深圳市亿道信息股份有限公司 投资者关系活动记录表 | | 原有工程式和平台型研发工作，深入理解上游核心器件的技术演变路 | | --- | --- | | | 径并开展预研，加大在各主流技术平台架构基础上的定制化开发力度。 | | | 报告期内，研发项目和新申请的专利数量均有所增加，相继推出了 AI | | | 行业终端、AI 企业工作台、AI 眼镜、AI 边缘计算大模型、AI 数字人、 | | | AI Server 等多项突破性研发成果，研发设计能力的整体提升进一步满 | | | 足了客户差异化需求，助力公司服务更多大中型品牌客户，从而带来 | | | 增量收入。另一方面，公司在 2024 年 1 月成立亿道研究院，联合以粤 | | | 港澳大湾区数字经济研究院（IDEA 研究院）为代表的各大高校、科研 | | | 院所及国际化研究机构，共同推动人工智能、感知技术、云计算、原 | | | 生硬件和空间智能等前沿科技的研究开发工作。谢谢。 | | | 3、公司的回购计划进行到哪一步？ | | | 答：尊敬的投资者您好，感谢您的关注。公司的回购计划正有序 | | | 推进中，公司将根据市场情况及公司发展状况， ...

AI算力需求井喷，带动产业链相关上市公司上半年业绩高增长。近日，算力产业链上市公司纷纷披露2025年半年报或半年度业绩预告，多家公司提及，上 半年业绩增长主要得益于基础算力设施的持续建设和人工智能相关算力投资的稳步增长。业内人士表示，AI应用的普及推动了算力需求的爆发式增长，相 关上市公司迎来了发展黄金时期。 根据中国智算中心产业发展白皮书（2024年），AI大模型应用场景不断丰富，商用进程加快，智算中心市场增长动力逐渐由训练切换至推理，预计2028年 中国智算中心市场规模有望达到2886亿元。IDC与浪潮信息联合发布的《2025年中国人工智能计算力发展评估报告》，2025年中国智能算力规模将达到 1037.3EFLOPS，预计到2028年将达到2781.9EFLOPS。甬兴证券研报认为，国内智算中心建设加速，产业链相关环节迎来增长机会。国产大模型加速国产算 力建设，看好由国内智算中心建设带来AIDC运营商、AI服务器、交换机、光模块、高速铜缆以及温控等环节的放量机会。 必读要闻二：可用性持续提升，AI视频生成行业商业化进入发展快车道 记者获悉，可灵AI正式发布基于2.1模型的全新首尾帧功能，其效果较1.6模 ...

Financial Data and Key Metrics Changes - The company reported a record high first quarter revenue of $18.8 billion, representing a 22% year-on-year growth [3][15] - Net income on a non-HKFRS basis increased by 22% to $389 million, while on an HKFRS basis, net income more than doubled to $500 million [4][16] - Non-PC revenue mix reached 47% of total revenues, indicating a significant diversification in revenue streams [5][16] Business Line Data and Key Metrics Changes - The Intelligent Device Group (IDG) generated $13.5 billion in revenue, an 18% year-on-year growth, with PCs and related businesses growing by 19% [6][24] - The Solutions and Services Group (SSG) achieved a record revenue of $2.3 billion, marking a 20% year-on-year increase with an operating margin of over 22% [10][29] - The Infrastructure Solutions Group (ISG) saw a 36% year-on-year revenue growth, reaching $4.3 billion, although it recorded an operating loss of $86 million due to strategic investments [8][28] Market Data and Key Metrics Changes - In China, revenue surged by 36% year-on-year, driven by strong AI PC shipments and leadership in the commercial segment [18][19] - The Asia Pacific region, excluding China, experienced a 39% revenue growth, with significant market share gains in Japan and India [19] - The Americas saw PC market share gains for the ninth consecutive quarter, while EMEA recorded strong bookings in Device as a Service and Software Solutions [19] Company Strategy and Development Direction - The company is executing a hybrid AI strategy aimed at capitalizing on AI opportunities, with a focus on personal and enterprise AI innovations [5][11] - Continuous investment in R&D, which increased by 10% year-on-year to $524 million, is a priority to drive innovation and support the hybrid AI strategy [21][60] - The company aims to maintain its competitive edge through a unique ODM Plus model, combining in-house manufacturing with ODM to enhance flexibility and resilience [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating future uncertainties and emphasized the importance of maintaining market share and profitability despite external challenges [5][6] - The company anticipates continued growth in the PC and AI infrastructure markets, with a positive outlook for the remainder of the fiscal year [36][46] - Management highlighted the importance of adapting to market shifts and investing in AI infrastructure to capture growth opportunities [9][10] Other Important Information - The company reported strong cash flow from operations of $1.2 billion, the highest in the past eleven quarters, and a free cash flow of $751 million [20] - The company is focused on building a comprehensive AI ecosystem, including partnerships with major tech firms to enhance its AI offerings [72] Q&A Session Summary Question: Trends for PC in Q3 and Q4 2025 - The company expects continued strong performance in the PC market, with good order visibility and a positive outlook for shipments [36] Question: Update on Middle East business progress - The company is ahead of schedule in building a manufacturing facility in the Middle East and expects to capture additional market share through local partnerships [39] Question: Drivers behind strong growth in SSG - The shift from CapEx to OpEx models is driving strong growth in Device as a Service and Infrastructure as a Service across all geographies [44] Question: Impact of tariff uncertainties on supply chain - The company has not seen significant impacts from tariff uncertainties due to its competitive business model and diversified manufacturing footprint [46][48] Question: Explanation of margin decline despite operating profits - The decline in gross margin is attributed to the growth of the ISG business, particularly in AI servers, which have lower margins compared to other segments [55] Question: R&D investment growth outlook - R&D remains a strategic priority, and the company plans to continue investing in innovation to drive growth across all business segments [60] Question: Market share gains in PCs and smartphones - The company has achieved significant market share gains in both segments, driven by innovation and operational excellence [61][66] Question: Hiring investment in ISG AI capabilities - The company is investing in expanding its AI product portfolio and sales coverage to capture revenue opportunities in the AI infrastructure market [70][72] Question: Key growth drivers for AI server sales - Growth is driven by demand across all segments and geographies, with a notable hypergrowth in China related to AI [75] Question: Strategy to gain share in AIPC market - The company aims to leverage its comprehensive product offerings and innovation to gain market share and expand margins in the AIPC market [80]

