华勤技术(603296.SH)：公司在超节点产品布局比较早，26 年将带来规模优势

Core Viewpoint - The company anticipates significant growth in data business revenue, projecting over 40 billion by 2025, nearly doubling its current figures and positioning itself among the industry leaders [1] Group 1: Revenue and Growth Projections - The company expects data business revenue to exceed 40 billion by 2025, indicating close to a doubling in growth [1] - AI servers are projected to account for over 70% of the revenue, with switch revenue experiencing a multiple growth, surpassing 2.5 billion [1] Group 2: Market Position and Client Relationships - The company has established itself as a core supplier among the top three major clients, being one of the few suppliers to engage in comprehensive cooperation across the full stack of data center products [1] - The company has built an independent brand in the industry client market, achieving revenue growth that has also doubled [1] Group 3: Product Development and Competitive Advantage - The company is expected to see increased shipments of supernode products, which are becoming mainstream offerings for large cloud vendors [1] - The company has an early layout in supernode products, which is anticipated to bring scale advantages by 2026, supported by its unique capabilities in computing, AI, and networking [1] - The company maintains a technology moat through continuous R&D investment and has prepared its own production capacity for supernode products, ensuring maximum resource availability for clients [1] Group 4: Future Outlook - By 2026, the company is projected to increase its procurement share among three major CSP clients, with ongoing optimization of product structure [2] - The company aims to maintain its leading position in AI servers, achieve scale leadership in supernode products, and continue doubling growth in switches [2] - The company is committed to a dual-driven strategy focusing on CSP and industry clients, leveraging its full-stack advantages to accelerate standard product and IDC layout, achieving simultaneous leadership in scale, technology, and efficiency [2]