奥飞数据2023A&2024Q1业绩点评：机柜交付同比高增，大客户需求订单旺盛

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 51x, 36x, and 29x for 2024-2026, and EV/EBITDA of 20x, 16x, and 13x respectively [19] Core Views - The company's IDC business has accelerated, with significant revenue growth driven by the delivery of key projects such as Langfang Gu'an Data Center and Guangzhou Nansha Dagang Data Center [1][3] - The company's 24Q1 revenue continued its quarterly growth trend, with a 19.1% YoY increase to RMB 381 million, and net profit attributable to shareholders increased by 14.4% YoY to RMB 51 million [16] - The company has a robust pipeline of projects under construction and in reserve, with over 35,000 self-built and self-operated data center cabinets by the end of 2023 [1][34] Financial Performance - In 2023, the company achieved revenue of RMB 1.335 billion, a 21.6% YoY increase, but net profit attributable to shareholders decreased by 14.7% YoY to RMB 141 million [3] - IDC service revenue in 2023 was RMB 1.117 billion, up 15.53% YoY, while internet comprehensive service revenue increased by 36.17% YoY to RMB 154 million [3] - EBITDA in 2023 was RMB 177 million, with an EBITDA margin of 59.9%, up 14.7 percentage points QoQ, driven by improved cabinet utilization rates and stable electricity costs [3] Project Development - The company has successfully delivered key projects such as Guangzhou Nansha and Langfang Gu'an Data Centers, with new projects in Jiangxi Nanchang, Tianjin Wuqing, and Yunnan Kunming progressing as planned [34] - The company acquired Chengdu Wanda in 23Q1 for RMB 310 million, strengthening its presence in the Chengdu-Chongqing national computing hub, and plans to build a 15,000-cabinet data center in Zhangjiakou and a second data center in Shenzhen [34] Market Position - The company's cabinet utilization rate is steadily increasing, supported by strong demand from major customers, which is expected to drive future revenue growth [1][3] - The company is well-positioned to benefit from the "East Data West Computing" national strategy, with strategic expansions in key computing hubs [34]