MAIXINLIN(SH:688685) East Money Securities·2024-03-28 16:00Investment Rating - The report maintains a rating of "Add" for the company [2]. Core Insights - The company is actively developing its intelligent computing business, planning to deploy approximately 8000P of computing power through the construction of a computing center in Suzhou, with an investment of around 1.5 billion yuan [1]. - The company has established strategic partnerships with various organizations to enhance its computing resource ecosystem, focusing on sectors such as digital government, finance, and healthcare [1]. - The company has faced challenges in revenue growth due to market conditions and industry policies but is working on expanding its customer base and improving cost management to enhance profitability [3]. Summary by Sections Business Development - The company plans to install 500 advanced intelligent computing devices, targeting a computing power scale of around 8000P [1]. - A strategic cooperation framework has been signed with Suzhou Computing Technology Co., focusing on building a comprehensive computing service system [1]. Financial Forecast - Revenue projections for 2023-2025 are estimated at 296.48 million, 350.19 million, and 395.69 million yuan, respectively, with corresponding net profits of 15.59 million, 46.24 million, and 58.46 million yuan [3][14]. - The company is expected to experience a significant increase in net profit in 2024, with a growth rate of 196.59% [14]. Market Context - The demand for computing power is surging, driven by the rise of AI applications and the need for GPU resources, leading to a focus on computing power leasing as a business model [6]. - Government policies in major cities are supporting the development of computing resource leasing, which aligns with the company's strategic direction [6].