Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's AI cloud business is experiencing rapid growth, with a 105.8% year-on-year increase in net profit attributable to the parent company in Q3 2024 [1][2] - The company achieved a revenue of 434 million yuan in the first three quarters of 2024, representing a 30.35% increase, and a net profit of 3.0158 million yuan [2] - The report maintains profit forecasts for 2024-2026, expecting net profits of -15 million yuan, 15 million yuan, and 54 million yuan respectively, with corresponding EPS of -0.25, 0.26, and 0.93 yuan [2] Financial Performance - In H1 2024, the AI cloud business line's gross margin increased by approximately 12 percentage points compared to 2023, with a 64.27% year-on-year revenue growth in supercomputing cloud services [3] - The company's R&D expenses for the first three quarters of 2024 were 25.8649 million yuan, accounting for 5.96% of revenue [4] - The company has a total market capitalization of 3.977 billion yuan and a circulating market capitalization of 1.775 billion yuan [2] Market Outlook - The supercomputing cloud service market in China is projected to grow from 2.07 billion yuan in 2021 to 11.19 billion yuan by 2025, with a compound annual growth rate (CAGR) of 52.4% [3] - The company's "Sanhai Plan" phase II is set to accommodate up to 100,000 computing units, enhancing its capacity for high-performance computing [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 results are in line with expectations, with Q1-Q3 revenue reaching 430 million yuan, a year-on-year increase of 30.4%, and net profit attributable to the parent company of 3.016 million yuan, a year-on-year increase of 105.8% [1] - The company is expected to benefit directly from the growth in computing power demand in the AI Agent era, particularly due to the launch of AutoGLM by Zhipu AI, which could drive a significant increase in inference-side computing power demand [2] - The company's gross profit margin for Q1-Q3 2024 is 32.8%, an increase of 7.4 percentage points year-on-year, with the gross profit margin of its supercomputing cloud services reaching 33.1%, up 4.8 percentage points year-on-year [3] Financial Performance - The company's Q3 2024 revenue is 160 million yuan, a year-on-year increase of 25.4%, and a quarter-on-quarter increase of 16.9% [1] - The company's net profit for Q3 2024 is -1.215 million yuan, a year-on-year increase of 90.0%, but a quarter-on-quarter decrease of 170.2% [1] - The company's net profit for Q3 2024 is 823,000 yuan, but after deducting minority interests of 2.037 million yuan, the net profit attributable to the parent company shows a loss [1] Industry and Market Trends - The company is positioned to benefit from the rapid growth in the AI cloud market, with its supercomputing cloud services expected to grow at a rate of 55.0% in 2024, 50.6% in 2025, and 39.9% in 2026 [10] - The company's AI cloud business is expected to grow at a rate of 96.8% in 2024, 49.1% in 2025, and 39.7% in 2026 [9] Profitability and Cost Management - The company's gross profit margin for its supercomputing cloud services is expected to increase to 37.0% in 2024, 37.0% in 2025, and 37.0% in 2026 [9] - The company's operating expense ratio for Q1-Q3 2024 is 31.2%, a decrease of 8.5 percentage points year-on-year, with significant reductions in sales and administrative expenses [3] Future Projections - The company's net profit attributable to the parent company is projected to be 0.72 million yuan in 2024, 17.46 million yuan in 2025, and 64.62 million yuan in 2026, with year-on-year growth rates of 100.9%, 2334.4%, and 270.1% respectively [3] - The company's PS ratio is expected to be 6x in 2024, 4x in 2025, and 3x in 2026 [3]

