奥飞数据(300738)：数据中心持续交付 EBITDA快速增长

Core Viewpoint - As of June 30, 2025, the company has over 57,000 operational self-built data center cabinets, an increase of 14,000 cabinets or 33% from the end of last year, leading to a rapid growth in EBITDA by 50.87% year-on-year, indicating improved profitability. The company is also constructing multiple large data center projects and is expected to benefit from the rapid growth in computing power demand driven by the explosion of AI needs [1][3][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.148 billion yuan, a year-on-year increase of 8.20%; net profit attributable to shareholders was 88 million yuan, up 16.09% year-on-year; and net profit excluding non-recurring items was 86 million yuan, a growth of 6.77% year-on-year. EBITDA reached 594 million yuan, reflecting a year-on-year increase of 50.87% [2][3]. Data Center Development - The company has delivered additional operational data center projects, including the fifth building in Langfang Gu'an and phases two and three of the Tianjin Wuqing data center. The company is also advancing the construction of the Hebei Huailai data center project, which is planned to have 15,000 cabinets. Furthermore, the company is preparing to raise 1.695 billion yuan for the construction of a "new generation cloud computing and artificial intelligence industrial park" [3][4]. Carbon Neutrality and Renewable Energy Strategy - The company has completed carbon neutrality certification for all self-built data centers for the year 2024. It has also invested in distributed photovoltaic power generation projects for its data centers and is actively engaging in other external distributed photovoltaic projects, achieving a total of 310 domestic grid-connected projects with approximately 283 MW of capacity as of June 30, 2025 [4]. Investment Outlook - The company is expected to continue benefiting from the rapid growth in computing power demand due to AI, with projected net profits of 215 million yuan, 353 million yuan, and 529 million yuan for 2025-2027, corresponding to current market PE ratios of 101X, 61X, and 41X respectively, maintaining a "buy" rating [5].