并行科技（839493）：北交所信息更新：已部署DeepSeek-R1等主流模型，2025Q1归母净利润同比+43.77%

Investment Rating - The investment rating for the company is upgraded to "Outperform" [2][4]. Core Insights - The company reported a revenue of 198 million yuan in Q1 2025, representing a year-on-year increase of 51.68%, and a net profit attributable to shareholders of 3.594 million yuan, up 43.77% year-on-year [4]. - The company's main business, computing power service revenue, continues to grow, demonstrating significant scale effects and improved profitability [4]. - The revenue forecast for 2025 is adjusted to 868 million yuan, with a net profit forecast of 25 million yuan, and for 2026, the net profit is expected to reach 54 million yuan [4]. - The company has deployed mainstream models such as DeepSeek-R1 and is actively promoting computing power services based on domestic computing chips [5]. Financial Summary - The total market capitalization of the company is 9.274 billion yuan, with a circulating market capitalization of 6.382 billion yuan [2]. - The company has a total share capital of 59 million shares, with a circulating share capital of 40 million shares [2]. - The revenue for 2024 is projected to be 655 million yuan, with a year-on-year growth of 32.07%, and a net profit of 12 million yuan, reflecting a significant increase of 114.98% [4][9]. - The gross profit margin is expected to improve from 25.6% in 2023 to 34.1% in 2027 [9]. Patent and Ranking Achievements - The company and its subsidiaries hold 30 patents and rank first in the international AI computing power list [6]. - The company has established a comprehensive computing power network service platform, integrating resources across various domains [6]. Business Model and Operations - The company collaborates with server suppliers to procure high-performance servers and provides integrated solutions to customers [5]. - The launch of the underwater computing center in Hainan marks a significant operational milestone for the company [5]. Future Projections - The company anticipates a continued increase in revenue and profitability, with net profits projected to reach 92 million yuan by 2027 [4][9]. - The expected earnings per share (EPS) are forecasted to grow from 0.20 yuan in 2024 to 1.57 yuan in 2027 [4][9].