Group 1: Investor Relations Activity - The investor relations activity was conducted online on October 28, 2024, with participation from various securities and asset management firms [2] - The company representatives included the Chairman, General Manager, and Board Secretary [2] Group 2: Domestic Computing Chip Usage - Over 80% of computing resources can theoretically be replaced by domestic computing chips, but actual usage is significantly lower [3] - The company has successfully migrated a user to domestic computing chips, reducing costs to 80% of the original plan [3] Group 3: Client Base and Market Potential - The company serves over 300 research institutions, 400 universities, and 500 enterprises, indicating a broad client base [3] - Despite low current usage of domestic chips, the company anticipates accelerated adoption due to its extensive client network and technological advancements [3] Group 4: AI Cloud Computing Service Advantages - The company’s AI cloud computing services are built on IaaS and PaaS layers, providing tailored SaaS applications for various industries [4] - The company focuses on optimizing applications at multiple levels to enhance performance and user experience [4] Group 5: Resource Allocation and Revenue - The ratio of computing resources used for training versus inference is approximately 1:2, with training generating higher revenue [5] - The demand for inference computing is strong, while training demand from small to medium users remains high [6] Group 6: Collaboration and Market Expansion - The company collaborates with Zhiyuan, a key client, to provide AI computing and technical services [7] - Significant growth in the research user base in the new energy vehicle and intelligent driving sectors has been noted [8] Group 7: Cost and Profitability - The company utilizes both co-construction and external purchase models for computing resources, with co-construction yielding higher profit margins [9] - CPU resource utilization in co-construction mode exceeded 60%, while GPU utilization was around 80%-90% [11] Group 8: Project Implementation and Technical Advantages - The implementation of the "Supercomputing Cloud Computing Network Platform" project is progressing faster than planned due to increased GPU purchases [12] - The company’s core technical advantages include distributed supercomputing cluster operation, intelligent resource scheduling, and a leading SaaS service platform [13] Group 9: International Business Plans - The company has minimal overseas business income and does not own overseas assets [14]

智谱AI概念29日盘中大幅拉升，截至发稿，豆神教育20%涨停，并行科技涨约17%，再创新高；创业黑 马涨近14%，思美传媒、正和生态、中科金财亦涨停，宇信科技涨超7%。 消息面上，近日，中国AI独角兽企业智谱推出自主智能体AutoGLM，可以实现代替人类控制电子设 备，不用动手就能完成点外卖、朋友圈点赞、高铁购票等常见的手机操作。 目前，智谱AutoGLM可适配微信、淘宝、美团、小红书等8款应用软件，覆盖日常生活常用的线上聊 天、网购、社交、地图、酒店火车订票等功能。 目前，AutoGLM还在内测阶段，尚未正式上线，参与内测用户可以通过下载安装包进行体验和使用。 德邦证券认为，2025年或进入全终端Agent爆发元年，Agent network有望初具规模，终端有望率先放 量、其次是全行业落地应用，AI应用商业模式闭环或将形成。 一方面，AI Agent功能的完善预计将提升Agent的渗透率，带动以手机为代表的终端放量；另一方面， 目前以Open AI发布的o1为代表的大模型训练端算力放缓，推理算力需求显著提升，有望刺激大模型与 应用厂商注重推理侧的落地，开发出一批标志性AI应用，并初步探索AI商业模式。 A ...

| | 公告日期 2024-10-28 异常期间 | 无 | | | | --- | --- | --- | --- | --- | | | 成交数量 并行科技(839493) 连续竞价 （股） | 8955022 | 成交金额（万 元） | 65423.33 | | | 涉及事项 当日收盘价涨幅达到20%的前5只股票 | | | | | 买/卖 | 营业部或交易单元名称 | | 买入金额（元） | 卖出金额（元） | | 买1 | 东兴证券股份有限公司宁德闽东中路证券营业部 | | 9988002.55 | 0 | | 买2 | 中信建投证券股份有限公司广州珠江新城证券营业部 | | 9633470.88 | 4925648.09 | | 买3 | 光大证券股份有限公司东莞南城鸿福路营业部 | | 8447640.58 | 35093.3 | | 买4 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | 8191898.87 | 5476635.18 | | 买5 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | | 7710083.79 | 3681577.72 | | 卖1 | 国联证 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-10- | | | | | 异常期间涨跌幅偏离值累计 | | 28 | 834770 | 艾能聚 | 63581946.0 | 120946.63 | 达到67.92% | | 2024-10- | 834765 | 美之高 | 14459310.0 | 18813.71 | 异常期间涨跌幅偏离值累计 | | 28 | | | | | 达到67.90% | | 2024-10- | 870204 | 沪江材料 | 35127623.0 | 46534.37 | 异常期间涨跌幅偏离值累计 | | 28 | | | | | 达到57.83% | | 2024-10- | 836149 | 旭杰科技 | 48293197.0 | 88866.53 | 异常期间涨跌幅偏离值累计 | | 28 | | | | | 达到55.71% | | 2024-10- | 831305 | 海希通讯 | 54800757.0 | 113646.04 | ...

