Ge Long Hui A P P·2025-09-24 08:14Core Insights - The core viewpoint of the report is that AoFei Data has shown a significant increase in net profit for the first half of the year, despite a decline in revenue from its "other internet comprehensive services" segment, while its main IDC services are expected to drive growth in the second half of the year [1] Financial Performance - The net profit attributable to the parent company for the first half of the year was 87.8969 million yuan, representing a year-on-year increase of 16.09% [1] - In Q2, the net profit attributable to the parent company reached 36 million yuan, showing a year-on-year growth of 43.37% [1] Business Segments - The "other internet comprehensive services" segment experienced a revenue decline of 47.42% year-on-year in the first half of the year [1] - The IDC services segment is expected to exhibit strong growth momentum, with anticipated revenue and EBITDA growth in the rapidly expanding AI market [1] Growth Potential - The company has a robust pipeline and has been rapidly expanding its data center capabilities, with 14 self-built and operated data centers across various cities, including Beijing, Guangzhou, and Shenzhen [1] - The operational cabinet count exceeds 57,000, with multiple large data center projects currently under construction [1] Future Projections - The projected net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 200 million, 290 million, and 410 million yuan, respectively [1] - Corresponding PE valuations for these years are estimated at 113, 79, and 55 times [1] - The report maintains an "overweight" rating for the company [1]