Group 1: Company Performance and Financials - The company experienced a revenue increase but a decline in net profit due to rising capital expenditures and depreciation costs, with fixed assets increasing by ¥206,926.36 million and liabilities by ¥280,683.73 million in 2024 [2][3] - The decline in net profit was also attributed to asset impairment, with the company conducting a comprehensive assessment of potential impairments and making necessary provisions [3] Group 2: Data Center Development - In 2024, the company successfully delivered the fourth data center in Langfang Gu'an and completed the construction of the fifth data center, while the first phase of the Tianjin Wuqing data center was also operational [2] - The company has established 14 self-built data centers in major cities and surrounding core areas, including Beijing, Guangzhou, and Shenzhen [3] Group 3: Research and Development - The company increased its R&D investment by 157.60% in 2024, focusing on energy-saving technologies, low-carbon intelligent computing centers, and automated operations for sustainable development [3] Group 4: Future Projects - The Hebei Huailai data center project is progressing with construction in the civil engineering phase, planning to build a large data center with 15,000 cabinets, enhancing regional synergy with other data centers in the Beijing-Tianjin-Hebei area [3]

Investment Rating - The report maintains an "Outperform" rating for the company [4][60][61] Core Views - The company is a leading third-party IDC service provider in China, with significant growth potential driven by the increasing demand for AI computing infrastructure [2][30][58] - The company plans to raise funds to continue expanding its large data center operations, with a projected EBITDA growth of 34% year-on-year in 2024 [1][4] - The company has established deep partnerships with major internet companies, enhancing its market position and revenue stability [3][46] Financial Performance - The company reported a revenue of 2.165 billion yuan in 2024, a 62% increase year-on-year, while net profit decreased by 12% to 124 million yuan [1][13] - For Q1 2025, the company achieved a revenue of 536 million yuan, a 40.7% increase year-on-year, with a net profit of 52 million yuan, up 2% year-on-year [1][13] - The company forecasts revenues of 2.676 billion yuan in 2025, with net profits expected to rise to 197 million yuan [4][55] Market Dynamics - The global AIDC market is projected to grow from $15.13 billion in 2024 to $94.03 billion by 2032, indicating a strong demand for data center services [2][33] - The company has a robust pipeline of contracts with major clients, including a recent contract worth over 1 billion yuan for data center construction and IDC services [3][46] Operational Strategy - The company has built 14 self-operated data centers and plans to expand its cabinet capacity to over 100,000 units [3][56] - The company is actively investing in key regions, including the Beijing-Tianjin-Hebei area and the Guangdong-Hong Kong-Macao Greater Bay Area, to enhance its service capabilities [3][49] Future Outlook - The company expects to achieve revenues of 2.68 billion yuan in 2025, with a projected growth rate of 23.6% [4][55] - The company aims to maintain a stable gross margin, with expectations of 27.5% in 2025 [55][57]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][60]. Core Viewpoints - The company is expected to achieve a revenue of 2.165 billion yuan in 2024, representing a year-on-year increase of 62%, with an EBITDA growth of 34% [1][4]. - The demand for AI-driven data centers (AIDC) is projected to grow significantly, with the market size expected to increase from 15.13 billion USD in 2024 to 94.03 billion USD by 2032, benefiting the company as a leading third-party data center service provider in China [2][33]. - The company has established deep partnerships with major internet companies, securing contracts exceeding 1 billion yuan for data center construction and IDC services [3][46]. Financial Performance - In 2024, the company is projected to generate a revenue of 2.165 billion yuan, with a net profit of 124 million yuan, a decrease of 12% year-on-year [1][5]. - For Q1 2025, the company reported a revenue of 536 million yuan, a year-on-year increase of 40.7%, and a net profit of 52 million yuan, a year-on-year increase of 2% [1][13]. - The company’s EBITDA for 2024 is expected to be 820 million yuan, reflecting a 34.16% increase compared to the previous year [1][4]. Business Model and Market Position - The company operates both wholesale and retail data center services, targeting large clients and small businesses respectively, with a focus on high-quality service and network stability [52][42]. - As of the end of 2024, the company has 14 self-built data centers with a total cabinet capacity exceeding 