研报掘金丨中金：维持中科曙光“跑赢行业”评级，上调目标价35%至98.98元

Core Viewpoint - Zhongke Shuguang's refinancing policy marks a significant step in accelerating its computing power layout, with plans to issue up to 8 billion yuan in convertible bonds to support its main business and enhance domestic computing power supply capabilities [1] Group 1: Financing and Investment - The company plans to invest the raised funds entirely into projects that support large model training and meet the AI model's demand for large-scale computing power and high-concurrency storage [1] - This convertible bond issuance is the first in the Shanghai market following the new refinancing policy, setting a benchmark for technology companies seeking financing [1] Group 2: Industry Impact - The projects funded by the convertible bonds are expected to lower the deployment threshold for large model applications and support the intelligent transformation of the industry [1] - The launch of three sets of WanKa super clusters provided by Zhongke Shuguang at the core node of the National Supercomputing Internet in Zhengzhou represents the largest domestic AI computing power pool currently in operation [1] Group 3: Financial Metrics - The current stock price corresponds to a P/E ratio of 46x for 2026 and 38x for 2027, with a target price raised by 35% to 98.98 yuan, maintaining an "outperform industry" rating [1]