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]. - The company holds 30 patents and ranks first in international AI computing power rankings [6]. Financial Summary - The total revenue for 2023 is reported at 496 million yuan, with a projected increase to 655 million yuan in 2024 and 868 million yuan in 2025, reflecting a year-on-year growth of 58.5%, 32.1%, and 32.5% respectively [8][9]. - The net profit attributable to shareholders is expected to improve from a loss of 80 million yuan in 2023 to a profit of 12 million yuan in 2024, and further to 25 million yuan in 2025 [8][9]. - The gross margin is projected to increase from 25.6% in 2023 to 34.1% in 2027, indicating improved profitability [9].
并行科技：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%-20250611