43,000 units, primarily located in major cities such as Beijing, Guangzhou, and Shenzhen [3][47]. - The company plans to raise 1.75 billion yuan to build a new generation of cloud computing and AI industrial parks, further expanding its data center capabilities [3][54]. Future Outlook - Revenue forecasts for 2025-2027 are 2.676 billion yuan, 3.342 billion yuan, and 3.830 billion yuan, respectively, with expected net profits of 197 million yuan, 310 million yuan, and 413 million yuan [4][55]. - The company is positioned to benefit from the rapid growth of the AI and data center market, with significant capital investments from major tech firms [31][33]. - The projected EV/EBITDA multiples for 2025 are 26.3, 21, and 18.5, indicating a favorable valuation compared to peers [4][60].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company has achieved rapid growth in revenue and EBITDA due to the delivery of new data centers and increased rack utilization, alongside the development of computing equipment and computing leasing business. However, profits are temporarily affected by increased depreciation and financial expenses. The company is continuously advancing core regional reserve project construction and is expected to enter a significant delivery year in 2025. The company is seizing the current AI demand explosion, focusing on "ensuring delivery and promoting rack utilization," with new project construction and delivery becoming the core growth points for the future [2][12]. Financial Performance Summary - In 2024, the company achieved revenue of 2.165 billion yuan, a year-on-year increase of 62.2%, while the net profit attributable to the parent company was 124 million yuan, a year-on-year decline of 12.2%. In Q1 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 40.6%, and a net profit of 52 million yuan, a year-on-year increase of 2.5% [6][12]. Business Development Summary - The company is actively advancing the construction of core regional reserve projects, with several data centers expected to be delivered in 2025. By the end of 2024, the total number of operational self-built data center racks exceeded 43,000. The company anticipates delivering three data centers in Langfang, Tianjin, and Hebei in 2025, which will become the main growth drivers for the business [12][12]. Future Profit Forecast - The company forecasts net profits attributable to the parent company for 2025-2027 to be 217 million yuan, 346 million yuan, and 528 million yuan, corresponding to year-on-year growth rates of 75.2%, 59.1%, and 52.6%, with corresponding P/E ratios of 104x, 65x, and 43x [12][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [10]. Core Insights - The company is experiencing rapid revenue growth, with a projected total revenue of 2.165 billion yuan in 2024, representing a year-over-year increase of 62.18%. This growth is attributed to investments in data centers and the expansion of operational cabinet capacity [1][2]. - The net profit attributable to shareholders is forecasted to be 124 million yuan in 2024, a decrease of 12.20% year-over-year, primarily due to increased depreciation and financial expenses [1]. - The company is actively expanding its AI computing business, with significant orders amounting to 430 million yuan, which constitutes 32% of its revenue [2]. - A planned fundraising of up to 1.75 billion yuan aims to enhance the company's capabilities in cloud computing and AI, with the construction of new data center facilities expected to add 6,375 high-power cabinets [3]. Financial Summary - The company’s revenue is projected to grow to 2.931 billion yuan in 2025, with a year-over-year growth rate of 35.40% [4]. - The net profit is expected to rebound to 187 million yuan in 2025, reflecting a growth of 50.77% compared to 2024 [4]. - The gross margin for IDC services is anticipated to improve to 29.70% in 2024, an increase of 2.1 percentage points year-over-year [2]. Market Context - The demand for data centers is surging due to the rapid development of AI technologies, which is driving industry transformation and expansion [2]. - The company is well-positioned to capitalize on the growing market for AI computing, particularly in the Beijing-Tianjin-Hebei region, which has a strong demand for data center services [3].

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-041 | | --- | --- | --- | | 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 第四届监事会第十七次会议决议公告 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 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 会第十七次会议（以下简称"会议"）于 2025 年 4 月 28 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 2025 年 4 月 27 日 以电话通知、电子通讯通知、专人送达等方式发出。应当参加会议监事 3 人，实 际参加会议监事 3 人，公司董事会秘书列席会议。会议由公司监事会主席陈剑钊 先生主持。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、监事会会议审议情况 经与会监事认真审议，会议以记名投票表决方式通过了以下议案并形成如下 决议： （一）逐项审议通过《关于调整 2025 ...

