奥飞数据（300738）：2025半年报点评：IDC交付正常推进，毛利率提升显著

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In the first half of 2025, the company's revenue reached 1.15 billion yuan, representing a year-on-year growth of 8.2%. The EBITDA saw a remarkable increase of 50.9%, reaching 590 million yuan, while the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - The company is experiencing a significant increase in gross margin due to the rise in the on-shelf rate of its projects. The delivery process is progressing normally, with a total operational scale of 250MW achieved by the end of the first half of 2025 [2][12] - The company is actively advancing the construction of core regional reserve projects, with 2025 expected to be a year of significant deliveries. The company is capitalizing on the current AI demand surge, focusing on "ensuring delivery and promoting on-shelf" [2][12] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 1.15 billion yuan, with a year-on-year increase of 8.2%. The EBITDA was 590 million yuan, marking a 50.9% increase, and the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year decline of 10.0% but a quarter-on-quarter increase of 14.2%. The net profit for Q2 was 36 million yuan, showing a year-on-year growth of 43.4% [12] Operational Highlights - The company's IDC service revenue reached 895 million yuan in the first half of 2025, a year-on-year increase of 42.2%, with a gross margin of 33.5%, up 7.1 percentage points year-on-year [12] - The company completed the delivery of several data center projects, including the fifth building of the Langfang Gu'an data center and parts of the Tianjin Wuqing data center projects [12] Future Outlook - The company is expanding its operational scale and is actively promoting the construction of reserve projects in key regions. The Hebei Huailai data center project is progressing, with plans for a large-scale data center with 15,000 cabinets [12] - The company has also acquired additional reserve projects, adding approximately 60MW to its capacity [12] - The forecast for net profit attributable to the parent company for 2025-2027 is 223 million yuan, 365 million yuan, and 544 million yuan, with corresponding year-on-year growth rates of 79.3%, 64.1%, and 49.0% [12]