Sharetronic(SZ:300857)2026-02-10 02:20Summary of Conference Call Notes Company and Industry Overview - The conference call focuses on the computing power leasing industry, specifically highlighting the leading company in this sector, which is positioned to benefit from the increasing demand for AI services and the growth of cloud computing [1][2]. Key Points and Arguments Computing Power Leasing Growth - AWS has announced a price increase of approximately 15% for its AI-specific computing power services, breaking a 20-year trend of declining prices in global cloud computing [1]. - The company has signed contracts for a total of 21.2 billion yuan in server procurement by 2025, indicating a significant increase in computing rental income, which is expected to become the largest revenue source by 2026 [1]. - The demand from top-tier clients is rapidly increasing, with expectations for further expansion in server procurement this year [1]. Explosive Demand for Inference - The company anticipates a surge in inference demand, with its computing resources expected to generate excess returns. Advanced computing clusters are primarily used for model training, and even after a 5-year depreciation period, they will still meet substantial future inference needs [2]. - Historical models like A100 and H100 have maintained strong value retention, indicating a robust market for older models [2]. Storage Business Growth - The storage business is experiencing significant profit elasticity due to rising prices. Samsung Electronics plans to increase NAND flash supply prices by over 100% in Q1 2026, exceeding market expectations [2]. - The company sources components from major storage manufacturers and recycles storage modules from overseas servers, benefiting from the rising prices in the storage market. In 2024, the storage revenue is projected to reach 4.457 billion yuan, a year-on-year increase of 92.4% [2]. - The company is expected to see further rapid growth in storage revenue in 2025 and 2026, driven by the ongoing price increase trend [2]. Strategic Partnerships and Future Outlook - The company is actively expanding its optical module business through strategic partnerships with Guangwei Technology and Guangjia Technology, which are focused on optical module research and development [3]. - The optical module segment is expected to evolve rapidly by 2026, with plans to gradually introduce products to domestic and international CSP clients, contributing to incremental growth [3]. - Overall, the company anticipates a comprehensive explosion in its "computing-power-connect-storage" business by 2026, with significant forward-looking investments [3]. Additional Important Content - Potential risks include slower-than-expected business progress, intensified industry competition, macroeconomic fluctuations, and supply chain disruptions [3].