LCXX(SZ:000977) HTSC·2025-03-03 02:35Investment Rating - The report maintains an "Overweight" rating for the technology sector and the computer industry [6]. Core Insights - DeepSeek has significantly reduced inference costs, achieving a theoretical daily revenue of $562,027 against a cost of $87,072, indicating a profit margin of 545% if 15% of tokens are paid [2][4]. - The optimization of the DeepSeek-V3/R1 inference system focuses on higher throughput and lower latency through Expert Parallelism (EP) [3]. - The pricing difference in inference services between domestic and international models reflects the constraints in external computing power supply, with DeepSeek offering a more cost-effective solution [4]. Summary by Sections Investment Rating - The report recommends "Buy" for Inspur Information (浪潮信息) with a target price of 61.41 CNY, reflecting a strong growth outlook in the AI server market [9][14]. Cost and Revenue Analysis - DeepSeek's inference system operates at a peak node utilization of 278 nodes, with an average of 226.75 nodes, and a GPU rental cost assumed at $2 per hour [2]. - The average processing cost per million tokens is $0.11, while the R1 model pricing is significantly lower than competitors like OpenAI [2][4]. Technical Optimization - The DeepSeek-V3/R1 system employs a pre-fill and decode architecture to enhance parallel computation across nodes, aiming for reduced latency and improved performance [3]. Market Dynamics - The report highlights that domestic AI model providers are optimizing hardware performance under supply constraints, which may lead to increased market share in global applications [4][5].