奥飞数据(300738)：EBITDA快速增长 盈利能力改善

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].