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中国科技-预计IDC定价触底,利用率将有所提升;看好 2025 年第四季度出货量更强的服务器制造商-China Technology
2025-08-08 05:02
Summary of Conference Call Notes Industry Overview - **Industry**: Data Center and AI Technology - **Key Players**: Sinnet, Athub, Huaqin Technology, Inspur Core Insights 1. **Demand Surge in AI Applications**: There is an exponential increase in demand for AI tokens driven by applications in photo and video creation, with daily token usage among top CSPs in China increasing five-fold since January and expected to grow another 50-100% in 2H25 [3][1] 2. **AI Chip Supply Improvement**: The availability of AI chips is improving, with potential resumption of H20 supply and ramp-up of domestic AI chip production expected in 2H25, particularly in 4Q25 [3][1] 3. **IDC Pricing Stabilization**: After a significant drop in 2024, the IDC service price has stabilized due to enhanced utilization driven by strong AI demand, with AIDC utilization reaching above 85% in 2Q25 [3][1] 4. **Preference for Server Makers**: The report indicates a preference for server manufacturers like Huaqin and Inspur over IDC suppliers due to expected higher shipments of both AI and regular servers in 4Q25 [1][3] Additional Important Points 1. **Utilization Rates**: General IDC utilization was reported at 70%, indicating weaker retail client demand amid macroeconomic uncertainty [3][1] 2. **Margin Improvement for A-share IDC Players**: With enhanced utilization and a focus on net profit, margins for A-share listed IDC players are expected to gradually improve [3][1] 3. **Investment Recommendations**: The report recommends Sinnet over Athub in the A-share IDC service supplier space due to higher sales growth potential from new AIDC capacity release [1][3] Conclusion The conference call highlighted a robust outlook for the AI and data center industry, driven by increasing demand for AI applications and improving supply conditions for AI chips. The preference for server manufacturers over IDC suppliers suggests a strategic shift in investment focus within the sector.