Discontinuation of Coverage

研报英文原文证据摘录

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M

Update

August 7, 2026 04:01 PM GMT

Guangdong Aofei Data Technology Co Ltd | Asia

Pacific

Morgan Stanley Asia Limited+

Tom Tang

Equity Analyst

Discontinuation of Coverage

Effective immediately, we are discontinuing coverage of

Guangdong Aofei (300738.SZ) due to a reallocation of

resources. All prior research on Guangdong Aofei should no

longer be relied upon.

Yang Liu

Equity Analyst

Gary Yu

Equity Analyst

Our final rating is Equal-weight: We believe Aofei could expand its wholesale

capacity aggressively over the next few years and experience a faster demand

Guangdong Aofei Data Technology Co Ltd (300738.SZ,

rebound given its relatively smaller size. We believe Aofei's higher EBITDA growth

300738 CH)

justifies its valuation premium relative to Chinese peers, and hence EW.

Greater China Telecoms | China

Our final price target is HK$22: We derive our price target from a DCF valuation,

assuming a WACC of 8.0% (5% cost of debt, 12.6% cost of equity and a 45% equity

weighting) and a terminal growth rate of 3.0%.

Risks to achieving our price target: Downside – 1) Slower-than-expected data

center capacity ramp-up and sales, and 2) oversupply in data center capacity. Upside

- 1) Better-than-expected data center sales and customer move-in progress, and 2)

faster AI-driven demand growth.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 6, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Equal-weight

In-Line

Rmb22.00

(4)

Rmb22.93

Rmb29.49-17.82

0

Rmb0

Rmb5,827

Rmb1,488

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (Rmb)**

EPS (Rmb)§

Revenue, net (Rmb mn)

EBITDA (Rmb mn)

ModelWare net inc

(Rmb mn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Leverage (EOP) (%)

0.15

0.21

2,521

1,485

146

0.41

0.33

3,257

1,897

405

0.50

0.45

3,831

2,260

493

0.61

0.51

4,379

2,603

605

124.6

4.8

8.0

4.4

16.2

0.1

(10.0)

138.0

55.7

4.4

7.2

10.7

3.6

0.2

(6.7)

101.0

45.8

4.0

7.0

9.5

3.6

0.2

(3.5)

98.2

37.3

3.6

7.3

10.7

3.2

0.3

(0.1)

90.1

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

…