Market Performance - The Shanghai Composite Index (SSE) rose by 0.48%, the Shenzhen Component Index increased by 1.76%, and the ChiNext Index surged by 3.62% on August 13, 2025[4] - The total trading volume of the two markets exceeded 2.15 trillion yuan, showing a significant increase compared to previous sessions[1] Market Trends - The SSE broke through the previous high of October 8, 2024, indicating strong bullish sentiment, but caution is advised due to potential volatility in this range[1] - The Shenzhen and ChiNext indices still have room to rise, suggesting a focus on these indices for short-term gains[1] Sector Performance - Leading sectors included fourth-generation semiconductors, electronic chemicals, small metals, bioproducts, and non-ferrous metals, while coal, jewelry, banking, and logistics sectors showed notable declines[1] Fund Flows - On August 13, net inflows into the Shanghai and Shenzhen markets were 326.05 billion yuan and 331.91 billion yuan, respectively, with significant inflows into communication equipment and automotive parts[5] Economic Policies - The Ministry of Finance indicated that a 1% interest subsidy could potentially mobilize 100 yuan in loan funds for consumer spending, aiming to stimulate market activity[7] - The People's Bank of China plans to enhance consumer finance products and services, focusing on personalized offerings and streamlined approval processes[8] Investment Opportunities - High-growth sectors such as artificial intelligence, robotics, semiconductors, and innovative biopharmaceuticals are recommended for long-term investment, especially those with strong performance expectations in mid-year reports[2][3] Fund Performance - 99% of equity funds reported positive returns over the past year, with an average return of 34.06% across 6,256 funds, highlighting the strong performance of technology and innovative sectors[12][13]

Core Insights - The global electronics industry is expected to show divergence by 2025, with AI Server demand driven by data center construction standing out, while other consumer electronics like smartphones, laptops, wearables, and TVs face growth challenges due to high inflation, lack of innovative products, and geopolitical uncertainties [1] Industry Summary - AI Server demand is projected to be robust, driven by data center investments, indicating a strong growth segment within the electronics market [1] - Consumer electronics, including smartphones, laptops, wearables, and TVs, are anticipated to struggle with growth due to economic pressures and a lack of new innovations [1] - The overall growth momentum of the electronics industry is expected to slow down further in 2026, marking the beginning of a low-growth adjustment period [1]

