securities star news, on November 20, 2023, youkede (688158) announced that the company would accept institutional research on November 16, 2023, huatai Securities Xie Chunsheng, Societe Generale Securities Wang Jian, Northeast Securities Wang Yu, Western Securities Lu Kexin, Guojin Fund Zhang Bote Fan Liang, Harvest Fund Xiangjie Sun, Great Wall Fund Cheng Shufeng Yang Guang, Investors Capital Qin Ying, Boyu Capital Gao YU, Gao Yi Asset Ting Han, Danshui Fountain Dai Yue, China Merchants Securities Dong Ruibin, Everbright Trust Shi Yu, Guoshou Liu Xiling, Agricultural Bank Jin Feng Li Ying Ying asset Management Liao Jiangtong Li Bingya, Chuangjia Huawen Ye Qiufang, Ruhong Capital Zhu Yongping, Huatai Bairui Fangwei, Huabao Fund Yu Bo, Hongli Asset Management Yang Xudong, China Post Securities Sun Yeliang Chang Yuting, Rong Sheng Fund Ren Changhai, Rui Yan Asset Management Huo Xiaolin, Zhao You Investment Hu Hongliang, Mirror Fund Zhu Yan Wang Qing, Chang Qian Yu Fund Jia Mingjie, Taixin Investment Fund Dong Shanliang Qinghui, Shanghai Renwei, China Power Investment Xianrong Zheng Yining, Yinoer Group Bai Funong, CITIC Securities Xu Zhengyuan, Guangdong Junxin Yingtai Feng Weijie, Jinan Xinji Investment Zhang Jianjun, AiimChengda Zhu, Antects Asset ManagementCedric Shi, FountainCapXin Sun, Franklin TempletonChengfang Rao, LyGH CapitalGrace Lu, Ocean LinkVense Ma, Pleiad Investment AdvisorsSimon Sun, Edam Quam Asset ManagementMelly Choi, Wei Li Sabrina, Haitong Securities Yang J CapitalChristine Chendi Han, Wei wen Chen Craig Cao, Nomura Oriental International Securities Xu Yiqing, Guosheng Securities Song Jiaji, Guoxin Securities Xiong Li, the first securities Zhai Wei participation.

The details are as follows:

Q: What kind of uniqueness does the company have in the computing power leasing business?

a: we will buy the right card according to the needs of users. at the same time, we will use IDC, computing software, flexible reasoning platform and ecology to provide value for customers. we focus on the value generated by how many cards the company manages.

mainly focus on three parts of technology, our niche is the accumulation of network, storage and virtualization technology, and introduce it into the research and development of I products; Ecology, the customer and industry cognition we have accumulated in the past; Good partners, in-depth cooperation with enterprises in the Internet, finance, housing construction, education and other fields.

Q: Will the price increase? What is the price range?

A: For new customers and those whose contracts expire and are renewed, we will make certain adjustments based on market conditions and other factors.

Q: If the market at the inference end is large in the future, how can the company maintain its competitiveness in the inference end market?

A: As predicted in the previous period, the demand for reasoning has exploded in large numbers. Relying on the accumulated technology of flexible expansion, global network, security protection and rapid establishment in the past ten years, the company has already provided reasoning services to customers.

Q: Assuming that the company's Wulanchabu data center in Inner Mongolia and Qingpu data center in Shanghai are all completed and can accommodate up to 10000 cabinets, how much computing power can we have?

a: the company planned to set up a total of about 6000R high-power cabinets in the wulanchabu cloud computing center in inner Mongolia. The total number of cabinets set up in Shanghai Qingpu Data Center is about 5000R. The deployment of the company's computing resources will be purchased in batches according to the needs of users.

the normal cabinet has 6.6kw and H800 is a 10kw server, while some cabinets in our wulanchabu data center in inner Mongolia are now transformed to 20kw according to customer's customized requirements, which can hold two high-power servers. So not only depends on the number of cabinets, but also depends on the power. At present, the number of cabinets sold in our Wulanchabu data center in Inner Mongolia has increased significantly, and we are striving to complete the delivery of a batch of cabinets by early next year.

Q: Please introduce the background of the cooperation between our company and Zhongbei Communications, and where are our cooperation points?

a: zhongbei communication is an excellent listed company. the management team is very concerned about business and technology. recently, it has purchased a large number of equipment. the company takes computing power cluster operation and maintenance and scheduling technology as its core capability, which can better assist zhongbei communication to improve the use experience of intelligent computing power customers. The company's strengths include the following

(I) we understand IGC industry customers and have good industry customer relationships;

(II) have the ability to schedule and manage large model training clusters.

(III) will face some challenges in expanding the model. We have the ability to deal with 1. We have the ability to continue calculations at breakpoints; 2. We have the ability to expand flexibly. At present, the purchase of servers is basically in place in batches, and we can achieve elastic expansion. 3. Checkpoint is required when doing large model training, and the company has GPU Direct Storage high-speed storage technology, which is also unique to our country at present. 4. Have the management ability of heterogeneous devices with the same card, because the CPU, memory and storage configurations of the device servers purchased now are diversified, and we have very good compatible technology to cover processing.

Q: What are the company's core competencies in the field of driverless cars?

A: The field of driverless cars requires four core capabilities, 1) electromagnetic technology; 2)GPU computing card; 3) driverless algorithms; 4) Internet of Things technology.

We mainly provide Internet of Things technology, which can transmit video to the background with the shortest delay and reliability. For example, when the three cards of mobile, Unicom and telecommunications are put together, we can open multiple TCP at the same time through the MTCP mode to ensure that the entire communication process is not interrupted, which is very valuable. Because the communication link is broken, TCP handshake takes time, which will have a great impact in the process of mobile driving. Therefore, we can establish multi-channel links based on multiple operators to ensure that the car is always online. This is our key technical capability.

