Guangdong Aofei Data Technology (300738) 民生证券·2024-04-23 04:30Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from the growth in demand driven by new technologies such as AI and the acceleration of IDC business development [5][11]. Core Insights - In 2023, the company reported a revenue of 1.335 billion yuan, a year-on-year increase of 21.6%, while the net profit attributable to shareholders decreased by 14.7% to 141 million yuan [5]. - The growth in revenue is attributed to the demand generated by new technologies and applications, particularly in the IDC sector, while the decline in net profit is linked to the absence of tax incentives enjoyed in the previous year [5]. - The company is actively advancing the construction of five large self-built data center projects, enhancing service and delivery standards to meet high computing power demands [5]. - The company is also focusing on carbon neutrality and new energy strategies, investing in lithium battery core materials and distributed photovoltaic projects [5]. Financial Forecasts - The projected revenue for 2024, 2025, and 2026 is 1.716 billion yuan, 2.108 billion yuan, and 2.609 billion yuan, respectively, with growth rates of 28.5%, 22.8%, and 23.8% [21]. - The net profit attributable to shareholders is expected to be 202 million yuan, 312 million yuan, and 455 million yuan for the same years, with growth rates of 42.8%, 54.6%, and 45.8% [21]. - The EBITDA for 2024, 2025, and 2026 is forecasted to be 736 million yuan, 966 million yuan, and 1.223 billion yuan, respectively [5][21]. Key Financial Metrics - The company’s basic earnings per share for 2023 is 0.1524 yuan, with projections of 0.21 yuan, 0.32 yuan, and 0.47 yuan for the following years [5][21]. - The price-to-earnings (P/E) ratios are projected to be 46x, 30x, and 20x for 2024, 2025, and 2026, respectively [5][21]. - The company’s total assets are expected to grow from 8.589 billion yuan in 2023 to 10.025 billion yuan by 2026 [5][21].