Sharetronic(SZ:300857)2026-02-13 02:00Summary of Conference Call Records Company Overview - The company discussed is 协创数据 (Xiechuang Data), operating in the computing and storage industry. Key Points Computing Power Investment - The company has significantly increased its computing power investment, with an additional server procurement of 11 billion yuan, bringing the total computing power investment to over 32.2 billion yuan (30+40+12+40+90+110) [1] - The company has enhanced its credit facilities, securing an additional 11 billion yuan in bank credit, resulting in a cumulative total of 51.5 billion yuan (125+80+40+160+110) [1] - An additional 2 billion yuan in financial leasing support has been secured, with subsidiaries signing financing leasing contracts worth 1 billion yuan each with 光大金租 (Everbright Financial Leasing) [1] - Looking ahead to 2026, the company anticipates a substantial increase in actual computing power demand from downstream leading clients, which is expected to drive further expansion in computing power investments and cloud computing business [1] Storage Business Growth - The storage business is experiencing significant profit elasticity, with the company sourcing particles from major storage manufacturers and recycling overseas server storage modules, serving leading terminal manufacturers and cloud providers [2] - In 2024, the company's storage revenue is projected to reach 4.457 billion yuan, representing a 92.4% year-on-year growth, with expectations for continued rapid growth in 2025 and 2026 due to rising storage prices [2] Strategic Partnerships - The company has formed strategic partnerships with 光为科技 (Guangwei Technology) for optical module development and 光加科技 (Guangjia Technology) for high-end optical module development, which is expected to facilitate rapid capacity expansion and increase order volumes, gradually introducing domestic and international CSP clients [2] Market Outlook - By 2026, the company expects a comprehensive explosion in the downstream demand for its "computing-storage-network" business, with proactive strategic positioning and significant investment increases recommended for attention [2] Risk Factors - Potential risks include slower-than-expected business progress, intensified industry competition, macroeconomic fluctuations, and supply chain disruptions [2]