Core Insights - The global electronics industry is experiencing a divergence in 2025, with AI Server demand driven by data center construction standing out, while traditional consumer electronics like smartphones, laptops, wearables, and TVs face growth challenges due to high inflation, lack of innovative products, and geopolitical uncertainties [2][3] - A slowdown in overall growth momentum is expected in 2026, marking a transition into a low-growth adjustment period for the electronics industry [2] Industry Trends - Significant early inventory pull-in has been observed across the electronics supply chain in 2025, with shipments of servers, tablets, laptops, monitors, and automotive products shifting from the traditional peak season in the second half to the first half of the year, leading to a near 50:50 shipment ratio for the year [2] - This early pull-in may boost revenue for manufacturers in the first half but poses risks for the second half, as a depletion of this momentum could result in shrinking order volumes and high channel inventory destocking pressures in Q4 [2] Market Forecast - AI Server shipments are projected to grow over 20% year-on-year in 2025, as cloud service providers focus capital expenditures on high-end NVIDIA GPUs and self-developed ASIC chips, which may crowd out budgets for general-purpose servers [2] - In contrast, the smartphone and laptop markets are expected to see flat shipments or only a 1-2% increase, while TV shipments may decline by 1.1%, and the wearables market could contract by 2.8% [3] - Looking ahead to 2026, most consumer electronics are anticipated to maintain flat shipments or experience mild growth of around 1%, with wearables and automotive markets potentially facing declines [3] - Even the previously strong-performing AI Server segment is expected to slow down after two years of rapid expansion and high base effects [3]

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company involved in commercial aerospace, CPO, data centers, chips, Huawei, and controllable nuclear fusion has products participating in a major national aerospace project [1] - Another company specializing in liquid-cooled servers, computing power, NVIDIA, robotics, and data centers reported over 60% year-on-year growth in AI server revenue in Q2 and is a key supplier of NVIDIA's GB200 cabinet [1] - A company focused on innovative drugs, traditional Chinese medicine, synthetic biology, and the three-child policy has received approval for clinical trials of its innovative traditional Chinese medicine research project [1]

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.

AIDC 行业深度：多领域需求共振加速 AI 数据中心建设 20250804 国内数据中心建设需求如何分布？未来增速预期如何？ 我们将国内的数据中心需求划分为六大领域：互联网、运营商、IDC 厂商、金 融、政府及其他。从工信部披露的数据来看，截至 2024 年底，全国标准机架 数超过 900 万架，同比增长 90 万架，而 23 年的增量为 160 万架，这表明新 增功率需求可能有所放缓。然而，从各主要建设主体及相关上市公司营收数据 来看，我们认为 24 年的整体输送式功率需求仍是小幅增长而非下滑。预计 24- 27 年国内数据中心新增功率的 CAGR 为 37%，其中 25 年 AI 数据中心新增功 率有望达到 3.6GW，同比增长 220%，27 年则有望新增约 10GW。 在技术迭代方向上，有哪些值得关注的新趋势？ 摘要 全球 AI 基建进入高强度投资长周期，微软和谷歌大幅上调 2025 年资本 开支至 300 亿美元/季度和 850 亿美元/年，预示着从 2021 年至少到 2026 年 AI 基建将保持高投入。 国内数据中心建设主体多元化，互联网和云厂商仅占 30%多，运营商占 23%，地方政府和国 ...

Core Viewpoint - BofA Securities analyst Ruplu Bhattacharya initiated coverage on Super Micro Computer (SMCI) with an Underperform rating and a price target of $35, indicating a potential downside of approximately 29% due to rising competition and margin pressures in the AI server market [1][5]. Group 1: Competitive Landscape - Super Micro faces increasing competition in the AI server and rack market, particularly from Dell Technologies and Hewlett-Packard Enterprise, which have a competitive edge with enterprise clients [3]. - The analyst noted that limited access to key components such as GPUs and liquid cooling systems could hinder Super Micro's revenue growth [2]. - Bhattacharya highlighted that liquid cooling technology may become commoditized over time, potentially diminishing Super Micro's current manufacturing advantage [3]. Group 2: Financial Projections - The price target of $35 is based on a 13x multiple of the estimated 2026 EPS of $2.67, reflecting a projected 13% compound annual net income growth from fiscal 2024 to 2027 [5]. - For the upcoming fourth quarter, revenue is forecasted at $5.94 billion with an adjusted EPS of 73 cents [9]. Group 3: Market Position and Valuation - Despite strong AI server revenue growth, Super Micro is viewed as a "show-me" story due to past volatility and execution risks, leading to a higher multiple of 13x compared to the 9x median for OEM peers [6][7]. - Bhattacharya modeled Super Micro's operating margins to be slightly below those of North American EMS and Asian ODM peers, with expectations that this gap will widen as competition intensifies [8].