Sugon(SH:603019) CMS·2025-11-10 15:09Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Insights - The company has launched the world's first single-cabinet 640-card super node, scaleX640, which significantly enhances computing power compared to similar products in the industry [6]. - The scaleX640 super node supports continuous innovation in cutting-edge large models and addresses the bottleneck in computing power, thus reinforcing the company's position in the domestic intelligent computing cluster market [6]. - The company aims to transform AI computing power from an expensive resource into an accessible infrastructure, contributing to a new computing ecosystem that is both self-controlled and open [6]. Financial Performance and Projections - The company expects revenue to reach 15.36 billion, 18.37 billion, and 22.22 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 2.43 billion, 2.98 billion, and 3.36 billion yuan [6][7]. - The projected PE ratios for the same years are 64.5, 52.6, and 46.6, indicating a positive outlook on the company's valuation [7][15]. - The company reported a total revenue of 14.35 billion yuan in 2023, with a year-on-year growth of 10% [7][14]. Product Innovation - The scaleX640 super node features a high-density architecture that allows for a 20-fold increase in computing density and a 30%-40% performance improvement in training and inference scenarios for trillion-parameter models compared to traditional solutions [6][7]. - The product is designed to support various advanced applications, including high-throughput inference and scientific intelligence, positioning it as a core engine for industry innovation in the "AI+" era [6][7]. Market Positioning - The company has collaborated with over 20 industry chain enterprises to launch an "AI Computing Open Architecture," aiming to lower the R&D threshold for AI clusters and promote ecosystem development [6][7]. - The report emphasizes the importance of the scaleX640 super node in establishing a robust and efficient intelligent computing infrastructure for various industries [6][7].