格隆汇1月7日｜有投资者在互动平台向翱捷科技提问：字节跳动是否有让公司承接下一代VPU项目的计 划意向之类？ 翱捷科技：公司在定制业务方面已经覆盖VPU相关领域，且持续进行研发储备与技术布 局，以适配行业发展需求。至于具体客户具体项目，尤其是关于具体客户的计划意向，因涉及保密义 务、披露规范要求等无法在此作敬请谅解。 ...

AI and Data Center Impact - AI boom is driving significant demand for data center capacity, leading to substantial investments by hyperscalers like Google, Amazon, Meta, and Microsoft [2] - These four hyperscalers are projected to spend over $350 billion on data centers in 2024 and potentially over $500 billion in 2026 [2] - Data centers are massive energy consumers, with AI applications requiring significantly more power than traditional computing [3] - Data centers could consume as much as 12% of US electricity by 2028, up from less than 2% before 2020 [4] Utilities Sector Performance - Utilities sector is benefiting from the increased electricity demand driven by data centers and AI applications [1][4] - Utilities was the third best-performing sector in 2024, gaining more than 19%, behind only technology and communication services [4] - Traditionally, utilities are known for their defensive nature and steady dividends, outperforming during economic slowdowns [4][5] - Stocks of power producers like Wistra, Constellation Energy, and NRG Energy have surged due to the massive growth in electricity demand [4] ETF Analysis - XLU (State Street) is the most popular utilities ETF with $225 billion in assets and an expense ratio of 8 basis points [7] - Other passively managed ETFs like VPU, FUY, and IDU track similar indexes and offer similar performance [9][10] - One actively managed ETF has outperformed, yielding about 32% this year, compared to 18-21% for other ETFs and a little more than 17% for the S&P 500 index [12][13]

Core Insights - The utilities sector has shown a remarkable turnaround in 2025, returning over 15% year-to-date and outperforming the S&P 500 [2] - The growth is driven not only by its defensive appeal but also by the increasing demand for power from artificial intelligence (AI) data centers [3][5] Industry Overview - Utilities have traditionally been viewed as stable dividend payers, but the current market dynamics are shifting this perception [1] - The International Energy Agency projects that electricity use by data centers will more than double by 2030, indicating a significant growth opportunity for utilities [4] AI Power Surge - Running large AI models requires substantial energy, with systems like GPT-4 needing continuous loads of approximately 30 megawatts, enough to power around 20,000 homes [4] - Northern Virginia's "Data Center Alley" is expected to see demand quadruple by the end of the decade, potentially accounting for half of Virginia's entire grid [4] Revenue Opportunities - Utilities are positioned to benefit from the demand for reliable, low-carbon energy, aligning with their nuclear and natural-gas portfolios [5] - Partnerships with major tech companies, such as Meta and Amazon, highlight the growing reliance on utilities for energy supply [5] Investment Vehicles - For generalist investors, ETFs like Utilities Select Sector SPDR (XLU) and Vanguard Utilities ETF (VPU) provide exposure to companies involved in long-term AI energy contracts, with dividend yields in the 2.5–3% range [6][10] Individual Stock Opportunities - Entergy (ETR) offers low-cost electricity and strong nuclear assets, with a project pipeline that could add 5–10 gigawatts of new load from data centers [8] - DTE Energy (DTE) has a reliable nuclear plant and a potential 7 gigawatts of new load, alongside a strong dividend history [9][11] - Constellation Energy is the largest operator of nuclear power plants in the U.S., benefiting from agreements with major tech firms, although its valuation is currently high [12]

Group 1 - The core viewpoint of the article highlights that the company achieved a revenue of 9.74 billion yuan in the first half of 2025, representing a year-on-year growth of 4.49%, but reported a net loss of 3.2 billion yuan [1] - In Q2 2025, the company experienced a significant revenue increase of 49.90% quarter-on-quarter, reaching 5.84 billion yuan, primarily driven by growth in intellectual property licensing fees and volume business [2] - The company is expanding its presence in the data center/server market with its VPU, NPU, and GPGPU IPs, and has launched scalable high-performance GPGPU-AI computing IPs in collaboration with leading AI computing clients [2] Group 2 - The company is strategically hiring talented professionals to enhance its competitive edge, anticipating industry recovery and aiming to seize market opportunities [2] - Revenue projections for the company are estimated at 33.24 billion yuan, 43.15 billion yuan, and 55.35 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 25.0, 19.2, and 15.0 times [2] - The company has a solid technical foundation and customer base in its ASIC business, benefiting from the ongoing trends in AI and custom chip development [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Insights - The company achieved a revenue of 974 million yuan in the first half of 2025, representing a year-on-year growth of 4.49%, despite a net loss of 320 million yuan [1]. - In Q2 2025, the company reported a revenue of 584 million yuan, a quarter-on-quarter increase of 49.90%, with significant contributions from intellectual property licensing fees and mass production business [2]. - The company signed new orders worth 1.182 billion yuan in Q2 2025, marking a nearly 150% increase quarter-on-quarter, with a total order backlog of 3.025 billion yuan as of the end of Q2 2025, up 23.17% from the previous quarter [2]. - The company is expanding its presence in the data center/server market with its VPU, NPU, and GPGPU IP, and has established partnerships with leading AI computing clients [3]. - The company has a strong talent reserve, with 1,805 R&D personnel, accounting for 89.31% of its workforce, positioning it well for future market opportunities [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 3.324 billion yuan, 4.315 billion yuan, and 5.535 billion yuan, respectively, with growth rates of 43.2%, 29.8%, and 28.3% [5]. - The net profit attributable to shareholders is projected to improve from a loss of 103 million yuan in 2025 to a profit of 313 million yuan in 2027, reflecting a significant turnaround [5]. - The price-to-sales (PS) ratios are expected to decrease from 25.0 in 2025 to 15.0 in 2027, indicating a potential increase in valuation as the company grows [5].

Group 1 - The investor has 15 years of experience in financial services, focusing on macro trends and identifying undervalued sectors and thematic investment opportunities such as metals, gold, and cryptocurrency [1] - The investor has a strong educational background with a BS in Finance and an MBA, and has worked in both New York and North Carolina [1] - The investor emphasizes the importance of diligent saving and investing, having transitioned from a middle-class background to co-managing a seven-figure investment account [2] Group 2 - The investor maintains an updated portfolio that includes a variety of funds, stocks, and sectors, which is shared with followers [3] - Key investments include broad market ETFs like DIA, VOO, QQQM, and sector-specific funds such as XLE and VPU, as well as alternatives like Bitcoin and gold [3] - The investor contributes to the CEF/ETF Income Laboratory, focusing on managed income portfolios targeting approximately 8% yields, with a majority of holdings being monthly-payers for steady income [3]