奥飞数据：2024年EBITDA同比增长34%，拟募资继续布局大型数据中心-20250507

Investment Rating - The report maintains an "Outperform" rating for the company [4][60][61] Core Views - The company is a leading third-party IDC service provider in China, with significant growth potential driven by the increasing demand for AI computing infrastructure [2][30][58] - The company plans to raise funds to continue expanding its large data center operations, with a projected EBITDA growth of 34% year-on-year in 2024 [1][4] - The company has established deep partnerships with major internet companies, enhancing its market position and revenue stability [3][46] Financial Performance - The company reported a revenue of 2.165 billion yuan in 2024, a 62% increase year-on-year, while net profit decreased by 12% to 124 million yuan [1][13] - For Q1 2025, the company achieved a revenue of 536 million yuan, a 40.7% increase year-on-year, with a net profit of 52 million yuan, up 2% year-on-year [1][13] - The company forecasts revenues of 2.676 billion yuan in 2025, with net profits expected to rise to 197 million yuan [4][55] Market Dynamics - The global AIDC market is projected to grow from $15.13 billion in 2024 to $94.03 billion by 2032, indicating a strong demand for data center services [2][33] - The company has a robust pipeline of contracts with major clients, including a recent contract worth over 1 billion yuan for data center construction and IDC services [3][46] Operational Strategy - The company has built 14 self-operated data centers and plans to expand its cabinet capacity to over 100,000 units [3][56] - The company is actively investing in key regions, including the Beijing-Tianjin-Hebei area and the Guangdong-Hong Kong-Macao Greater Bay Area, to enhance its service capabilities [3][49] Future Outlook - The company expects to achieve revenues of 2.68 billion yuan in 2025, with a projected growth rate of 23.6% [4][55] - The company aims to maintain a stable gross margin, with expectations of 27.5% in 2025 [55][57]