奥飞数据（300738）：业绩超预期，重视公司可持续交付势能

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Insights - The company reported better-than-expected performance for the first three quarters of 2025, with total revenue reaching 1.824 billion yuan, a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 145 million yuan, up 37.3% year-on-year [5]. - The growth in revenue and net profit is attributed to timely data center deliveries and the transition of computing power services to more stable leasing contracts, leading to steady expansion [5]. - The company's gross margin improved significantly, reaching 35% for the first three quarters of 2025, a year-on-year increase of 9.4 percentage points, with a gross margin of 37.6% in Q3 2025, reflecting strong operational performance and high utilization rates of new delivery assets [5]. - The balance sheet indicates strong long-term delivery potential for data centers, with new fixed assets of 3.161 billion yuan added in the first three quarters of 2025, laying a foundation for future revenue [5]. - The company is positioned well in the market, with key assets in regions like South China and North China, benefiting from a favorable supply-demand balance and strong relationships with major clients [5]. Financial Data and Earnings Forecast - Total revenue projections for 2025 are estimated at 2.512 billion yuan, with a year-on-year growth rate of 16.0% [4]. - The net profit attributable to shareholders is forecasted to be 208 million yuan for 2025, reflecting a significant year-on-year increase of 67.6% [4]. - The EBITDA for 2025 is expected to be approximately 12.62 billion yuan, indicating a strong operational quality and cash generation capability [5]. - The report outlines a consistent growth trajectory for the company, with projected net profits of 2.08 billion yuan, 3.22 billion yuan, and 4.12 billion yuan for 2025, 2026, and 2027 respectively [5].