Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price based on the last closing price of 159.35 [1] Core Insights - The company reported a significant revenue growth acceleration in Q3, with a year-on-year increase of 86.43%, driven by a substantial rise in intelligent computing service revenue [4] - The company is actively expanding its computing service sector, which is expected to benefit from the rapidly growing demand for computing power driven by AI trends [5] - The company plans to optimize its overseas layout by issuing H shares on the Hong Kong Stock Exchange, enhancing its international financing capabilities [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 83.31 billion yuan, a year-on-year increase of 54.43%, and a net profit attributable to shareholders of 6.98 billion yuan, up 25.30% year-on-year [3] - In Q3 2025, the company recorded an operating revenue of 33.87 billion yuan, with a net profit of 2.64 billion yuan, reflecting a year-on-year growth of 36.86% [4] - The company's total assets reached 181.94 billion yuan by the end of Q3 2025, marking a significant increase of 149.08% from the beginning of the year [4] Revenue and Profit Forecast - The projected operating revenues for 2025, 2026, and 2027 are 118.82 billion yuan, 172.41 billion yuan, and 234.30 billion yuan, respectively [5] - The forecasted net profits for the same years are 11.19 billion yuan, 17.56 billion yuan, and 24.84 billion yuan, indicating strong growth potential [5] - The expected revenue growth rates for 2025, 2026, and 2027 are 60.36%, 45.10%, and 35.90%, respectively [6]

Group 1 - The core point of the article is that Kuaichuang Data Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 2 - The submission of the listing application indicates the company's intention to go public and potentially raise capital through the stock market [1]

Core Viewpoint - The report from Guosheng Securities highlights that Xiechuang Data achieved a net profit attributable to shareholders of 698 million yuan in the first three quarters, representing a year-on-year growth of 25.3% [1] - In Q3 alone, the net profit attributable to shareholders reached 266 million yuan, marking a year-on-year increase of 33.44%, indicating sustained high growth in performance [1] Financial Performance - The company has shown continuous high growth in net profit, with significant increases in both the first three quarters and Q3 [1] - The total amount of procurement orders to date has reached 12.2 billion yuan, which is expected to contribute significantly to future revenue growth [1] Business Development - The company is iterating and upgrading its computing power service platform, which has penetrated various high-value sectors including cloud gaming, cloud mobile, AI applications, embodied robots, and finance [1] - The collaboration with NVIDIA is aimed at forward-looking development of the robotics platform [1] Strategic Expansion - The company is actively expanding its overseas presence and is preparing for a listing on the Hong Kong Stock Exchange [1] - Both computing power and robotics businesses are expected to open new growth spaces for the company [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong growth potential in its business segments [3][5]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 8.33 billion yuan, a year-on-year growth of 54.43%, and a net profit of 698 million yuan, up 25.3% year-on-year [1]. - The company is actively expanding its cloud computing and robotics business, with a notable increase in contract liabilities and inventory, reflecting strong downstream demand [1][2]. - The company has made substantial investments in server procurement, totaling 12.2 billion yuan this year, which is expected to contribute significantly to future revenue growth [2]. - The collaboration with NVIDIA aims to develop a robotics inference platform and embodied intelligence technology, positioning the company for future growth in artificial intelligence and robotics [2]. - The company is preparing for an overseas listing in Hong Kong to enhance its international strategy and financing capabilities [2]. Financial Summary - The company forecasts revenue growth from 11.68 billion yuan in 2025 to 22.67 billion yuan in 2027, with net profit expected to rise from 1.15 billion yuan to 2.68 billion yuan during the same period [3][4]. - Key financial metrics include a projected EPS of 3.31 yuan in 2025, increasing to 7.73 yuan by 2027, and a net asset return rate expected to reach 32.1% by 2027 [4][5]. - The company's financial ratios indicate a strong growth trajectory, with a projected revenue growth rate of 57.6% in 2025 and a net profit growth rate of 65.6% [4][9].

Core Viewpoint - The company is currently providing various computing power services to meet customer and research needs, with plans to continue expanding deployment and construction based on business requirements [2] Group 1 - The company is actively engaging with investors through interactive platforms to address inquiries [2] - The company emphasizes its commitment to adapting its services according to the evolving needs of its clients [2]

