Guangdong Aofei Data Technology (SZ:300738) NORTHEAST SECURITIES·2025-04-30 06:03Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [10]. Core Insights - The company is experiencing rapid revenue growth, with a projected total revenue of 2.165 billion yuan in 2024, representing a year-over-year increase of 62.18%. This growth is attributed to investments in data centers and the expansion of operational cabinet capacity [1][2]. - The net profit attributable to shareholders is forecasted to be 124 million yuan in 2024, a decrease of 12.20% year-over-year, primarily due to increased depreciation and financial expenses [1]. - The company is actively expanding its AI computing business, with significant orders amounting to 430 million yuan, which constitutes 32% of its revenue [2]. - A planned fundraising of up to 1.75 billion yuan aims to enhance the company's capabilities in cloud computing and AI, with the construction of new data center facilities expected to add 6,375 high-power cabinets [3]. Financial Summary - The company’s revenue is projected to grow to 2.931 billion yuan in 2025, with a year-over-year growth rate of 35.40% [4]. - The net profit is expected to rebound to 187 million yuan in 2025, reflecting a growth of 50.77% compared to 2024 [4]. - The gross margin for IDC services is anticipated to improve to 29.70% in 2024, an increase of 2.1 percentage points year-over-year [2]. Market Context - The demand for data centers is surging due to the rapid development of AI technologies, which is driving industry transformation and expansion [2]. - The company is well-positioned to capitalize on the growing market for AI computing, particularly in the Beijing-Tianjin-Hebei region, which has a strong demand for data center services [3].