协创数据20250429

Summary of Conference Call for Company Industry and Company Overview - The company operates in the AI server procurement and rental industry, focusing on addressing the computing power shortage in the U.S. market through large-scale purchases of AI servers [2][4]. Key Points and Arguments - Cash Flow and Borrowing: In Q1, the company saw an increase in cash flow and long-term borrowing due to significant AI server purchases, with expectations for Q2 procurement to exceed Q1 levels, having secured billions in bank credit for this purpose [2][4]. - Supply Chain Resilience: Despite challenges posed by U.S.-China relations, the company has developed a complete chip-level manufacturing system, reducing reliance on single supply channels and enhancing competitive advantage [2][5]. - Major Contracts: The company won a bidding project for computing power services from China Unicom, indicating potential for accelerated expansion, with collaborations with major clients like a leading internet company and China Mobile International, expected to reach a total procurement scale of 10 billion RMB [2][9]. - NVIDIA Server Shortage: Due to TSMC's capacity limitations, NVIDIA AI server supply is expected to remain below 30% order fulfillment for the next three years, with U.S. computing power rental prices being three times higher than those in China [2][11][12]. - Core Competence in Rental Business: The company’s core advantage in the computing power rental business lies in its ability to remanufacture and repair chips and servers, allowing for quick repairs and reduced rental costs, effectively managing a 2% to 5% equipment loss rate in data centers [2][17]. Additional Important Insights - Growth Sources for 2024: The company anticipates stable growth from traditional server remanufacturing and significant improvements in unattended business sectors, driven by channel expansion and partner development [3]. - R&D Investments: Continuous investment in R&D has led to CMMI certification, with plans to complete the NVIDIA delivery of the inference platform by September [7][8]. - Impact of U.S.-China Tariffs: The company has effectively mitigated the impact of U.S.-China tariffs by establishing overseas factories and integrating supply chains, ensuring zero impact on operations [18]. - Storage Business Growth: The storage business is expected to see substantial growth in 2025, with a projected increase of approximately 30% due to market demand and price trends [19][20]. - IoT Sector Growth: The IoT segment is projected to grow by about 20% in 2025, primarily from unattended scenarios [21]. - Server Expenditure: The total expenditure on servers this year is expected to be significant, with rental costs estimated at around 10 billion RMB [25]. - Financing for New Business Development: The company is actively seeking financing through multiple announcements to support new business developments, primarily relying on bank support for the computing power rental business [26]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, growth prospects, and operational resilience in a challenging market environment.