作为我国经济中心、科技创新高地与对外开放前沿，近年来，上海聚力打造全国领先的智能算力高地， 推动智算资源加速集聚、产业生态持续迭代提质。上海市算力网络协会数据显示，上海智算规模在全国 占比约达8%，已成为引领全国智算产业高质量发展、带动生态协同升级的重要增长极。 中国证券报记者调研发现，从智算规模的跨越式突破到优质企业的集群式崛起，从技术架构的根源性创 新到产业发展共识的深度凝聚，从生态要素的零散分布到全链条协同发力，上海正稳步突破传统规模扩 张、资本驱动的发展瓶颈，引领智算产业实现从"规模增速"向"质量引领、效率优先、可持续发展"的高 阶转型，同步推动智算生态开放共享、协同共生，以标杆性的"上海实践"赋能国家智算产业能级跃升。 天数智芯AI与加速计算技术负责人单天逸把未来的高质量算力定义为"高效率、可预期、可持续"。"所 谓高效率，是指能为客户创造最优的TCO(总体拥有成本)，实实在在帮客户节省使用成本。而可预期是 能够通过精准的仿真模拟，让客户在拿到芯片、部署算力之前，就能清晰预判最终的性能表现，做到所 见即所得。至于可持续，则是从现在主流的算法再到未来还未诞生的全新算法，算力始终能无缝适配， 今天能用， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company's public cloud business shows steady growth, with hybrid and private cloud segments performing exceptionally well. The product matrix includes computing, networking, storage, databases, and cloud security, catering to various sectors such as mobile internet, entertainment, education, finance, and government [1]. - The AI computing platform and overseas expansion are driving growth, with a clear strategic layout. The "Kongming" AI computing platform supports diverse GPU access and offers distributed training capabilities, while the UModelVerse platform allows quick AGI application setup [2]. - Revenue projections for 2025-2027 are estimated at 1.84 billion, 2.23 billion, and 2.66 billion yuan, with net profits expected to be -76 million, 28 million, and 95 million yuan respectively, indicating a significant turnaround in profitability [3][4]. Financial Summary - The company's revenue for 2023 is projected at 1.515 billion yuan, with a decline of 23.17% from the previous year. However, a recovery is expected with a growth rate of 22.42% in 2025 [4]. - The net profit margin is expected to improve from -16.0% in 2024 to 3.6% in 2027, reflecting a positive trend in profitability [4]. - The company has a total market capitalization of approximately 17.12 billion yuan, with a share price range of 16.60 to 40.10 yuan over the past 12 months [5].

Group 1 - The core viewpoint of the article is that the company Youke De has announced the launch of its strategic partner Zhipu's open-source GLM-4.7 model, and the UModelVerse model service platform has been successfully deployed and officially launched [1] Group 2 - Youke De's collaboration with Zhipu signifies a strategic move to enhance its offerings in the AI model service sector [1] - The deployment of UModelVerse indicates the company's commitment to advancing its technological capabilities and providing innovative solutions [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is a leading third-party cloud computing service provider in China, focusing on IaaS and PaaS, while expanding into high-value products like big data and AI [1][17] - The launch of DeepSeek models significantly lowers deployment barriers and costs, benefiting cloud computing vendors as demand for inference increases [2][45] - The company's quick response to DeepSeek model releases showcases its industry insight and execution capabilities, positioning it as a preferred choice for data-sensitive clients [3][48] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 1,849 million, 2,156 million, and 2,459 million yuan, with year-on-year growth rates of +23.03%, +16.58%, and +14.08% respectively [4][63] - The company is expected to achieve net profits of -105 million, 5 million, and 100 million yuan in the same period [4][63] - The report employs a PS valuation method, with a 2026 projected PS of 4 times compared to a peer average of 6 times [4][63] Business Model and Product Matrix - The company offers a comprehensive cloud product matrix, including public, private, and hybrid cloud services, with public cloud revenue expected to grow significantly due to lower deployment costs for models [1][17][65] - The hybrid cloud model allows seamless integration of local infrastructure with public cloud resources, catering to industries with strict regulatory requirements [23][65] - The company has developed various products for AI applications, including a smart computing platform and a model service platform, enhancing its service offerings [25][63] Management and Team - The management team has a strong technical background, with the chairman having over 20 years of experience in the industry and recognition for his contributions [41][44] - The company has a stable employee structure, with high revenue generation per employee, indicating operational efficiency [36][37]