奥飞数据（300738）：毛利率持续提升，固定资产快速扩张

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance in Q3 2025 met expectations, with revenue and profit showing significant growth both year-on-year and quarter-on-quarter. Revenue for the first three quarters reached 1.82 billion yuan, a year-on-year increase of 15.3%, while net profit attributable to shareholders was 145 million yuan, up 37.3% year-on-year [6][13]. - The gross margin for Q3 2025 improved to 37.55%, benefiting from a rapid increase in the delivery project's launch rate. The company is experiencing a significant expansion in fixed assets, with a total fixed asset scale reaching 9.442 billion yuan by the end of Q3 2025, an increase of 1.561 billion yuan from Q2 2025 and 3.161 billion yuan from the end of 2024 [2][13]. - The company is capitalizing on the current AI demand surge, focusing on "ensuring delivery and promoting launches," with new project construction and delivery expected to be core growth drivers in the future [2][13]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 676 million yuan, a year-on-year increase of 29.9% and a quarter-on-quarter increase of 10.4%. The net profit for Q3 was 58 million yuan, reflecting a year-on-year growth of 90.4% and a quarter-on-quarter growth of 59.2% [6][13]. - The gross margin for Q3 2025 saw a significant year-on-year increase of 8.76 percentage points and a quarter-on-quarter increase of 2.38 percentage points [13]. Asset Expansion - The company is in a major delivery year for its IDC projects, with the current delivery pace aligning with initial plans. The company has delivered parts of data centers in Langfang, Tianjin, and Baoding [2][13]. - The operational scale is expanding, with ongoing construction of the Hebei Huailai data center project, which is set to become a large data center with 15,000 cabinets [13]. Future Outlook - The company expects net profits for 2025-2027 to be 223 million yuan, 383 million yuan, and 533 million yuan, respectively, with corresponding year-on-year growth rates of 79%, 72%, and 39% [13].