Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 184.60 CNY, based on a current price of 171.00 CNY [4][10][21]. Core Insights - The company is positioned as a leading provider of computing power services, focusing on the integration of supercomputing and intelligent computing, with its intelligent computing cloud business leading growth [2][10]. - The company has strong growth momentum and profitability, with significant revenue contributions from its intelligent computing cloud business, which saw a 151% year-on-year increase in revenue for the first three quarters of 2025 [10][14]. - The company benefits from its strategic location in Beijing, leveraging local policy support and technological resources to enhance its competitive edge in the AI computing market [10][20]. Summary by Relevant Sections Investment Highlights - The company is expected to benefit significantly from the AI boom, with projected revenues of 1.11 billion, 1.36 billion, and 1.65 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 69.6% and 22.6% [10][17]. - The intelligent computing cloud business is projected to maintain high growth rates, with revenue growth expected to be 70%, 22%, and 20% from 2025 to 2027 [14][16]. - The company has implemented a stock incentive plan to align the interests of management and key employees with long-term growth, which is expected to enhance operational vitality and innovation [10][20]. Financial Performance - The company reported a revenue of 734 million CNY for the first three quarters of 2025, with the intelligent computing cloud business contributing approximately 430 million CNY, accounting for 58.5% of total revenue [10][14]. - The gross margin for the third quarter reached 22.18%, with a net profit of 3.33 million CNY, marking a 374.07% year-on-year increase [10][14]. - The financial projections indicate a steady improvement in profitability, with net profits expected to grow from 22 million CNY in 2025 to 61 million CNY by 2027 [10][18]. Valuation Analysis - The report utilizes a price-to-sales (PS) valuation method, assigning a PS multiple of 8.1x for 2026, leading to a reasonable valuation of 110.2 billion CNY for the company [18][20]. - The company is compared with peers in the industry, highlighting its unique position as the first publicly listed company in the A-share market to provide specialized computing power services [19][20].

北京国枫律师事务所 关于北京并行科技股份有限公司 申请向不特定合格投资者公开发行股票 并在北京证券交易所上市的 补充法律意见书之三 国枫律证字[2022]AN146-20 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街26号新闻大厦7层 邮编:100005 电话(Tel):010-88004488/66090088 传真(Fax):010-66090016 北京国枫律师事务所 关于北京并行科技股份有限公司 申请向不特定合格投资者公开发行股票 并在北京证券交易所上市的 补充法律意见书之三 国枫律证字[2022] AN146-20号 致:北京并行科技股份有限公司(发行人) 根据本所与发行人签订的《律师服务协议书》,本所接受发行人的委托,担 任发行人本次发行上市的特聘专项法律顾问。 本所律师已根据《公司法》《证券法》《北京证券交易所向不特定合格投资 者公开发行股票注册管理办法》《证券法律业务管理办法》《证券法律业务执业 规则》等相关法律、法规、规章和规范性文件的规定并按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,对发行人提供的文件和有关事实进行了 ...