中银晨会聚焦-2025-04-01

Core Insights - The report highlights the significant transformation of telecom operators in China, emphasizing their shift from being mere providers of digital infrastructure to becoming leaders in technological innovation, particularly in AI and computing power [2][4][6] - The report indicates that the three major telecom operators are increasing their investments in computing power, with plans for substantial capital expenditures in this area, reflecting their commitment to this strategic shift [5][6] Group 1: Telecom Industry - The three major telecom operators in China have reported substantial growth in their computing power capabilities, with China Mobile achieving a scale of 29.2 EFLOPS, an increase of 19.1 EFLOPS, and significant revenue growth in their cloud services [4][5] - China Telecom's intelligent revenue reached 8.9 billion yuan, a year-on-year increase of 195.7%, while its total cloud revenue reached 113.9 billion yuan, growing by 17.1% [4][5] - China Unicom has also expanded its computing power to over 17 EFLOPS, with cloud revenue increasing by 17.1% to 68.6 billion yuan [4][5] Group 2: Basic Chemicals Industry - Satellite Chemical achieved a revenue of 45.648 billion yuan in 2024, a year-on-year increase of 10.03%, with a net profit of 6.072 billion yuan, up 26.77% [8][9] - The company reported a record net profit of 2.379 billion yuan in Q4 2024, reflecting a year-on-year increase of 70.47% and a quarter-on-quarter increase of 45.36% [8][9] - The company’s sales of chemical products and new materials reached 7.3527 million tons, a year-on-year increase of 15.83%, with significant growth in international sales [10][11] Group 3: Computer Industry - CloudSai Intelligence reported a revenue of 5.623 billion yuan in 2024, a year-on-year increase of 6.8%, with a notable growth in its non-recurring net profit by 39.84% [13][15] - The company is actively involved in the development of smart computing and big data services, benefiting from the increasing demand for digital transformation solutions in various sectors [14][15] - The establishment of a major data center project in Shanghai is expected to enhance the company's capabilities in providing intelligent computing infrastructure [15][16]