Sharetronic(SZ:300857)2026-02-10 02:20Summary of Conference Call Notes Company and Industry Overview - The conference call discusses Chuang Data, a leading company in the computing power leasing industry in China, focusing on the cloud computing and storage sectors, with significant developments expected by 2026 [1][2][3]. Key Points and Arguments Computing Power Leasing - AWS has announced a 15% price increase for its AI-specific computing power services, breaking a 20-year trend of price reductions in global cloud computing [1]. - Chuang Data has signed contracts for 21.2 billion yuan in server procurement by 2025, with multiple large-scale clusters beginning to lease, leading to an expected explosive growth in computing rental income, which is projected to become the largest revenue source by 2026 [1]. - The demand from top-tier clients in the AI sector is rapidly increasing, indicating a significant uptick in market conditions [1]. Storage Business - The company’s storage business is experiencing substantial profit elasticity due to rising prices. Samsung Electronics plans to increase NAND flash memory prices by over 100% in Q1 2026, exceeding market expectations [2]. - Chuang Data 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 company’s storage revenue is expected to reach 4.457 billion yuan, a 92.4% year-on-year increase [2]. - The upward trend in storage prices is anticipated to drive further rapid growth in 2025 and 2026, with significant profit potential from inventory accumulation during the price increase cycle [2]. Optical Module Development - The company is actively developing optical modules and has formed strategic partnerships with Guangwei Technology and Guangjia Technology to enhance production capacity and expand order volumes [3]. - There is potential for gradual integration into domestic and international CSP (Cloud Service Provider) supply chains, contributing to incremental growth opportunities [3]. Future Outlook - The company anticipates a comprehensive explosion in its "computing-storage-connection" business segments by 2026, with significant advancements expected across all areas [3]. - Key risks include potential delays in business progress, increased industry competition, macroeconomic fluctuations, and supply chain disruptions [3].