关于 2024 年年度股东大会增加临时提案 暨股东大会补充通知的公告 | 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-044 | | --- | --- | --- | | 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 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。 2025 年 4 月 17 日，广东奥飞数据科技股份有限公司（以下简称"公司"）召 开第四届董事会第十九次会议并审议通过《关于提请召开 2024 年年度股东大会 的议案》，定于 2025 年 5 月 12 日（星期一）下午 14:30 采用现场投票方式和网 络投票相结合的方式召开公司 2024 年年度股东大会，具体内容详见公司于 2025 年 4 月 21 日在中国证监会指定的信息披露网站发布的《2024 年年度股东大会通 知公告》（公告编号：2025-037）。 2025 年 3 月 6 日，公司召开第四届董事会第十六次会议并审议通过《关于 公司符合向特定对象发行 A 股股票条件的议案》《关于未来三年（2025-2027 年） ...

证券简称：奥飞数据 证券代码：300738 广东奥飞数据科技股份有限公司 关于 2025 年度向特定对象发行 A 股股票方案 的论证分析报告 （修订稿） 二〇二五年四月 奥飞数据 关于 2025 年度向特定对象发行 A 股股票方案的论证分析报告（修订稿） 广东奥飞数据科技股份有限公司（以下简称"奥飞数据"或"公司"）为满足公 司业务发展的资金需求，增强公司资本实力和盈利能力，根据《中华人民共和国 公司法》、《中华人民共和国证券法》、《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）和《〈上市公司证券发行注册管理办法〉第九条、 第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适 用意见——证券期货法律适用意见第 18 号》（以下简称"《证券期货法律适用意 见第 18 号》"）等有关法律、法规和规范性文件的规定，拟向特定对象发行股票， 募集资金总额不超过 175,000.00 万元，在扣除发行费用后将全部用于新一代云计 算和人工智能产业园（廊坊固安 F 栋、G 栋、H 栋、I 栋、J 栋）项目。 一、本次向特定对象发行股票的背景和目的 2、5G 带动数据规模快速增长，数据中心需 ...

| 证券代码：300738 | 证券简称：奥飞数据 | 公告编号：2025-043 | | --- | --- | --- | | 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 文件主要调整内容如下： | 第一节本次向特定对象发行股票方案 | 对募投项目进行调整，修订本次 | | --- | --- | | 概要/二、本次向特定对象发行股票的 | 发行目的的相关表述；更新了财 | | 背景和目的 | 务数据报告期。 | | 第一节本次向特定对象发行股票方案 | 对募投项目进行调整；根据公司 | | 概要/四、本次向特定对象发行股票方 | 目前股本情况，更新了本次发行 | | 案概要 | 股票数量上限。 | | 第一节本次向特定对象发行股票方案 | 按最新股本情况更新了本次发行 | | 概要/六、本次发行是否导致公司控制 | 对公司控制权的影响。 | | 权发生变化 | | | 第一节本次向特定对象发行股票方案 | | | 概要/八、本次发行方案已经取得有关 | 更新本次向特定对象发行已履行 | | 主管部门批准的情况以及尚需呈报批 | 决策程序。 | | 准的程序 | ...

证券简称：奥飞数据 证券代码：300738 如果本次发行扣除发行费用后的实际募集资金净额少于拟投入募集资金总 额，不足部分公司将通过自筹资金解决。募集资金到位之前，公司将根据项目进 度的实际情况以自筹资金先行投入，并在募集资金到位后予以置换。 广东奥飞数据科技股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用的 可行性分析报告（修订稿） 二〇二五年四月 奥飞数据 2025 年度向特定对象发行 A 股股票募集资金使用的可行性分析报告（修订稿） 为推动广东奥飞数据科技股份有限公司（以下简称"奥飞数据"或"公司"） 业务发展，进一步增强公司竞争力，公司拟向特定对象发行股票募集资金。公司 董事会对本次向特定对象发行股票募集资金使用的可行性分析如下： 一、本次募集资金的使用计划 公司本次向特定对象发行股票募集资金总额不超过人民币 175,000.00 万元， 扣除发行费用后，将用于以下项目： | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 项目名称 | | | | 项目投 ...