Core Insights - The company reported a revenue of 4.365 billion yuan for 2024, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 1.790 billion yuan, up 1.62% year-on-year [1] - The traditional IDC market is slowly recovering, while the AIDC market is experiencing explosive growth due to AI technology, with AIDC revenue reaching approximately 1.451 billion yuan, a year-on-year increase of 21.03% [1] - The company has significantly increased its energy consumption indicators by about 130% compared to the end of 2023, ensuring robust business development [1] Business Development - The company has completed the planning of seven AIDC intelligent computing infrastructure clusters in six core regions, accumulating 61 intelligent computing centers and approximately 320,000 cabinet resources [2] - The company has delivered 14 computing centers and deployed about 82,000 cabinets, with a mature computing center shelf rate exceeding 90% [2] - The company is a leader in liquid cooling technology, having delivered the industry's first fully liquid-cooled intelligent computing center and applied self-developed cooling technologies across multiple parks [2] Industry Position - The company is recognized as a leading technology firm in the comprehensive computing center sector, focusing on sustainable and large-scale investments in intelligent computing and digital economy [3] - The company aims to build advanced, well-structured, and environmentally friendly computing infrastructure clusters, establishing a strong reputation and brand influence in the industry [3]

Group 1: AI and Business Transformation - The company has been engaged in AI and data center development for 18 years, evolving from traditional data centers to green low-carbon data centers and now to intelligent computing centers [2][3]. - The integration of "AI+AV" technology enhances traditional video conferencing services and creates smart screens and exhibition halls for various industries [3][4]. - The company is focusing on AI applications in healthcare, cultural tourism, and education, with significant investments in AI-enabled solutions [5]. Group 2: Product Development and Market Strategy - The company has successfully developed an intelligent voice-controlled video conferencing product, set to launch in the second half of 2024, aimed at improving meeting experiences [4][5]. - The "smart screen" product, integrating AI interaction and content management, is expected to be completed by 2025, addressing traditional screen limitations [4][5]. - The company plans to establish a dual-channel sales system and strengthen industry partnerships to enhance market presence and brand exposure [4][5]. Group 3: Competitive Advantages - The company's core competitive advantages include proprietary technologies, innovative products, craftsmanship, and a strong research and development spirit [7]. - Recent project wins in the southern market, totaling nearly 80 million yuan, demonstrate the company's successful expansion strategy [7][8]. - The company aims to replicate its southern market success across other regions, enhancing overall business scale [7][8]. Group 4: Financial Performance and R&D Investment - The company plans to distribute a cash dividend of 0.102 yuan per 10 shares, based on positive revenue growth and profitability in 2024 [8]. - In 2024, the company will invest 35.16 million yuan in R&D, accounting for 6.56% of its revenue, focusing on AI-enabled multimedia and green computing technologies [8][9]. - The company is implementing strict receivables management to mitigate risks and ensure efficient cash flow [9].

Group 1 - The report highlights that AI Agents are accelerating penetration across various industries and may become the primary mode of human-machine collaboration, with three models identified: embedding, copilot, and agent mode, with the agent mode being the most efficient [3][9][10] - In 2022, China's data output reached 8.1ZB, growing by 22.7% year-on-year, and is projected to reach approximately 9.5ZB in 2023, making it the second-largest data producer globally [18][20] - The report identifies 15 companies on the Beijing Stock Exchange involved in AI applications, including AiRong Software (AI finance), Guozi Software (AI-enabled data assets), and Huaxin Yongdao (AI governance) [24][25] Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry increased by 0.51% to 45.7X, while the electronic equipment industry's P/E ratio rose from 51.8X to 52.0X [34][59] - The report notes that the median P/E ratio for the machinery equipment industry decreased from 52.4X to 50.9X, and the information technology industry's P/E ratio fell from 61.6X to 59.3X [41][47] - The report mentions that the total market value of the new energy industry decreased from 468.4 billion to 465.3 billion, with notable stock performance from companies like QiuGuan Cable (+17.39%) and YiNeng Power (+5.75%) [59][61] Group 3 - The report states that the total market value of the electronic equipment industry decreased from 1195.1 billion to 1164.8 billion, with the median market value rising from 21.8 billion to 23.2 billion [36][37] - The machinery equipment industry's total market value fell from 972.7 billion to 939.7 billion, with the median market value decreasing from 19.5 billion to 18.7 billion [42][44] - The report indicates that the total market value of the information technology industry decreased from 878.1 billion to 858.4 billion, while the median market value remained unchanged at 24.5 billion [49][50] Group 4 - The report highlights that Kairun Intelligent Control Co., Ltd. won a bid for an electrification project in an African country, with a contract value of 732.121 million USD [63]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250310 中国信通院正式启动多模态智能体技术规范 编制工作 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不 及预期等。 2025 年 03 月 10 日 证券分析师 朱洁羽 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《市场交投活跃，政策利好推动板块 上涨》 2025-03-09 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 《设立国家"航母级"创业投资引导 基金，推出债券市场的科技板》 2025-03-06 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] 资本市场新闻：1）财政部有关负 ...