Guangdong Aofei Data Technology (300738) 天风证券·2024-04-23 10:00Investment Rating - The investment rating for the company is "Accumulate" with a target price set based on the current market conditions [5]. Core Views - The company reported a revenue of 1.335 billion yuan in 2023, representing a year-on-year growth of 21.63%, while the net profit attributable to the parent company was 141 million yuan, a decrease of 14.70% compared to the previous year [1][4]. - The company has been expanding its self-built data center cabinets, exceeding 35,000 units by the end of 2023, up from approximately 22,000 units at the end of 2022, indicating strong growth momentum for future revenue [2]. - The gross profit margin for 2023 was 27.23%, a slight decline of 0.96 percentage points year-on-year, but it showed a significant recovery in Q1 2024, reaching 31.08%, an increase of 2.31 percentage points [3]. - The company is positioning itself to capitalize on the growing demand for computing power driven by AIGC (Artificial Intelligence Generated Content), planning to build a heterogeneous computing power platform to meet high-performance computing needs [3]. - The renewable energy business has seen rapid growth, with distributed photovoltaic energy-saving projects increasing by 381% year-on-year, and the company has signed contracts for a total of approximately 376 MW [4]. Financial Summary - In 2023, the company achieved a revenue of 1,334.79 million yuan, with a projected revenue of 1,762.95 million yuan for 2024, reflecting a growth rate of 32.08% [4][12]. - The net profit attributable to the parent company is forecasted to be 208.54 million yuan in 2024, a significant increase of 47.56% compared to 2023 [4][12]. - The company's P/E ratio is projected to decrease from 65.40 in 2023 to 44.32 in 2024, indicating an improvement in valuation as earnings grow [4][12].