证券代码：839493 证券简称：并行科技 公告编号：2024-124 北京并行科技股份有限公司 第三届董事会第四十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 23 日 2.会议召开地点：公司会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2024 年 10 月 11 日以书面方式发出 5.会议主持人：董事长陈健先生 6.会议列席人员：公司监事和有关高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议召集、召开、议案审议与表决程序符合《中华人民共和国公司法》 《北京证券交易所股票上市规则（试行）》等有关法律、行政法规、部门规章、 规范性文件和《北京并行科技股份有限公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 4.提交股东大会表决情况： 本议案无需提交股东大会审议。 （二）审议通过《关于公司申请增加 ...

证券代码：839493 证券简称：并行科技 公告编号：2024-125 北京并行科技股份有限公司 第三届监事会第三十次会议决议公告 本次会议召集、召开、议案审议与表决程序符合《中华人民共和国公司法》 《北京证券交易所股票上市规则（试行）》等有关法律、行政法规、部门规章、 规范性文件和《北京并行科技股份有限公司章程》的规定。 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 23 日 2.会议召开地点：公司会议室 3.会议召开方式：现场方式 4.发出监事会会议通知的时间和方式：2024 年 10 月 11 日以书面方式发出 5.会议主持人：监事会主席陈钟先生 6.召开情况合法、合规、合章程性说明： （二）会议出席情况 会议应出席监事 4 人，出席和授权出席监事 4 人。 二、议案审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 1.议案内容： 根据《北京证券交易所股票上市规则（试行）》《北京并行科技股 ...

| | 公告日期 无 | 2024-10-21 | 异常期间 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 并行科技(839493) 连续竞价 | | 成交数量 （股） | 7556246 | 成交金额（万 元） | 50174.25 | | | 涉及事项 当日收盘价涨幅达到20%的前5只股票 | | | | | | | 买/卖 | 营业部或交易单元名称 | | | | 买入金额（元） | 卖出金额（元） | | 买1 | 中信证券股份有限公司大庆纬十一路证券营业部 | | | | 10657797.18 | 0 | | 买2 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | | | | 7100352.73 | 5298700.68 | | 买3 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | | 6726928.84 | 6656186.6 | | 买4 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | | | | 6711152.15 | 1463523.89 | | 买5 | 平安证券股份有限公司浙江分 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-10- | | | | | 异常期间涨跌幅偏离值累计 | | 21 | 830799 | 艾融软件 | 54303078.0 | 406964.21 | 达到40.77% | | 2024-10- | | | | | 异常期间涨跌幅偏离值累计 | | 21 | 873570 | 坤博精工 | 10574352.0 | 43103.49 | 达到40.77% | | 2024-10- | | | | | 异常期间涨跌幅偏离值累计 | | 21 | 833346 | 威贸电子 | 26066294.0 | 54726.03 | 达到40.75% | | 2024-10- 21 | 873693 | 阿为特 | 19488396.0 | 89934.29 | 异常期间涨跌幅偏离值累计 达到40.75% | | | | | | | 异常期间涨跌幅偏离值累计 | | 2024-10- 21 | 838971 | 天马新材 | 11036974 ...