Group 1 - The core viewpoint of the article emphasizes the emergence of the "Computing Power Ecological Supermarket" as a solution to the challenges faced in the computing power market, driven by the increasing demand for digital transformation and the rise of large models in AI [1][11] - The "Computing Power Ecological Supermarket" aims to provide a one-stop solution for enterprises, addressing issues such as high costs, difficulty in obtaining resources, and uneven distribution of computing power [1][3] Group 2 - The "Computing Power Ecological Supermarket" consists of three main components: the computing power market, AI market, and AI space, catering to diverse computing power needs of various enterprises [3][7] - The computing power market features a range of GPU models and offers customized rental services, allowing enterprises to efficiently manage their computing resources [5][4] - The AI market provides access to models and datasets for different AI applications, facilitating easy acquisition for large tech companies, SMEs, and research teams [7][9] Group 3 - The AI space serves as a knowledge hub, offering industry reports and professional articles to help decision-makers and AI practitioners stay informed about market trends and technological advancements [9][11] - The company plans to continuously expand its computing resources, enhance service quality, and introduce customized solutions to support digital transformation across industries [11]

计算机行业 行业研究 | 动态跟踪 透过财报看算力产业落地进度 核心观点 投资建议与投资标的 我们认为，从上市公司财报中，我们已经可以看出 AI 芯片与服务器行业受益于 AI 行业的 迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付账款的增 加，也预示着相关业务的落地指日可待，而 IDC 行业由于业务落地周期长，目前从行业 整体而言尚未看到财务数据变化但我们对前景也较为乐观。 风险提示 技术落地不及预期、政策落地不及预期、美国进一步制裁风险 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 05 月 05 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, while focusing on optimizing its core business and expanding its intelligent computing capabilities [1][2]. Group 1: Financial Performance - The company achieved revenue of 1.41 billion yuan in Q1 2025, a year-on-year decrease of 2.07% [1]. - The net profit attributable to shareholders was 42 million yuan, down 29.03% year-on-year [1]. - The non-recurring net profit was 39 million yuan, reflecting a decline of 26.98% year-on-year [1]. - The gross profit margin stood at 17.29%, a decrease of 1.01 percentage points year-on-year [1]. Group 2: Strategic Initiatives - The company is actively optimizing its core business structure and focusing on intelligent computing, with plans to enhance its IDC capabilities [1]. - The second phase of the Songjiang Big Data Computing Center is a major project aimed at establishing a large-scale, autonomous intelligent computing infrastructure in Shanghai [1]. - The company completed the equity transfer of Shanghai Broadcasting Communication Technology Co., Ltd. and is advancing the integration of Shanghai Yidian Analytical Instrument Co., Ltd. into its platform [1]. Group 3: Industry Outlook - Local government policies in Shanghai are promoting the development of the computing power industry, which the company is well-positioned to benefit from [2]. - The Shanghai government has introduced measures to support the use of intelligent computing resources, including the establishment of computing power vouchers [2]. - By 2027, Shanghai aims for its intelligent computing industry to exceed 200 billion yuan, with a focus on building a complete ecosystem [2]. Group 4: Investment Projections - Revenue projections for the company from 2025 to 2027 are 6.62 billion yuan, 7.80 billion yuan, and 9.11 billion yuan, with year-on-year growth rates of 17.76%, 17.77%, and 16.77% respectively [3]. - Net profit projections for the same period are 263 million yuan, 309 million yuan, and 364 million yuan, with growth rates of 30.19%, 17.13%, and 17.96% respectively [3]. - The company is expected to benefit from its deep involvement in Shanghai's digitalization efforts and the completion of the Songjiang Phase II project [3].

Group 1 - The core point of the news is the successful issuance of the first "computing power loan" in Guangdong province by Shunde Rural Commercial Bank, providing 10 million yuan to a local smart chip R&D company, marking a significant milestone in financial innovation towards the AI infrastructure sector [1][3] - The "computing power loan" model is designed to cover the entire industry chain, allowing upstream hardware R&D companies to access liquidity through "computing power operation loans" and midstream service providers to upgrade facilities via "computing power upgrade loans" [3] - The success of this model relies on precise evaluation of enterprise data assets, which include vast amounts of test data, patent documents, and supply chain information generated by the smart chip R&D company [3] Group 2 - The traditional financial reporting system struggles to reflect the value of data assets, leading to a structural contradiction where companies are "data-rich" but "credit-poor" [3] - The introduction of data asset accounting (DACPA) is crucial for addressing this issue, as it allows for the recognition, measurement, and disclosure of data assets, facilitating better access to financing [3][10] - The People's Bank of China and other departments have emphasized the need to explore the value of data elements, with local practices in Foshan, such as digital asset financing loans, requiring companies to establish standardized data asset management mechanisms [3] Group 3 - The demand for specialized data asset management professionals is rapidly increasing in Foshan, driven by the integration of AI and manufacturing, leading to the emergence of the data asset accounting profession [8] - The data asset accounting examination has established a three-tier certification system to meet the market's need for standardized talent, allowing qualified individuals to apply directly for senior certification [8] - The examination materials cover foundational frameworks for data rights confirmation and valuation, with a focus on practical accounting skills at different levels [8] Group 4 - The underlying logic revealed by the Foshan case is that computing power acts as the "electricity" of the new era, while data assets serve as the "fuel" driving this generator [10] - The role of data asset accounting professionals is to translate the commercial potential of enterprise data resources into a language that financial institutions can understand, which is essential for the success of the "computing power loan" model [10] - As more companies employ certified professionals, the innovative experience of "digital asset financing loans" in Foshan is expected to accelerate replication, creating a virtuous cycle of "data asset accounting—credit value enhancement—financial resource connection" [15]