Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's AI cloud business is experiencing rapid growth, with a 105.8% year-on-year increase in net profit attributable to the parent company in Q3 2024 [1][2] - The company achieved a revenue of 434 million yuan in the first three quarters of 2024, representing a 30.35% increase, and a net profit of 3.0158 million yuan [2] - The report maintains profit forecasts for 2024-2026, expecting net profits of -15 million yuan, 15 million yuan, and 54 million yuan respectively, with corresponding EPS of -0.25, 0.26, and 0.93 yuan [2] Financial Performance - In H1 2024, the AI cloud business line's gross margin increased by approximately 12 percentage points compared to 2023, with a 64.27% year-on-year revenue growth in supercomputing cloud services [3] - The company's R&D expenses for the first three quarters of 2024 were 25.8649 million yuan, accounting for 5.96% of revenue [4] - The company has a total market capitalization of 3.977 billion yuan and a circulating market capitalization of 1.775 billion yuan [2] Market Outlook - The supercomputing cloud service market in China is projected to grow from 2.07 billion yuan in 2021 to 11.19 billion yuan by 2025, with a compound annual growth rate (CAGR) of 52.4% [3] - The company's "Sanhai Plan" phase II is set to accommodate up to 100,000 computing units, enhancing its capacity for high-performance computing [4]
并行科技：北交所信息更新：AI云业务快速增长，2024Q3归母净利润+105.8%