【协创数据（300857.SZ）】业绩快速增长，受益AI浪潮——跟踪报告之一（刘凯/林仕霄）

Core Viewpoint - The company focuses on an integrated smart storage and intelligent IoT system, with expectations of achieving a net profit of 681-833 million yuan in 2024, representing a year-on-year growth of 137.16%-189.86% [2] Group 1: AI Demand and Data Storage Growth - The emergence of ChatGPT has driven a surge in AI application demand, leading chip suppliers to release high-end AI chips to meet increasing computing power needs [3] - According to Trendforce, the average storage capacity in various AI terminals, such as smartphones, servers, and laptops, is expected to increase in 2024, with the highest growth in the server sector [3] - The company has a complete product line in SSDs, with enterprise-level SSDs offering high-speed performance, better reliability, larger single-disk capacity, and longer lifespan to meet the demands of the AI era [3] Group 2: AIoT Terminal Market Potential - The smart IoT terminal market includes smart home and wearable devices, with expanding product functionalities and application scenarios [4] - Smart security terminals, such as network cameras (IPCs), combine digital camera technology, wireless transmission, and intelligent tracking to provide video information collection, encoding, transmission, and storage [4] - The company has developed a smart cloud IoT integrated machine, including a smart water purifier and coffee machine, utilizing core technologies like ultrafiltration and reverse osmosis [4] Group 3: Server Remanufacturing Business Benefiting from AI Trends - The server remanufacturing business encompasses recovery, disassembly, research and development, production, sales, and maintenance services [5] - With the growth of cloud computing, big data, and AI, the server market in China is experiencing rapid growth, leading to increased attention on the processing and utilization of obsolete servers [5] - The company's subsidiary, SEMSOTAI NORTH INC., operates in North America for server recovery and disassembly, collaborating with other subsidiaries for research, production, and sales of servers and related services [5]