20240331_招商证券_通信行业AI算力网络系列报告16：IDC供需格局边际好转AI打开全新增长空间_44页.pdf

|2024 03 31 AI 16 TMT/IDC AI AIDC IDC AI IT IDC AI 2023 3.7%26%250-500kW 163.44/kW/18.6%2 2023 10.6%2024 8.2%3 2023Q1 IDC AI AIDC IDC 2023 IDC 2023 MRR 2 Kimi 360 3 20 Kimi IDC AI AIDC IDC IDC IDC IDC IDC%194 3.8 2772.9 3.6 2048.4 3.0%1m 6m 12m 11.2-3.0-2.8 10.6 1.2 8.9 1 NVIDIA GTC AI AI 16 2024-03-16 2 AI 15 NVDIAGTC 2024-03-12 3 5.5G 2024-03-11 S1090522060001 S1090523040001-40-30-20-1001020Apr/23 Jul/23 Nov/23 Mar/24(%)通信 沪深300IDC AI 2 IDC.6 1.6 2 IDC.7 1 IDC.7 2 IDC.9 3.10 4 AI IDC AIDC.15 IDC.17 1 17 2 IDC IDC 17 1.17 2.21 IDC.24 1 AIDC.24 2.25 3 IDC AI.28 4 IDC.30 5 AGI 32 6.33 IDC.36 1 IDC.36 1 IDC.36 2 IDC.38 2 IDC.40 1 IDC+.40 2 VS.40 1.6 1ZFUyRsPoNrQoQtQsPpQnM9PdN9PsQnNnPqMjMnNnRfQnNoM7NpPwOxNtPnMNZsRvM 3 2.6 3 2017-2022 IDC%.7 4 2017-2022H1%.7 5 2022H1%.7 6 2017-2024 IDC%.8 7 2016-2021%.8 8 2021%.8 9%.9 10%.9 11 2022Q2 IDC.9 12 2021 IDC.9 13 2017-2023Q3 IDC%.10 14 2017-2023Q3 IDC%.10 15 B C 12 16 IDC%.12 17 2013-2023 250-500kW/kW/17 18 2022Q1 2023Q1%.17 19 IDC/.19 20%.19 21 Kimi.22 22 3 20 Kimi.22 23 2018-9M23%.24 24 2018-9M23%.24 25 2018-9M23%.26 26 2018-9M23%.26 27.27 28.27 29.28 30.28 31 2018-9M23%.29 32 2018-9M23%.29 33 2018-9M23%.31 4 34 2018-9M23%.31 35 2018-9M23%.32 36 2018-9M23%.32 37 2022Q3-2023Q3.33 38 2022Q3-2023Q3%.33 39 2018-9M23%.34 40 2018-9M23%.34 41.34 42.36 43 2021%.37 44 2022%.37 45.38 46 IT.38 47 TOR.38 48.38 49 2019 IDC.42 50 PEBand.43 51 PBBand.43 1/.10 2 2022.11 3 B C 12 4 B C 13 5.13 6.13 7 IDC.14 8 2020 IDC.14 9.14 10.15 11 IDC.16 12 2022 2023.18 13 2021 2023.18 rUDcXEooY0L1m+CwmFQC8ciCYydMK33bsDsO0TSEcfbgoIc18T3MML5Ai1pEFLwR 5 14 IDC.20 15.22 16.23 17.24 18.26 19.26 20.29 21.31 22.33 23.34 24 19.37 25.38 26.38 27.39 28 IDC 3.39 29 IDC.40 30.40 31.40 32.41 33 IDC.41 34 IDC.41 6 IDC 1 1 IT UPS 2 3 1 2 7 2 IDC 1 IDC 2021 IDC 679.3 2017-2021 CAGR 9.91%2017 465.5 2021 679.3 2017-2021 CAGR 9.91%2022H1 800 Synergy Research Group 2022H1 800 53%Google 130 16%15%Synergy Research Group 314 2025 1,000 3 2017-2022 IDC%4 2017-2022H1%5 2022H1%Synergy Research Group Synergy Research Group 2021 IDC 3,012.7 2017-2021 CAGR 33.58%IDC IDC 2017 946.1 2021 3,012.7 2017-2021 CAGR 33.58%2024 6,122.5 465.5513.3566.6618.7679.3746.510.3%10.4%9.2%9.8%9.9%8%9%9%9%9%9%10%10%10%10%10%11%01002003004005006007008002017 2018 2019 2020 2021 2022E全球IDC 市场规模（亿美元）yoy0%5%10%15%20%01002003004005006007008009002017 2018 2019 2020 2021 2022H1全球超大规模数据中心（个）yoy53%15%16%11%5%美国 中国 欧洲 亚太剩余地区 其他 8 6 2017-2024 IDC%IDC 2021 415.06 2016-2021 CAGR 27.33%IDC CDCC 2021 2021 415.06 31.39%2016-2021 CAGR 27.33%2021 50.7%60%-70%30%-40%DCMap 