奥飞数据：Q2收入高增，静待机柜爬坡带来盈利能力回升

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 8.71 RMB [6] Core Views - The company achieved a significant revenue growth of 59.04% YoY in H1 2024, reaching 1.061 billion RMB, driven by the delivery of Langfang Gu'an Data Center and increased sales of AI computing servers [1][2] - Q2 2024 revenue surged by 95.91% YoY to 680 million RMB, primarily due to the strong performance of AI server sales [1][2] - The company's gross margin declined to 23.97% in H1 2024, down 3.79 percentage points YoY, mainly due to changes in product structure and increased depreciation from newly built cabinets [3] - The company is expected to further diversify its cabinet layout with the delivery of new projects in Guangzhou Nansha, Langfang Gu'an, and Tianjin Wuqing Data Centers in H2 2024, which will support future profit growth [4] Financial Performance - In H1 2024, the company reported a net profit attributable to the parent company of 75.71 million RMB, up 3.05% YoY, and a non-GAAP net profit of 80.96 million RMB, up 17.13% YoY [1] - The company's EBITDA is projected to grow from 549.32 million RMB in 2023 to 1.25393 billion RMB in 2026, with a CAGR of 23.11% [5] - The company's EPS is expected to increase from 0.15 RMB in 2023 to 0.40 RMB in 2026, reflecting strong earnings growth [5] Business Expansion - As of June 2024, the company operates over 39,000 self-built cabinets and has a total data center area exceeding 240,000 square meters [4] - The company has expanded into the optical module sector by acquiring a 70% stake in Sichuan Huatuo Optoelectronics Co Ltd [4] - In the new energy sector, the company has completed 186 grid-connected projects and signed 395 projects with a total capacity of 576 MW as of June 2024 [4] Valuation Metrics - The company's P/E ratio is expected to decline from 59.46 in 2023 to 21.70 in 2026, indicating improving valuation attractiveness [5] - The EV/EBITDA ratio is projected to decrease from 23.11 in 2023 to 10.48 in 2026, reflecting stronger earnings relative to enterprise value [5] - The company's P/B ratio is forecasted to decline from 2.74 in 2023 to 2.14 in 2026, suggesting a more favorable valuation relative to book value [5]