Core Viewpoint - The report from Dongfang Securities indicates that Deepin Technology achieved a significant improvement in net profit for the first three quarters, with a net profit of -0.81 billion (+86.10%), and a remarkable net profit of 1.47 billion in Q3 (+1097.40%), attributed to effective cost control [1] Group 1: Financial Performance - Deepin Technology's net profit for the first three quarters was -0.81 billion, reflecting an increase of 86.10% [1] - In Q3 alone, the company reported a net profit of 1.47 billion, marking a staggering increase of 1097.40% [1] Group 2: Strategic Focus - The company's overall R&D strategy is shifting towards AI intelligence, with the integration of AI-related technologies and capabilities across various products, including security GPT, AICP, AIPaaS, SAVE3.0, and AIOps [1] - The introduction of the "HCI + AICP next-generation super copy selection second transfer data fusion" solution allows users to quickly deploy and support enterprise-level large models like DeepSeek by adding just one GPU node to their existing cluster [1] Group 3: Market Position and Valuation - The company is expected to benefit significantly from the growing demand for localized deployment of large models due to its strong product innovation capabilities and comprehensive channel advantages [1] - Based on the comparable company's 25-year PS level, the company maintains a target price of 119.00 yuan, corresponding to a 25-year PS of 6.10 times, and retains a "buy" rating [1]

Investment Rating - The report does not explicitly provide an investment rating for the cloud computing industry Core Insights - Cloud computing is a critical infrastructure in the AI era, facilitating the deep integration of AI into various industries and driving the digital economy forward [7][8] - The global cloud computing market is projected to reach nearly $2 trillion by 2030, with a significant contribution from AI applications [8][20] - China's cloud computing market is expected to exceed 3 trillion yuan by 2030, driven by the integration of quantum computing, blockchain, and AI [9][45] Summary by Sections Global Cloud Computing Development Overview - Countries are accelerating cloud computing strategies to enhance competitiveness in the AI era, with the US investing over $100 billion in cloud infrastructure since 2018 [14][15] - The global cloud computing market is experiencing stable growth, with a market size of $692.9 billion in 2024, reflecting a year-on-year growth of 20.3% [19][20] - Cloud computing technologies are continuously integrating, becoming the engine for innovative development across various sectors [27] China's Cloud Computing Development Overview - China's cloud computing market reached 828.8 billion yuan in 2024, growing by 34.4% year-on-year, with public cloud services accounting for 621.6 billion yuan [45][46] - The integration of AI with cloud computing is becoming a key driver for market growth, with significant advancements in IaaS and SaaS sectors [48][51] - The dual drive of "cloud + AI" is accelerating the adoption of intelligent applications across industries, with a focus on government and transportation sectors [52][56] Cloud Computing Driving Service Paradigm Innovation - New service models such as AIIaaS, AIPaaS, and AIMSP are emerging, reflecting the evolution of cloud services towards AI integration [9][24] - The concept of "one cloud, multiple calculations" is gaining traction, allowing for efficient resource management and data integration across various computing needs [29][30] - The cloud excellence architecture is helping enterprises optimize their cloud usage, focusing on security, stability, and operational efficiency [34][35] Development Outlook - The report emphasizes the importance of cloud computing in supporting the digital transformation of traditional industries, with a focus on enhancing operational efficiency and service quality [57][58] - The integration of cloud computing with AI technologies is expected to create new business models and enhance the overall productivity of various sectors [36][38]