Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.71 CNY, reflecting a potential upside from the current price of 29.71 CNY [5][47]. Core Insights - The company is embracing computing power comprehensively, with the establishment of its subsidiary, Tengyun Zhican, focusing on providing full lifecycle services for high-performance infrastructure products in AIGC [1][12]. - The computing power service market is experiencing rapid growth, with the overall market size expected to reach 11.41 billion CNY in the second half of 2023, representing a year-on-year growth of 85.8% [2][23]. - The company has established partnerships with major cloud service providers (CSPs) to offer end-to-end intelligent computing center services, which include planning, design, equipment delivery, operation optimization, and maintenance [2][16]. Summary by Sections Company Overview - The company has shown strong growth momentum in the computing power market, with its subsidiary contributing significantly to its profits, achieving a net profit of 94.66 million CNY in the first half of 2024, accounting for 85% of the overall profit [1][12]. Computing Power Services - The company is actively involved in the CSP industry, providing comprehensive services that include AI computing power planning, design, equipment delivery, and maintenance. The intelligent computing service market is projected to grow significantly, with the integrated service market expected to reach 3.6 billion CNY, growing at a rate of 129.4% year-on-year [2][23]. - The company has launched AI servers, such as the SYS-60415WG, which are designed to meet the increasing demand for AI computing resources [14][15]. Robotics and Edge Computing - The company is leveraging NVIDIA's Jetson platform to develop customized solutions for robotics and edge computing, targeting various industries such as manufacturing, healthcare, and logistics [3][25]. - The company has introduced specialized controllers for different types of robots based on the Jetson Orin platform, enhancing its market presence in the robotics sector [33][40]. Financial Projections - Revenue forecasts for the company indicate expected revenues of 42.27 billion CNY, 48.63 billion CNY, and 55.99 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.33%, 15.04%, and 15.13% [4][46]. - The projected net profits for the company are 1.51 billion CNY, 2.31 billion CNY, and 2.62 billion CNY for 2023, 2024, and 2025, reflecting significant growth rates [4][46].
智微智能：从数据中心到机器人，稀缺的算力全场景产品服务商