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BILIBILIBILIBILI(US:BILI)2025-07-21 00:32

Summary of Key Points from the Conference Call Industry Overview - The optical communication industry holds a core position in the global AI sector, experiencing high growth in demand and strong stock performance. The industry is characterized by three new trends: accelerated iteration, evolution of model architecture (using communication to enhance computing power), and rapid penetration of silicon photonics technology, which is driving product value reconstruction [2][5][6]. Core Insights and Arguments - Investment Opportunities: With the recovery of overseas chip supply, domestic computing infrastructure investment opportunities have increased. Concerns regarding local infrastructure have eased, and the promotion of domestic chips is accelerating. Domestic computing investment is picking up speed, with IDC remaining a crucial infrastructure component. Orders formed in Q2 and Q3 will lead to capacity expansion and mergers, providing long-term performance and valuation anchors [2][6]. - Company Performance: Shenghong Technology, a representative in the PCB segment, is benefiting from the return of overseas computing power as a main focus. The company is expected to see a 40%-50% quarter-over-quarter increase in net profit for Q2, with an annual performance forecast of 5 billion yuan, potentially reaching 7-8 billion yuan by 2026, corresponding to a current market value of about 20 times [2][9]. - Market Position: Shenghong has maintained a stable supply share during the Blackwell and Blackwell Ultra product cycles, capturing nearly half of the market share in products like the HGX8 server D2 version. The company’s 6G HDR technology meets NBL 72 requirements and is accelerating the development of next-generation HDI certification [9][11]. Additional Important Insights - AI Hardware Trends: Recent updates in the AI hardware sector include new product launches from Gorx, Meta's announcement of a significant AI training project, and Nvidia's resumption of HR supply in China. Domestic companies like NewEase and Zhongji Xuchuang have exceeded market expectations in their performance forecasts [3][4]. - Physical AI Development: Physical AI is seen as the next generation of AI, focusing on understanding and interacting with the physical world. Companies like Suocheng Technology are actively positioning themselves in this field, with their core competency being physical solvers that excel in real-time simulation [13][14]. - Bilibili's Growth: Bilibili (B Station) has approximately 107 million daily active users, with an average daily usage time of about 108 minutes. The company is leveraging AI technology to enhance advertising efficiency and expand its client base. Expected profits for this year are around 2 billion yuan, with projections of 3 billion yuan for next year, indicating significant growth potential [17][21]. - Future Outlook for Bilibili: The company is on a path to profitability improvement, with ongoing developments in gaming, advertising, and other innovative business areas indicating substantial growth potential. The current PS valuation is at a historical low, suggesting room for recovery [22]. Conclusion - The optical communication and AI hardware industries are poised for significant growth, driven by technological advancements and increased domestic investment. Companies like Shenghong Technology and Bilibili are well-positioned to capitalize on these trends, with promising financial forecasts and strategic initiatives in place.