蓝耘科技：新三板公司研究报告：智算云平台发布深度AI赋能，加速重构算力增长新曲线

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Lanyun Technology, focuses on providing GPU cloud services for enterprise-level workloads, with significant revenue growth in its cloud solutions and GPU services [2][5] - The AI computing demand is rapidly expanding, with China's intelligent computing scale expected to exceed ZFLOPS by 2026, indicating a robust growth trajectory for the cloud computing market [3][40] - The launch of the Lanyun Intelligent Cloud Platform enhances AI research and development capabilities, supported by strategic partnerships with various companies [4][9] Summary by Sections Company Overview - Lanyun Technology specializes in GPU-accelerated workloads and cloud services, achieving a revenue of 409 million yuan in 2023, with a net profit of 51.28 million yuan [2][5] - The company has a compound annual growth rate (CAGR) of 5.54% in revenue and 15.75% in net profit from 2020 to 2023 [2] Industry Analysis - The intelligent computing market in China is projected to grow at a CAGR of 33.9% from 2022 to 2027, significantly outpacing general computing growth [3][46] - The cloud computing market in China reached 616.5 billion yuan in 2023, with a year-on-year growth of 35.5%, and is expected to reach 837.8 billion yuan in 2024 [3][67] Business Model - Lanyun Technology's GPU cloud services are designed to meet the high-performance computing needs of various sectors, including AI training and scientific research [10][19] - The company has established a modern cloud platform based on Kubernetes, which offers flexible and efficient GPU resource allocation [10][21] Financial Performance - In the first half of 2024, Lanyun Technology reported a revenue of 536 million yuan and a net profit of 48.28 million yuan, with a gross margin of 39.16% for its GPU cloud services [2][8] - The company's PE ratio for 2023 is 21.0X, significantly lower than the industry average of 73.0X, indicating a relative undervaluation [5][8] Technological Innovation - Lanyun Technology is actively pursuing technological advancements, with 14 patents pending and a focus on enhancing its AI computing capabilities [4][27] - The company has increased its R&D expenditure, reflecting its commitment to innovation and maintaining a competitive edge in the market [25][27]