Guohai Securities·2025-05-20 15:38Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI chips and computing power leasing is expected to grow significantly, driven by increased capital expenditure from downstream internet companies [8][9] - The revenue of Taiwanese server manufacturers has shown double-digit year-on-year growth, indicating a positive trend in the computing power industry [10] - Major companies like Huawei and Nvidia are launching new AI chip products, which are anticipated to enhance their market positions [8][41] Summary by Sections AI Chips - Huawei has launched the CloudMatrix 384 cluster solution based on the Ascend 910C chip, with plans to start large-scale shipments in June 2025 [8][28] - The revenue of domestic AI chip companies, such as Cambricon and Haiguang, has seen substantial growth, with Cambricon's revenue reaching 11.11 billion yuan in Q1 2025, up 4230% year-on-year [39] - The demand for AI chips is expected to continue rising, with companies adapting to large model frameworks to enhance computing power cluster construction [40] Demand Side - Global cloud service providers, including Google Cloud, AWS, and Microsoft, reported a combined revenue increase of 11% year-on-year in Q1 2025 [63] - Capital expenditures from major companies are projected to remain high, with Microsoft planning to invest approximately $80 billion in AI infrastructure in FY2025 [64] - Alibaba's cloud business revenue reached 30.1 billion yuan in Q1 2025, growing 18% year-on-year, driven by increased adoption of AI-related products [63] Computing Power Industry Chain - The revenue of Taiwanese server manufacturers, including Quanta and Wistron, has shown significant growth, with Quanta's revenue increasing by 58% year-on-year in April 2025 [71] - The domestic computing power leasing market is expected to reach a potential revenue scale of 260 billion yuan by 2026, indicating strong demand [74] - Companies are focusing on enhancing their product lines and expanding customer bases to capitalize on the improving server market demand [70]