开源证券：首次覆盖奥飞数据给予买入评级

Core Viewpoint - Company is positioned as a leading player in the AIDC sector, capitalizing on the opportunities presented by AI computing trends, with a "buy" rating assigned for its stock [1] Group 1: Company Overview - Founded in 2014, the company is a leading provider of internet cloud computing and big data infrastructure solutions in China, offering IDC services and other internet services [1] - The company's data center footprint has expanded from South China to multiple core cities nationwide, with 14 self-built data centers planned to exceed 100,000 cabinet scales by the end of December 2024 [1] - The company is expected to benefit significantly from the development of AIGC, with projected net profits of 208 million, 314 million, and 447 million yuan for 2025, 2026, and 2027 respectively [1] Group 2: Business Expansion - The company operates over 70 cloud computing centers globally, with business spanning over 40 cities in China and more than 20 countries, participating in major infrastructure projects like the "Belt and Road" initiative [2] - A fundraising initiative aims to raise up to 1.75 billion yuan for the construction of additional data center facilities in Langfang [2] Group 3: Client Recognition and Business Strategy - The company's IDC business employs a "wholesale + retail" sales model, boasting a stable and diverse client base, including major internet companies like Baidu and Kuaishou [3] - In 2023, the company began building a computing power platform, with plans to enhance its computing power leasing and related equipment sales to strengthen client relationships and maintain pricing power [3]