily driven by capital expenditures and equity financing, necessitating close attention to the rationality of capital expenditure projects and funding pressures [7] - The company's return on invested capital (ROIC) was 4.28%, indicating weak capital returns, with a net profit margin of 5.88%, suggesting average value addition of products or services [7]

Summary of Aofei Data Conference Call Company Overview - **Company**: Aofei Data - **Year**: 2024 and Q1 2025 Key Financial Metrics - **2024 Revenue**: 2.16 billion CNY, a 62% year-over-year increase [3] - **2024 Net Profit**: Declined due to increased depreciation, financial costs, and asset impairment provisions totaling 81 million CNY [3][4] - **Q1 2025 Revenue**: 535 million CNY, a 40.62% year-over-year increase, but a decrease from the previous quarter [3][4] - **2024 IDC Service Revenue**: 1.38 billion CNY, over 20% growth [3][4] - **2024 Gross Margin for IDC**: Close to 30%, indicating improved cabinet utilization [3][8] Operational Highlights - **Fixed Asset Investment**: Nearly 2 billion CNY in 2024 and over 1 billion CNY in Q1 2025, reflecting rapid growth in cabinet numbers [3][5] - **Cabinet Delivery**: Increased from 35,000 in 2023 to 43,000 by the end of 2024, with plans for an additional 100 MW in 2025 [7][9] - **New Projects**: Ongoing upgrades at the Yizhuang Data Center and new projects in Zhangjiakou and Chengdu [12][9] Industry Insights - **Market Demand**: Industry demand is recovering, although short-term impacts from policy changes are expected [19][20] - **Average Industry Return**: Estimated at 11% to 13%, with future price trends dependent on supply-demand dynamics [21] - **Regulatory Environment**: Local governments are conducting research, which may lead to a pause in new project approvals [20][23] Strategic Initiatives - **Expansion Plans**: The company is pursuing new regional layouts through acquisitions and self-built projects [10][25] - **Capital Expenditure**: Expected to be 3 to 4 billion CNY in 2025, funded through cash flow from delivered projects, targeted equity offerings, and partnerships with local state-owned platforms [18] - **Customer Acquisition**: Actively seeking new clients through mergers and acquisitions, while also focusing on existing customer relationships [25] Risks and Challenges - **Asset Impairment**: Notable increase in asset impairment provisions, indicating potential credit risks from clients [4] - **Financial Costs**: Anticipated financial expenses for 2025 could reach 240 to 300 million CNY due to new project debt [24] Additional Notes - **Growth in Distributed Photovoltaic Business**: Achieved significant growth in 2024, with expectations for continued expansion in 2025 [27] - **Focus on Rental Business**: Transitioning towards a rental model in the computing power sector, with a focus on market adaptability [16][17]

Core Viewpoint - The company, AoFei Data, is a leading provider of internet cloud computing and big data infrastructure solutions in China, focusing on building a digital industry ecosystem that adapts to new network communication technologies like 5G [4][5][6]. Company Overview - AoFei Data is dedicated to providing high-quality internet infrastructure and cloud computing services across various emerging digital technology sectors, including AI, smart manufacturing, and e-commerce [4][5]. - The company operates its own high-quality internet data centers in over 30 cities in China and has established significant partnerships with major telecom operators [4][5]. Business Model - The company primarily operates in the downstream of basic telecom operators, utilizing existing internet communication lines and bandwidth resources to provide services such as bandwidth leasing and data center services [8][10]. - AoFei Data's service offerings include IDC services, content delivery networks (CDN), data synchronization, and network security [6][8]. Financial Highlights - The company has received a standard unqualified audit opinion from its accounting firm, Rongcheng Accounting Firm [2]. - The company has proposed a profit distribution plan, offering a cash dividend of 0.13 yuan per 10 shares [3]. Recent Developments - In response to national carbon neutrality strategies, the company has developed a carbon neutrality and renewable energy strategy, achieving carbon neutrality certification for all its self-built data centers in 2023 [7][39]. - The company has initiated a share repurchase plan, intending to buy back shares worth between 50 million and 100 million yuan [22][23]. Investment Activities - The company has invested in an industrial investment fund focused on early-stage companies in the general artificial intelligence sector, committing 50 million yuan [37]. - AoFei Data has also acquired a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. for approximately 117.37 million yuan [33][34]. Future Plans - The company plans to issue A-shares to specific investors to raise up to 175 million yuan for new projects in cloud computing and artificial intelligence [41].