Sugon(SH:603019) Hua Er Jie Jian Wen·2025-09-06 10:27Core Viewpoint - The announcement by Zhongke Shuguang of the first domestic AI computing open architecture and AI supercluster system signifies a strategic move towards establishing a robust domestic computing ecosystem, aiming to integrate hardware capabilities with a focus on compatibility and operational efficiency [1][3][12]. Group 1: Product and Technical Features - The AI supercluster system can support 96 accelerator cards per cabinet, achieving a computing power of 100 PetaFLOPS, with potential scalability to millions of cards [1]. - The system promises compatibility with multiple brands of accelerator cards and mainstream software ecosystems, including CUDA, addressing key customer concerns regarding hardware density, cooling efficiency, software compatibility, and operational costs [2][4]. - Zhongke Shuguang emphasizes the importance of transforming peak computing power into reliable training and inference outputs, highlighting the need for practical applications rather than just theoretical capabilities [4][12]. Group 2: Market Positioning and Strategy - Zhongke Shuguang positions itself not merely as a hardware vendor but as a "national/industrial" computing solution integrator, aiming to create a sustainable ecosystem akin to the Android model in the smartphone industry [3][4][12]. - The establishment of the "AI Computing Open Architecture Joint Laboratory" in collaboration with the National Advanced Computing Industry Innovation Center is expected to facilitate initial project opportunities and enhance the credibility of domestic procurement [6][12]. - The company’s strategy involves first securing customers and validating industrial capabilities before gradually building a software ecosystem, which requires time and execution [5][12]. Group 3: Market Dynamics and Comparisons - The comparison with Inspur Information reveals a similar trajectory in the AI server market, where rapid revenue growth is accompanied by declining profit margins and cash flow challenges [7][8][9]. - Zhongke Shuguang's ability to convert demonstration projects into commercial contracts and repeat orders will be critical for its performance in the capital market [10][12]. - The market is particularly focused on the pace of validating the commercial value of Zhongke Shuguang's architecture and its scalability, which will significantly influence its valuation [11][12].