奥飞数据(300738)：IDC交付正常推进 毛利率提升显著

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and EBITDA growth, indicating a positive outlook for future operations and project deliveries [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.15 billion, a year-on-year increase of 8.2% [1][2]. - EBITDA reached 590 million, reflecting a significant year-on-year growth of 50.9% [2]. - The net profit attributable to shareholders was 88 million, up 16.1% year-on-year [1][2]. Revenue Breakdown - IDC service revenue for H1 2025 was 895 million, showing a robust year-on-year growth of 42.2% [2]. - The gross margin improved significantly to 33.5%, an increase of 7.1 percentage points year-on-year, primarily due to the rise in project delivery rates [2]. Operational Expansion - The company is actively advancing the construction of the Hebei Huailai data center project, which is planned to have 15,000 cabinets, enhancing regional synergy with other data centers [3]. - Through acquisitions, the company has added approximately 60 MW of data center projects to its reserves [3]. Future Outlook - The company is positioned for a strong delivery year in 2025, with a total operational scale reaching 250 MW as of H1 2025 [3]. - Projected net profits for 2025-2027 are estimated at 223 million, 365 million, and 544 million, with corresponding year-on-year growth rates of 79.3%, 64.1%, and 49.0% [3].