Guangdong Aofei Data Technology (SZ:300738) Shenwan Hongyuan Securities·2025-09-05 13:14Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a strong performance in the first half of 2025, with total revenue of 1.148 billion yuan, a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 87.89 million yuan, up 16.1% year-on-year [6] - The gross profit margin improved by 9.53 percentage points to 33.49% [6] - The core IDC business continues to show robust growth, effectively offsetting short-term revenue pressures from other internet services [6] - The company has expanded its IDC service revenue to 895 million yuan in the first half of 2025, a year-on-year increase of 42.22% [6] - The company is actively optimizing its asset structure and expanding its renewable energy projects, with 310 domestic grid-connected projects and approximately 283 MW connected [6] Financial Data and Profit Forecast - The company expects total revenue to reach 2.512 billion yuan in 2025, with a year-on-year growth rate of 16.0% [5] - The net profit attributable to shareholders is projected to be 208 million yuan in 2025, reflecting a significant increase of 67.6% year-on-year [5] - The EBITDA for 2025 is estimated at 1.262 billion yuan, with corresponding EV/EBITDA multiples of 21, 16, and 13 for the years 2025, 2026, and 2027 respectively [6][5]