In addition, the company will also provide computing power management services to some domestic automobile manufacturers or automobile system companies, thank you.

Q: Does the company know about H20?

a: at present, we are still communicating and trying to test it as soon as possible. H20 has better bandwidth and a lot of memory in a single card, but its performance is different from that of H800, so we will try our best to give priority to more H800 deliveries.

next, the company will also consider purchasing high-performance GPU and actively carry out strategic cooperation with domestic GPU companies. at present, domestic GPU has reached the level of NV reasoning cards such as V100S. we will give priority to using it for reasoning and will establish a domestic thousand-card cluster in China as soon as possible.

Q: What kind of business landing model will the company's training and reasoning integrated machine have?

a: at present, NV reasoning cards are mainly used to provide security solutions at the same time. the mode of all-in-one machine is to put the large model on an 8-card machine for internal use by customers. therefore, large model companies have concerns about the model being taken away. using our security solutions can ensure that the data is available but not available, and large model companies will be more relieved. In addition to NV reasoning cards, we have now also used Muxi domestic cards to do all-in-one business, and will also try to use Huawei or other domestic cards to do all-in-one training and pushing services according to market demand.

Q: Can you introduce AI mobile phones?

A: This is to get more data. It is a personal data collector and processor. The data does not need to go to the cloud, and can be calculated and analyzed locally. Therefore, we will take equipment intelligence as one of the key development directions in the future, including mobile phone intelligence, speaker intelligence, children's toy intelligence, etc. The demand for this part will be very large, and all kinds of equipment intelligence will be connected to the big model, which is very valuable.

Q: What kind of business layout does the company have in terms of data security and privacy computing?

a: from serving customers to storing data to acquiring and using data in a compliance environment, the company has accumulated many years of advanced experience in the fields of privacy computing and data security circulation. since 2016, the company has studied and applied a series of privacy computing technologies such as data sandbox, federal learning, secure multi-party computing, data encryption, etc. to ensure the security circulation of data. In 2017, the company launched a trusted data circulation platform "safe house" to ensure that data is "available and invisible" in the circulation process ". The main advantage is that the development is earlier, the products are more mature, and there are many cases. There are projects of cooperation between relevant government units in Shanghai, Xiamen and Qingdao. With the establishment of the Big Data Bureau, data as a factor of production will have a wider application prospect.

Q: The company has made a strategic transformation in 2021. As a third-party supplier of cloud computing, it will transform from a high-scale orientation to a high-profit company. Can you tell us more about it?

A: In the period of rapid development of the Internet, the entire valuation system is scale-oriented, and there may be opportunities to make the scale bigger. After that, because the entire Internet industry has been affected to a certain extent, we will no longer use scale as the main measurement indicator, but profit as the measurement indicator, we made strategic adjustments. There are three main aspects: one is to adjust loss-making customers, the other is to optimize loss-making products, and the third is to serve more high-margin customers. Therefore, the decrease in the company's operating income is mainly due to the company's strategic adjustment of the scale of low-margin business. However, our technical direction has not changed. The company will continue to promote technological innovation, develop business development, optimize resource allocation, improve organizational efficiency, expand overseas markets, and strive to achieve high-quality development.

q: will the company increase the price of the current hot training cards and reasoning cards by card or by all?

A: Now the overall price has increased, so we will also make some adjustments after the expiration of the customer's contract according to the cost, market conditions and other factors.

Q: Think about the company's current asset-heavy data center model?

A: We will continue to deploy GPU resources to provide richer and more convenient services for our users. At the same time, we are also vigorously expanding the joint operation mode of intelligent computing cloud to provide commercial transformation capabilities for card users, including but not limited to intelligent computing cloud platform construction, cloud platform operation, cloud platform operation and maintenance and cloud platform commercial operation.

Q: Is the company involved in AIGC visualization?

A: We have the ability to visualize IGC, but the core focus of the customer is still on how to improve performance and do a good job of computing power scheduling.

Q: May I know if we will use Huawei series cards in the future?

A: The company has already made some adaptations and will consider further cooperation.

q: at present, some computing power leasing companies have planned a lot of p computing power, while youke has two data centers and has not yet planned more computing power. Please what is the reason for this?

A: At present, there is great uncertainty in customer demand and supply chain, so we pay more attention to the continuous use of customers based on their own business, and the company will also find ways to purchase GPU resources. The value of the company is reflected in the management and use of GPU resources well, empowering customers, and thus generating more value.

Q: What is the form of cooperation between the company and other computing companies?

answer: there are three modes. the first is the mode of joint venture, which is divided into proportion; the second is the mode of software sales; the third is the mode of software + sales + service.

according to the third quarter report of 2023, the company's main revenue was 1.099 billion yuan, down 26.19 percent from the same period last year. Net profit attributable to parent -0.284 billion yuan, up 18.92 percent year-on-year; Deduct non-net profit -0.275 billion yuan, up 28.65 percent year-on-year; In the third quarter of 2023, the company's single-quarter main revenue was 0.36 billion yuan, down 18.84 percent from the same period last year. Net profit -95.6073 million yuan, year-on-year decrease of 6.06; Single-quarter non-net profit -80.0101 million yuan, up 18.28 year-on-year; Debt ratio 30.28, investment income -575400 yuan, financial expenses -21.9501 million yuan, gross profit margin 9.84.

The stock has been rated by two agencies in the last 90 days, with one buy rating and one overweight rating.

The following is detailed earnings forecast information:

The margin trading data shows that the net inflow of financing of the stock has 0.107 billion in the past three months, and the financing balance has increased; the net inflow of securities has 153400, and the balance of securities has increased.

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