67%2017 2018 2019 90%/72%/57%DCMap 77%3 DCMap 66.5%2017 2018 2019 2020 67.8%/58.1%/51.3%/50.0%7 2016-2021%8 2021%CDCC CDCC 946.112281562.52328.73012.73932.14972.76122.529.8%27.2%49.0%29.4%30.5%26.5%23.1%0%10%20%30%40%50%60%01,0002,0003,0004,0005,0006,0007,0002017 2018 2019 2020 2021 2022E 2023E 2024E中国IDC 市场规模（亿元）yoy0%10%20%30%40%50%01002003004005002016 2017 2018 2019 2020 2021年度总量 yoy36.33%65.93%67.61%66.65%39.30%31.90%40.80%0%10%20%30%40%50%60%70%80%东北 华北 华东 华南 华中 西北 西南 9 9%10%DCMap DCMap 2 IDC IDC IDC IDC IDC 2022Q2 Equinix 13%Digtal Realty NTT 11%6%13%IDC 2021 21.1%14.7%14.4%;IDC 4.1%5.2%2021 CR3 50.2%CR5 59.5%2019 CR3 62.3%CR5 71.6%11 2022Q2 IDC 12 2021 IDC Synergy ODCC 84%90%72%57%0%20%40%60%80%100%2017 年以前2017 2018 201977.60%67.80%58.10%51.30%50.00%0%10%20%30%40%50%60%70%80%90%2017年以前2017 2018 2019 202013%11%6%3%2%2%13%50%Equinix Digital Reality NTT CyrusOneDigital Bridge KDDI 中国运营商 其他21.10%14.70%14.40%5.20%4.10%0.50%1.40%0.80%2.10%35.70%中国电信 中国移动 中国联通 世纪互联 万国数据光环新网 宝信软件 数据港 鹏博士 其他 10 3 IDC 20%-55%IDC IDC 20%-55%2018-2022 IDC 56.70%/54.46%/54.85%/53.62%/37.30%2018-2022 51.39%2018-2022 IDC 37.24%/37.60%/41.11%/33.08%/28.87%2018-2022 35.58%2018-2022 45.03%/44.68%/42.84%/46.72%/46.04%2018-2022 45.06%50%-70%9-10/7-8/13 2017-2023Q3 IDC%14 2017-2023Q3 IDC%iFinD iFinD 1/10A-15A 2.2kW-3.3kW 3,880-6,666 16A-20A 3.52kW-4.4kW 5,945-8,800 21A-25A 4.62kW-5.5kW 6,300-10,833 26A-30A 5.72kW-6.6kW 7,600-8,110 20A 4.4kW 5,800-6,000 25A 5.5kW 6,700-6,900 27A 5.94kW 7,100-7,420-40%-20%0%20%40%60%2017 2018 2019 2020 2021 2022 2023Q3润泽科技 奥飞数据 光环新网 数据港宝信软件 秦淮数据 万国数据 世纪互联-150%-100%-50%0%50%100%2017 2018 2019 2020 2021 2022 2023Q3润泽科技 奥飞数据 光环新网 数据港宝信软件 秦淮数据 万国数据 世纪互联 11 IRR 2022 A B C 12.30%6.70 A 12.09%6.74 1 2 50%70%90%3 B C 90%2,880 2.28 39%12.30%6.70 A 90%1,314 1.46 38%12.09%6.74 2 2022 B C T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+10 50%70%90%90%90%90%90%90%90%90%/1,600 2,240 2,880 2,880 2,880 2,880 2,880 2,880 2,880 2,880 12,667.92 17,735.09 22,802.26 22,802.26 22,802.26 22,802.26 22,802.26 22,802.26 22,802.26 22,802.26 9,510.08 11,554.94 13,520.67 13,540.12 13,710.53 13,746.97 13,785.97 13,827.76 13,872.54 13,920.55 24.93%34.85%40.70%40.62%39.87%39.71%39.54%39.36%39.16%38.95%2,178.36 4,369.09 6,619.16 6,604.58 6,476.77 6,449.44 6,420.18 6,388.85 6,388.85 6,319.25 12.30%6.70 A T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+10 50%70%90%90%90%90%90%90%90%90%/730 1,022 1,314 1,314 1,314 1,314 1,314 1,314 1,314 1,314 8,119.53 11,367.34 14,615.15 14,615.15 14,615.15 14,615.15 14,615.15 14,615.15 14,615.15 14,615.15 6,168.34 7,541.58 8,824.04 8,838.15 9,002.98 