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奥飞数据:2024年三季报点评:收入加速增长,规模落地后看好利润释放

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 1.58 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 52.2%. However, the net profit attributable to shareholders decreased by 13.6% to 110 million yuan [2]. - In Q3 2024, the company achieved a revenue of 520 million yuan, a year-on-year increase of 39.9%, while the net profit attributable to shareholders fell by 38.5% to 30 million yuan, although it showed a quarter-on-quarter growth of 19.9% [2]. - The gross profit margin improved to 28.8% in Q3 2024, up by 1.3 percentage points year-on-year. The company is expected to enhance its profitability as the data center utilization rate increases [2]. - The company is actively constructing five self-built data center projects to meet the rising demand for high computing power, with significant progress made in the delivery of new projects [2]. - The acquisition of a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. for approximately 117.37 million yuan is aimed at expanding into the optical module sector [2]. - The company anticipates revenue growth driven by AI and new applications, projecting revenues of 1.72 billion, 2.11 billion, and 2.61 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 200 million, 310 million, and 460 million yuan [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 1.58 billion yuan, with a year-on-year growth of 52.2%. The net profit attributable to shareholders was 110 million yuan, down 13.6% [2]. - In Q3 2024, the revenue was 520 million yuan, reflecting a 39.9% year-on-year increase, while the net profit was 30 million yuan, down 38.5% year-on-year but up 19.9% quarter-on-quarter [2]. Profitability and Cost Management - The gross profit margin for Q3 2024 was 28.8%, an increase of 1.3 percentage points from the previous year. The company’s expense ratios for sales, management, and R&D were 1.4%, 3.3%, and 4.0%, respectively, with management and R&D expenses increasing due to business expansion and R&D investments [2]. Strategic Developments - The company is advancing the construction of five self-built data centers to support the growing demand for computing power, with significant projects expected to be delivered in the second half of 2024 [2]. - The acquisition of a 70% stake in Sichuan Huatuo Optical Communication Co., Ltd. is part of the company's strategy to enter the optical module market [2]. Future Outlook - The company expects to benefit from the growth in demand driven by AI and new technologies, projecting revenues of 1.72 billion, 2.11 billion, and 2.61 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 200 million, 310 million, and 460 million yuan [2].