Group 1: Market Demand and Supply - The computing power service industry is experiencing a supply-demand imbalance, with supply growth lagging behind demand growth, leading to a significant shortage in domestic computing power supply [4] - The market demand for computing services can be categorized into training and inference, with training demand further divided into large-scale and small-scale needs. Small-scale training demand remains high, while supply has improved, alleviating the supply-demand relationship for this segment [4] - The inference demand is robust, with suppliers who understand user needs and provide high-quality services gaining favor [4] Group 2: Company Strategy and Performance - The company has a unique computing power network service model that does not solely rely on fixed asset investments, allowing for flexibility in meeting user demands through external resources [6] - The company maintains a cautious approach to asset procurement, basing its plans on user demand, historical revenue growth, and market analysis [6] - The first quarter of 2024 saw a gross margin of 34.27%, an increase attributed to market growth and operational efficiency [14] Group 3: Technological Development and Competitive Advantage - The company has established a dedicated division for domestic computing chips, anticipating significant growth in their application over the next few years [7] - The company’s technology advantages include a large-scale distributed supercomputing cluster and intelligent scheduling technology, which enhance service quality and operational efficiency [12] - The company has developed proprietary software for application analysis, which aids in optimizing computing resource allocation [13] Group 4: Financial Outlook and Market Growth - The supercomputing service market in China is projected to grow from 30.39 billion CNY in 2023 to 46.60 billion CNY by 2025, with a compound annual growth rate of 52.4% [15] - The company’s revenue for the first quarter of 2024 reached approximately 131 million CNY, with computing service-related revenue around 127 million CNY, reflecting a year-on-year growth of about 90% [16] - The company expects to maintain a high growth rate in its main business revenue, supported by strong demand in the computing service industry [16] Group 5: Customer Base and Market Position - The company serves over 300 research institutions, 400 universities, and 500 enterprises, maintaining a high market share and coverage [9] - The majority of the company’s sales personnel focus on small to medium-sized users, who contribute stable and increasing revenue, with a renewal rate of approximately 100% [8] - The company is actively expanding its user base in the autonomous driving sector, recognizing the high demand for computing resources in this field [10]
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