Investment Rating - The report upgrades the investment rating of Parallel Technology (839493 BJ) to "Buy" [1] Core Views - Parallel Technology is a leading provider of supercomputing cloud services and computing power operation services in China, with its main services including Parallel General Supercomputing Cloud, Parallel Industry Cloud, and Parallel AI Cloud [3] - The company has achieved a turnaround in its 2024 H1 performance, with a net profit attributable to the parent company of 4 23 million yuan and a gross profit margin rebounding to 34 06% [3] - The company's AI Cloud revenue reached 110 million yuan in 2023, a year-on-year increase of 263%, driven by the rapid development of AI large models [3] - Parallel Technology's industry cloud business has grown rapidly, with a CAGR of 138 32% from 2020 to 2023, and revenue reaching 132 million yuan in 2023, accounting for 32% of total revenue [4] Business Overview - Parallel Technology's main products include supercomputing cloud, intelligent computing cloud, supercomputing industry cloud, design simulation cloud, operation and maintenance services, and software products [12] - The company's supercomputing cloud services are divided into IaaS, PaaS, and SaaS, with IaaS being the foundation for PaaS and SaaS [13] - Parallel Technology has partnered with Inner Mongolia Computing Base to build a large-scale single cluster for model training, with a planned deployment of 4000 high-power intelligent computing cabinets [13] Market Demand and Strategy - The market demand for large-scale training is outstripping supply, and Parallel Technology excels at formulating solutions based on user needs [3] - The company has shifted from primarily purchasing computing power to co-building computing power, gradually expanding its own computing power asset pool [3] - From November 2023 to the present, the company has purchased computing power assets totaling no more than 462 million yuan, including 352 million yuan for equipment [3] Industry Cloud and AI Cloud - Parallel Industry Cloud provides specialized services such as business system docking and dedicated line links, offering solutions for industries such as meteorological oceanography, life sciences, and high-end manufacturing [4] - The company's AI Cloud provides high-performance GPU computing power resources and related PaaS services, catering to the needs of AI deep learning and scientific computing [120] - In 2023, the AI Cloud business revenue reached 111 million yuan, a year-on-year increase of 262 70%, with a CAGR of 253 09% from 2020 to 2023 [122] Financial Performance - Parallel Technology's revenue has maintained year-on-year growth from Q3 2021 to Q2 2024, with a net profit attributable to the parent company of 4 23 million yuan in H1 2024 [3] - The company's gross profit margin rebounded to 34 06% in H1 2024, and the net profit margin turned positive in Q1 2024 [3] - The company's operating efficiency and computing power utilization have both improved, contributing to the turnaround in performance [3]
并行科技：北交所公司深度报告：“算海计划”共建超大单体智算集群，运营效率+算力利用率双提升