通信-运营商加大AI算力投入，国产算力有望再加速_2页_554kb

Summary of the Research Report:

Event Overview:

• On April 18, 2024, China Mobile announced a procurement plan for its 2024-2025 novel intelligent computing centers. The demand included 7,994 AI training servers and 60 Ethernet switches. This exceeded the market's initial forecast of 6,000 servers.

Industry Dynamics:

• The scale of server procurement by operators, which is the second-largest category after 5G base stations, is poised for sustained growth. The combined 5-fold increase in AI server procurement by the three major operators (China Mobile, China Unicom, China Telecom) highlights the acceleration of AI infrastructure spending.

Nationalization of Computing Power Industry Chain:

• Huawei's Ascend servers are increasingly dominant, with winners in recent tenders including Huawei's supply chain partners (e.g., Henan Kunlun, Huakun Zhenyuyu, FiberHome, Godox).
• For example, in China Telecom's 2023 AI server tender, nearly 50% of the G-series servers (using the Kunpeng processor) were awarded to Huakun Zhenyuyu. In the tender for the China Mobile's intelligent computing test network, major bidders included companies with Huawei Ascend servers, signaling a trend toward reliance on domestic computing platforms.

Investment Recommendation:

• Artificial Intelligence Computing Infrastructure: Focus on servers, switches, AI chips, and related companies including:
  • Computing Equipment: Industrial Fuyun, Inspur, Lenovo, Foxconn, Godox
  • Network Equipment: China Star Electronic, ZTE, Juniper Networks
  • IDC & Computing Leasing Companies: Aofei Data, Longyu Share
  • Optical Communication: Sichuan Changhong, FiberHome Communication, Oppover Networks
  • Edge Computing & Server Suppliers: NetEase, DJI Mobile
  • Thermal Management & Cold Control: Envinik, Shanghai Shilong Environmental Tech
• Supporting Companies: Hon Hai Precision, China Star Electronic, China Recom

Risk Factors:

• Capital expenditure (CAPEX) may not meet expectations.
• Intensification of market competition.

Analyst Recommendations:

• Key companies recommended include:
  • Shanghai Turbodyne Technology
  • ChenGuang International
  • Huaxin Electric
  • Shenzhen 300308 (Zte)
  • Shenzhen 301165 (Ruijie Networks)
  • Shenzhen 300017 (NetEase)
• All earn ratings of "Buy" or "Neutral."

Disclaimer & Analyst Details:

• Prepared with a securities license for research, with specific investment advice provided by analysts: Lv Wei & Ma Tianyi.
• This report does not constitute a formal recommendation and carries financial risk; readers are encouraged to perform their own due diligence.