Investment Rating - The report assigns an "Outperform" rating to the company [1]. Core Insights - The company's computing power scheduling platform is positioned as a crucial driver for digital economic transformation, with significant growth potential and returns [4][7]. - The collaboration with Huawei has led to the launch of various AI products, enhancing the company's competitive edge in the AI sector [13][20]. - The company is expected to experience substantial revenue growth, with projected revenues of 213.37 billion, 257.90 billion, and 297.54 billion yuan for 2024, 2025, and 2026 respectively [21][23]. Summary by Sections Investment Rating - The company is rated as "Outperform" with a target price range of 6.83 to 8.54 HKD based on a dynamic PE of 20-25 times for 2024 [4][21]. Financial Performance - The company’s projected net profits for 2024, 2025, and 2026 are 918 million, 1.154 billion, and 1.389 billion yuan respectively, with corresponding EPS of 0.32, 0.40, and 0.48 yuan [5][21]. - The revenue for 2023 is expected to be 171.17 billion yuan, reflecting a year-on-year decrease of 14% [5][23]. Computing Power Scheduling Platform - The computing power scheduling platform is essential for managing diverse computing resources and optimizing their utilization across various business scenarios [4][8]. - The platform includes three core components: the computing power access management center, the computing power orchestration scheduling center, and the computing power operation center [9][11]. Collaboration with Huawei - The company has deepened its partnership with Huawei, resulting in the introduction of numerous AI products, including the AIGC model factory and various large model services [13][20]. - The collaboration aims to enhance the efficiency of model training and application development, addressing the challenges faced by enterprises in deploying large models [14][19]. Future Outlook - The company is well-positioned to benefit from the growing demand for AI and computing power solutions, with expectations of significant growth in the digital economy [12][21]. - The report emphasizes the importance of the company's innovative solutions in driving digital transformation across various industries [12][20].
算力调度平台功能强大，深度合作华为背景下积极布局AI广阔空间