The company fully embraces computing power, and the second growth curve is expected to open
In January 2024, Zhiwei Intelligence established a subsidiary, Tengyun Intelligent Computing, to focus on providing full-life cycle services for AIGC's high-performance infrastructure products. With a professional team, Tengyun Intelligent Computing is committed to the planning, design, operation and maintenance of AI computing power, as well as the supply, leasing, scheduling and management of computing power equipment. Tengyun Intelligence achieved net profit of 94.66 million yuan in the first half of the year, contributing 85% of the company's overall profit.
Computing power scenario 1: Full chain service CSP Internet data center The CSP industry is developing rapidly: the company has cooperated with major CSP companies. The company provides comprehensive end-to-end intelligent computing center services around AI computing power planning and design, equipment delivery, operation and maintenance tuning, computing power scheduling management, equipment maintenance and replacement, etc. At present, the company's server business has clearly cooperated with many large cloud computing service providers and applied to multiple deep learning, large model training, and deep learning inference projects.
Computing power services mainly include computing power integration and computing power optimization. The intelligent computing service market has grown to 11.41 billion yuan. According to IDC data, the overall size of China's intelligent computing service market reached RMB 11.41 billion in the second half of 2023, an increase of 85.8% over the previous year. Among them, the market size of intelligent computing integrated services was 3.6 billion yuan, with a year-on-year growth rate of 129.4%. We believe that Zhiwei Intelligence is expected to continue to increase investment in this field and form a new growth point.
Computing power scenario 2: robot edge+end controller
Robotics and edge computing are Nvidia's new strategic direction for the future. Nvidia provides customized robotics and edge computing solutions to industry customers through the Jetson hardware platform. The NVIDIA Jetson series is rich in products, providing products of various specifications to cover the needs of various industries such as manufacturing, construction, healthcare, and express delivery.
Comparing Desiwei and Nvidia collaborating in the field of smart driving, we think the company is expected to open up market space in the field of robotics through the Jetson series chips. Zhiwei Intelligence launched a special controller for various types of robots on the Jetson Orin platform in the industrial scene. Zhiwei intelligent robot control solutions have been used by many robot equipment vendors. The solutions are mature and stable, and support deep customization. Currently, in the field of robotics, Zhiwei Intelligence has launched targeted industry solutions for each of the three Jetson Orin series products, which are deeply bound to Nvidia's Jetson Orin series products.
Investment advice: The company's 2024-2026 revenue is expected to be 4.227/4.863/5.599 billion yuan, up 15.33%/15.04%/15.13% year on year, and the company's net profit to mother for 2023-2025 is 0.151/0.231/0.262 billion yuan respectively, with year-on-year growth rates of 361.1%/52.7%/13.6% respectively. A comparable company gave the company 40xPE in 2025, with a target market value of 9.207 billion yuan and a target price of 36.71 yuan, maintaining a “buy” rating.
Risk warning: the risk that demand for AI servers falls short of expectations; the company's development in the intelligent computing integration service industry falls short of expectations; the risk of robot development falling short of expectations; the risk of increased industry competition; prediction assumptions are somewhat subjective; the recent stock price of this target has fluctuated greatly.