奥飞数据（300738）：2024年EBITDA同比增长34%，拟募资继续布局大型数据中心

Investment Rating - The investment rating for the company is "Outperform the Market" [4][60]. Core Viewpoints - The company is expected to achieve a revenue of 2.165 billion yuan in 2024, representing a year-on-year increase of 62%, with an EBITDA growth of 34% [1][4]. - The demand for AI-driven data centers (AIDC) is projected to grow significantly, with the market size expected to increase from 15.13 billion USD in 2024 to 94.03 billion USD by 2032, benefiting the company as a leading third-party data center service provider in China [2][33]. - The company has established deep partnerships with major internet companies, securing contracts exceeding 1 billion yuan for data center construction and IDC services [3][46]. Financial Performance - In 2024, the company is projected to generate a revenue of 2.165 billion yuan, with a net profit of 124 million yuan, a decrease of 12% year-on-year [1][5]. - For Q1 2025, the company reported a revenue of 536 million yuan, a year-on-year increase of 40.7%, and a net profit of 52 million yuan, a year-on-year increase of 2% [1][13]. - The company’s EBITDA for 2024 is expected to be 820 million yuan, reflecting a 34.16% increase compared to the previous year [1][4]. Business Model and Market Position - The company operates both wholesale and retail data center services, targeting large clients and small businesses respectively, with a focus on high-quality service and network stability [52][42]. - As of the end of 2024, the company has 14 self-built data centers with a total cabinet capacity exceeding 43,000 units, primarily located in major cities such as Beijing, Guangzhou, and Shenzhen [3][47]. - The company plans to raise 1.75 billion yuan to build a new generation of cloud computing and AI industrial parks, further expanding its data center capabilities [3][54]. Future Outlook - Revenue forecasts for 2025-2027 are 2.676 billion yuan, 3.342 billion yuan, and 3.830 billion yuan, respectively, with expected net profits of 197 million yuan, 310 million yuan, and 413 million yuan [4][55]. - The company is positioned to benefit from the rapid growth of the AI and data center market, with significant capital investments from major tech firms [31][33]. - The projected EV/EBITDA multiples for 2025 are 26.3, 21, and 18.5, indicating a favorable valuation compared to peers [4][60].