CAPITALONLINE(300846)2024-09-12 08:52Group 1: Company Overview - Beijing Capital Online Technology Co., Ltd. is a global cloud computing and internet data center service provider, offering general computing and intelligent computing cloud services, communication network services, and comprehensive solutions across multiple countries in the Americas, Europe, and Asia-Pacific [1]. - The company is undergoing a comprehensive transformation towards intelligent computing, establishing a strategic plan centered on "integrated intelligent computing cloud" [2]. Group 2: Business Growth and Financial Performance - The intelligent computing cloud business generated approximately 85 million yuan in revenue in the first half of 2023, representing a year-on-year growth of 440%, with its revenue share increasing from 3% to 12% [2]. - The intelligent computing cloud has become the company's second growth curve, marking significant progress in its transformation towards full intelligence [2]. Group 3: Strategic Planning - The "one body, two wings" strategy includes "integrated intelligent computing cloud" as the core, leveraging decades of experience in the cloud computing industry and establishing core technological advantages in intelligent computing virtualization and inference acceleration [2]. - The left wing focuses on "diverse computing power," allowing customers to choose different chip resources based on their application scenarios, while the right wing emphasizes "open computing pool" to enhance resource utilization and create a win-win situation [2]. Group 4: Partnerships and Collaborations - The company has established a strategic partnership with Zhiyu, focusing on co-building intelligent computing centers and adapting domestic GPUs, which lays a solid foundation for collaboration [3]. - The partnership aims to explore the construction and operation of intelligent computing centers, addressing the fragmentation of computing power resources [3]. Group 5: Market Trends and Future Outlook - The global large model market has shifted from a technology competition phase to an application popularization phase, with a forecast that by 2027, AI servers for inference in China will account for 73% of the market, surpassing training servers [4]. - The company is strategically positioned in the AI inference computing sector, which requires computing power to be closer to users and is highly reliant on cloud networks [4]. Group 6: Competitive Advantages - The company offers a comprehensive product range from L1 to L5, focusing on reducing the cost per token by nearly 90% through various optimization techniques [4]. - The accounting treatment for computing resources is based on a depreciation period of five years [4].