Summary of Key Points from the Conference Call of Xiechuang Data Company Overview - **Company**: Xiechuang Data - **Industry**: AI Computing and Data Storage Financial Performance - **Revenue**: In the first three quarters of 2025, revenue reached 77.49 billion, a year-on-year increase of 25.03%. In Q3 alone, revenue was 33.87 billion, up 86.43% year-on-year, with net profit attributable to shareholders at 2.66 billion, a 33.44% increase, marking a new high since the company went public [2][3] - **Total Assets**: By Q3, total assets reached 181.94 billion, an increase of nearly 150% since the beginning of the year [3] Research and Development - **R&D Investment**: R&D expenses for the first three quarters of 2025 amounted to 2.29 billion, with significant investment in Q3 aimed at enhancing competitiveness in the AI computing sector, particularly in computing leasing platforms [2][5] - **Focus Areas**: The primary focus of R&D is on AI computing platforms and related projects [5] Business Growth and Strategy - **Storage Business**: The storage business is expected to recover to pre-spin-off levels by Q1 2026, with continued high growth anticipated in the coming quarters. A strategic partnership with SanDisk aims to secure 20% of a major internet client's storage needs next year [2][7] - **Server Procurement**: The company disclosed server procurement contracts not exceeding 122 billion and initiated H-share project financing to raise approximately 100 billion for future investments, aiming for a growth scale of at least 5 to 10 times by 2026 [4][10] - **Cloud Services**: The company offers cloud services based on computing rather than leasing, including large model scheduling and game rendering, with monthly billing [11] Market Outlook - **AI Investment Sentiment**: The market views the company's ongoing investment in AI as a positive signal, with expectations for significant output and competitive advantages [9] - **High-End Computing Demand**: The tightening demand for high-end computing presents opportunities for the company, especially in light of the ongoing US-China tensions [13][14] Future Projections - **Revenue Expectations**: The company anticipates a revenue rebound in Q4, projecting around 6 billion from two clusters, with a complete revenue cycle expected in Q1 2026 [22] - **Storage Business Growth**: The storage business is projected to double in revenue next year, with significant contributions from the partnership with SanDisk [17] Challenges and Responses - **US-China Relations**: The company has established assembly and repair factories in Thailand, Japan, and Australia to mitigate risks associated with US-China tensions [13] - **Market Demand**: There is a strong market-driven demand for recovery and remanufacturing services, with significant price increases observed in server procurement [18] Collaboration and Partnerships - **Partnerships**: The company collaborates with NVIDIA in the robotics simulation field and has distinct roles compared to its partnership with Alibaba, focusing on implementation rather than research [20][27] Conclusion Xiechuang Data is positioned for significant growth in the AI computing and data storage sectors, with strong financial performance, strategic partnerships, and a proactive approach to market challenges. The company's focus on R&D and cloud services, along with its response to geopolitical dynamics, underscores its commitment to maintaining a competitive edge in the industry.

Group 1 - The company Xiechuang Data announced that it will hold an investor research meeting on November 2, 2025, from 15:00 to 16:00, with participation from key executives including Chairman Geng Kangming, Deputy General Manager and Board Secretary Gan Xing, and IR Director Li Jingyang [1] - The meeting aims to address questions from investors, indicating the company's commitment to transparency and engagement with stakeholders [1]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 8.331 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 54.43% [1] - In Q3 2025, revenue surged by 86.43% compared to the same period in 2024 [1] - The net profit attributable to shareholders for the first three quarters of 2025 was 698 million CNY, a year-on-year increase of 25.30% [1] - As of September 30, 2025, total assets reached 18.194 billion CNY, marking a growth of 149.08% since the beginning of the year [1] - The weighted average return on net assets for January to September 2025 was 19.23%, with basic earnings per share at 2.0341 CNY [2] Group 2: Research and Development Investments - R&D expenses for the first three quarters of 2025 amounted to 230 million CNY, a significant increase of approximately 83.5 million CNY compared to the same period last year [2] - The company is enhancing its computing service platform, focusing on unified scheduling and flexible allocation of computing resources [2] - The platform has penetrated various high-value sectors, including cloud gaming, AI applications, and financial services [2] Group 3: Business Operations and Market Strategy - The company has established a presence in the U.S., Hong Kong, and Shenzhen for server remanufacturing, primarily selling products overseas [2] - The company maintains a low proportion of direct exports to the U.S. and is building overseas production capacity to mitigate trade risks [3] - The company has accumulated extensive maintenance experience through its early involvement in AI server remanufacturing, enhancing customer satisfaction [2] Group 4: Future Outlook and Collaborations - The company collaborates with NVIDIA on robot inference platforms and intelligent technology applications, focusing on training and simulation for humanoid robots [3] - The demand for computing power is expected to increase significantly with advancements in general artificial intelligence (AGI), prompting the company to capture market opportunities [3] - Revenue from intelligent computing products and services reached approximately 1.221 billion CNY by mid-2025 [4] - The server remanufacturing business generated about 835 million CNY in revenue by mid-2025, showing a steady growth trend [4]

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

- The report focuses on the analysis of the ChiNext Artificial Intelligence ETF (159363.SZ), which tracks the ChiNext Artificial Intelligence Index (970070.CNI) [3][7] - The best convergent stock for the ChiNext Artificial Intelligence ETF during the period from January 1, 2025, to October 27, 2025, is Xiechuang Data (300857.SZ). The selection of the convergent stock considers the deviation of component stocks from the ChiNext Artificial Intelligence Index and research coverage [3][7] - Xiechuang Data entered a high-growth phase starting in 2023. Its valuation at the September 2023 stock price bottom was based on a 22x PE ratio, which was derived from the expected net profit for 2023. This valuation serves as the pricing basis for Xiechuang Data [3][7] - Under the 22x PE valuation, the expected fundamental value per share of Xiechuang Data for 2027 is 144.44 CNY, and the linearly extrapolated fundamental value per share for 2028 is 190.95 CNY. The highest stock price on September 29, 2025, was 185.9 CNY, which is close to the expected fundamental value for 2028. This suggests that the investment sentiment for the ChiNext Artificial Intelligence ETF is relatively high, and risk control is necessary [3][7]