Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [31]. Core Insights - The company is a leading independent supercomputing cloud service provider in China, focusing on high-performance computing (HPC) integrated with internet services, which enhances its market competitiveness and share [2][6]. - The supercomputing cloud service market is expected to grow significantly, with projections indicating a market size of 111.9 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 52.4% from 2021 to 2025 [31][80]. - The company's revenue for 2023 reached 496.7 million yuan, a year-on-year increase of 58.5%, with its core supercomputing cloud service business contributing 83.5% of total revenue [6][68]. Financial Performance - Total revenue is projected to grow from 495.67 million yuan in 2023 to 1.20556 billion yuan by 2026, with a CAGR of 30.76% [1]. - The company is expected to reduce its net loss significantly, with forecasts showing a net profit of 33.08 million yuan by 2026, compared to a net loss of 80.5 million yuan in 2023 [1]. - The earnings per share (EPS) is anticipated to improve from -1.38 yuan in 2023 to 0.57 yuan by 2026 [1]. Business Model and Market Position - The company has developed a unique "HPC + Internet" model, integrating cloud computing with supercomputing, which has established a robust supercomputing cloud service platform [2][6]. - The company has diversified its offerings into general cloud, industry cloud, and AI cloud services, catering to a wide range of sectors including education, research, and AI-driven industries [39][80]. - The supercomputing cloud service market is characterized by increasing demand driven by advancements in AI and digital economy initiatives, positioning the company favorably for future growth [60][98]. Research and Development - The company has maintained a high R&D expenditure, with R&D expenses accounting for 20.3%, 13.3%, and 8.4% of revenue from 2021 to 2023, respectively, which is significantly higher than its peers [48][72]. - The focus on R&D is expected to yield new profit growth points, particularly in supercomputing software and technical services [6][68]. Market Trends - The report highlights the rapid growth of the AI industry, which is expected to drive demand for computing power, with the AI training compute requirements increasing exponentially [95][96]. - The implementation of national strategies such as the "East Data West Computing" initiative is anticipated to enhance the infrastructure for supercomputing services, further supporting market expansion [84][98].
并行科技：超算云服务龙头，迎行业春风