As of 2022, the scale of the core computing power industry in mainland China has reached 1.8 trillion yuan, ranking second in the world. More than 6.5 million standard racks are used, with a total computing power of 180EFLOPS, second only to the United States. With the continuous development of artificial intelligence technology, the demand for computing power in mainland China will continue to grow rapidly. The computing power leasing market has a broad space for development, and related enterprises are expected to usher in new opportunities.
Affair:
On October 23, 23, Nvidia officially announced a complete ban on the sale of A100, A800, H100, H800 and L40S, effective immediately, without a 30-day grace period
Effect:
In the context of the continuous increase in the demand for computing power, the supply has been completely interrupted, and the possibility of domestic computing power substitution is still 0 for the time being. At this stage, companies with cards in hand have the opportunity to rise in the price of computing power and reconstruct their valuations. The valuation of the computing power business of the company that had previously planned the computing power facilities but did not get the card collapsed, and the expectation disappeared.
It is expected that the leasing price of AI computing power will increase from 150,000 yuan/P/year to 250,000 yuan/P/year in the future
The profitability of computing power leasing will be greatly improved
Income: 150,000/P/year → 250,000/P/year
Based on the market price in September 23, the price of 1P computing power is about 150,000 yuan/year, and in the current context that A800/H800/H100 cannot be bought at all, the price of computing power may continue to increase by 250,000 yuan/year in the future, and even reach more than 300,000 yuan/year (when lithium ore was in short supply, lithium ore once even rose from 100,000/ton to 500,000/ton)
The computing power of each A800 is 0.6P, and the computing power of each H800 is 2P (the unit price of A800 is about 100,000, and the unit price of H800 is about 200,000.
The logic of computing power leasing business income can be understood as [computing power * cost], taking Hongbo 1WP as an example, that is, the annual revenue is expected to increase from 1.5 billion to 2.5 billion
Cost side: The cost of card-based enterprises is fixed at 90,000 yuan/P/year, and card-free enterprises have no chance to enter
The cost of computing power leasing enterprises is the depreciation of computing power card + cabinet cost, the depreciation period of the basic computing power card is about 3 years, and the cabinet cost is generally 100,000 yuan/year, considering depreciation, A800, 8 card servers, the gross profit margin is about 42% (H800 cost is higher, gross profit is 60%+), that is, the cost is 90,000 yuan/P/year
Profit change: The price of computing power is assumed to rise to 250,000/P/year, and the profit of 1 wp computing power will reach 1.3 billion, which is completely cost-effective for computing power companies with cards
At present, relevant people in Nvidia China have reported that companies that have paid a deposit (30%) can deliver normally, but from today onwards, they will no longer accept any new orders, focusing on companies that have already started business and still have large amounts of advance payments on the account, or companies with more cash in Q2 statements (the deposit is paid, and the card will be guaranteed in the next few years).
中贝通信(sh603220）
1,250p has arrived, 5,500p in the medium term, 2.5wp in the long-term plan, 490 million cash in the account in Q2, and 8,166 H800 can be bought in the case of urgent payment of the deposit, with a hashrate of 1.6wp, and a future hashrate of 1.75wp can be guaranteed, with a potential computing profit of 2.275 billion, corresponding to the current valuation of 5.75x;
Huawei's Computing Power + Data Center + AI Video Solution - Zhenshitong 002771
Zhenshitong is responsible for investing in the construction of intelligent computing centers in China, and on the same day, it was disclosed that it signed the "Strategic Cooperation Framework Agreement on a New Generation of Intelligent Computing Center" with Shandong Shuifa Ziguang Big Data Co., Ltd., and the two sides are committed to the construction and operation of a new generation of intelligent computing centers, AI computing services, sales, On August 2, Zhenshitong announced that it intends to set up a wholly-owned subsidiary, Beijing Zhenshitong Intelligent Computing Technology Co., Ltd. (tentative name, subject to industrial and commercial approval), with a registered capital of 100 million yuan.
What makes investors most truly perceive the determination of Zhenshitong to transform is a news announced by the company on September 10. On this day, Zhenshi said that it signed the "Product and Equipment Procurement Contract" with Sichuan Mingyu IOT Intelligent Technology Co., Ltd., and the two sides reached an agreement on the procurement of GPU servers, with a total contract amount of 291 million yuan, and the signing of the contract aims to steadily promote the implementation of the company's development strategy, and plan to deploy the construction of the intelligent computing center.
According to Zhenshitong's response on the investor interactive platform, the purchase agreement is to purchase a server with GPU for Nvidia H800 chips, and the computing power of 1000 H800 chips is about 2000p, which is basically prepared for computing power leasing, and the scale of the first phase is planned to be 2000p, according to the demand, the investment plan of more than 10,000p is not excluded.
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