奥飞数据（300738）：EBITDA快速增长，盈利能力改善

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company has shown strong growth in EBITDA and improved profitability, with a 50.87% year-on-year increase in EBITDA to 594 million RMB in the first half of 2025 [1]. - The demand for intelligent computing centers is driving the company's performance, with significant projects underway in various locations [1]. - The data center industry is experiencing a favorable shift in supply-demand dynamics, with the company positioned to benefit from this trend [4]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue increased by 8.20% year-on-year to 1.148 billion RMB, and net profit attributable to shareholders rose by 16.09% to 88 million RMB [1]. - The company's IDC business revenue grew by 42.22% year-on-year to 895 million RMB, driven by the booming AI applications and increased demand for intelligent computing centers [2]. - The gross margin for the first half of 2025 was 33.49%, up 9.52 percentage points year-on-year, primarily due to a higher proportion of revenue from the data center business [3]. Growth Projections - The company is expected to continue its growth trajectory, with projected EBITDA of 1.106 billion RMB in 2025, 1.371 billion RMB in 2026, and 1.635 billion RMB in 2027, reflecting a compound annual growth rate of 26.8% [4]. - The report anticipates that the company will maintain a competitive edge due to its strong customer base and project resource reserves, positioning it well for future growth opportunities [4]. Valuation - The target price for the company's stock is set at 31.17 RMB per share, based on an EV/EBITDA multiple of 32.5 for 2025, which is higher than the average of comparable companies [4][20]. - The report highlights that the company's projected EBITDA growth rate exceeds the average of comparable companies, justifying the premium valuation [4].