各位投资者大家好我是孩童电信梅汉然后今天主要讲科幻数据在讲科幻数据之前的话先解读一下昨晚腾讯资本开支的一个情况24年来看的话其实腾讯资本开支还是比较高的体现了AI的需求特别是四季度四季度腾讯资本开支有360多亿 然后同比增加有380%多然后所以的话其实增幅还是非常的高然后24年全年的资本开支的话有767亿那同比的增长221%是创一个历史新高那约占收入的大概12%然后其中的话AI相关的投入其实就高达707亿 然后昨晚其实也说了一下奥年的一个资本开支的预期那奥年的话业绩会上说学术会继续增加资本支出然后这样收入的低两位数百分比那大概低两位数百分比这么意思其实就是在10%到14%之间然后以目前的奥年腾讯 收入的预期大概是7138亿左右的一个收入预期那如果涨比10%到14同时也还要进一步增加资本的资本支出的话大概对应就是800到1000亿这个投资其实整体还是比较符合之前的市场预期但是呢其实 因为之前像阿里字节之前的资本预期的话其实是更高的嘛所以无法排除就是说可能投资者对于就是之前对腾讯的预期会更加乐观的一个情况因为像阿里之前的话可能预期三年是投入3800亿然后年均资本开支在1300亿 的一个情况那其实2024年的资本开 ...

Group 1 - The core viewpoint of the news is the establishment of a joint venture between Haotian International Construction Investment and Jiangsu Litong, with Haotian holding 75% and Litong 25% of the equity [1] - The joint venture will receive capital commitments of RMB 300 million from Haotian and RMB 100 million from Litong, and will become a subsidiary of the company as long as Haotian remains a subsidiary [2] - The joint venture aims to engage in AI computing resources and 5G big data-related businesses, including but not limited to computing power services and related technical consulting, business planning, logistics, and trade [2] Group 2 - The AI sector has seen significant advancements over the past year, with developments in large language models and multimodal models, leading to a decrease in training and inference costs, thus lowering the application threshold for large models [3] - The trend is accelerating the evolution of data centers towards AI Data Centers (AIDC), presenting new opportunities for industry growth [3] - The joint venture with Jiangsu Litong provides a valuable opportunity for the company to enter the AI business, which is expected to generate annual revenues potentially reaching USD 300 million or more if successful [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].

过去 50 年最重要的技术之一，塑造了我们的生活，使我们习以为常。 文丨曾梦龙 编辑丨钱杨 黄俊杰 当一个基础设施变得非常成功时会发生什么？ 美国克莱姆森大学的教授乔丹·弗里斯（Jordan Frith）觉得是这样：人们不再想它，它也逐渐淡出人们的视线。 "条形码是一个典型的例子。" 他在去年出版的 《条形码》（Barcode）中写道： "条形码的隐蔽和平凡正是其成功的最终象征。 " 50 年前，条形码在美国应用于商业，如今几乎无处不在。食品、快递、书籍、门票、医药、登机牌上都可看到它的身影。全球每天大约出现 60 亿 次扫描条形码的 "嘀嘀" 声，每秒钟售出约 7 万件商品。 同样，由于已经是成功的基础设施，二维码早已让人习以为常。 2012 年，条形码的后代二维条形码（2D barcode，简称 "二维码"）借助移动支付率先在中国得到大规模应用。它让互联网平台成为消费者和商户 的连接者，推动了支付宝和微信崛起。 中国人每天几乎都要用智能手机 "扫一扫" 好几次 ，无论是买菜、坐地铁，还是想打开一辆共享单车，或 添加一个人为微信好友。 条形码和二维码是 "自动识别和数据采集"（AIDC）领域的众多技术之一， ...