9,033.55 9,066.39 9,101.70 9,139.69 9,180.57 12 B C 24.03%33.66%39.62%39.53%38.40%38.19%37.97%37.72%37.46%37.18%1,426.85 2,818.17 4,277.57 4,266.98 4,143.36 4,120.44 4,095.80 4,069.32 4,040.83 4,010.17 12.09%6.74 15 B C 16 IDC%IDC 3 B C 1 8250.00 1.1 2250.00 1.2 6000.00 2 47695.74 2.1 1600.00 2.2 4969.00 2.3 7415.20 2.4 UPS+5586.54 2.5 795.00 2.6 5355.00 2.7 825.00 2.8 1500.00 2.9 2250.00 2.10 6000.00 2.11 6000.00 2.12 5400.00 IDC Opex B C T+1 51.19%T+10 62.95%1 6/-18/5%2 10 5%83.68%14.47%0.92%0.92%硬件设备购置费 机房设计、装修工程费等 预备费 铺底流动资金23%20%18%8%8%7%6%4%3%3%柴油发电机组 电力用户站 UPS 电源设备 配电柜 冷水机组精密空调 机柜 列头柜 静电地板 冷却塔 13 20 5%3 T+1 51.19%T+10 62.95%4 B C T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+10 9510.1 11554.9 13520.7 13540.1 13710.5 13747.0 13786.0 13827.8 13872.5 13920.6 272.7 370.3 388.9 408.3 428.7 450.1 472.7 496.3 521.1 547.2 2.87%3.21%2.88%3.02%3.13%3.27%3.43%3.59%3.76%3.93%4369.3 4369.3 4369.3 4369.3 4369.3 4369.3 4369.3 4369.3 4369.3 4369.3 45.94%37.81%32.32%32.27%31.87%31.78%31.69%31.60%31.50%31.39%4868.1 6815.3 8762.5 8762.5 8762.5 8762.5 8762.5 8762.5 8762.5 8762.5 51.19%58.98%64.81%64.72%63.91%63.74%63.56%63.37%63.16%62.95%150.0 165.0 181.5 199.7 219.6 241.6 1.09%1.20%1.32%1.44%1.58%1.74%Opex 2023Q3 47.56%8%-12%2021 7 IDC 1-10 0.5192/1-10 0.6246/0.69/0.6381/19.57%-32.61%5 2020=/1+13%/0.46 0.55 0.61 0.56 IDC 139356.15 139356.15 139356.15 139356.15 65291.29 76358.69 81552.43 77430.79 53.15%45.21%41.48%44.44%38535.24 49602.64 54796.38 50674.74 89739 89739 89739 89739 6%1%53.15%20%45.21%-7.94%-0.41%14%1%33%41.48%-11.67%-0.36%22%44.44%-8.71%-0.40%3%-4%2020 38.27%2020/49.56%2020 53.15%3.59%2018-2020 1 6.03 7.68 9.23 IDC 6.72 5.42 5.56 7 IDC%25-40 5 3.80-2.38 40 5 2.375 8-15 5 11.88-6.33 5-20 5 9.5-32.33 5 5 19.00 10 5 9.5 3-5 5 31.67-19.00 3-10 0.3-5 9.5-32.33 8 2020 IDC 15104.52 24048.88 3.3 3.8/4577.13 6328.65 IDC 139156.15 166767.00/9.23 6.93 9 2020 2020/9.23 6.93 IDC 139356.15 139356.15 15 2020 65291.29 70295.88 15104.52 20109.11 53.15%49.56%4 AI IDC AIDC AI GPU AI GPU NVIDIA GPU GPU IDC AIDC 23H2 2 2023 8 NVIDIA A800 H800 AMD 10 NVIDIA 2022 8 AI 24 2023Q3 0.11 NVIDIA&2023.10 2023.11 3000P 2023Q4 2023 7 2023Q3 500P AI 10 NVIDIA 2023 8 9 22 P 2023 11 40,000P NVIDIA 昇 2023 7 2533Pops Int8 43Pflops(FP32)2023 10 NVIDIA H800/A800 2023 10 16 1,000P 2023 11-2500P 2024 2 昇 NVIDIA 2023 6 2023 9 330 NVIDIA H800 8 5225P 2024 5000P 2026 30000P 2025 10000P 2026 15000P NVIDIA 2023 6 AI NVIDIA H800 2000P 2023 11 3.6 NVIDIA 24 2 CPU GPU AI AI-2023H1 7000 2023H1 2023 11 1124 IT 22MW 2023 6 2023 10 115 2023 6(1.0)2023 11 11 IDC IDC-23H2 NVIDIA AMD 2023 8 NVIDIA A800 H800 AMD-17 IDC 1 1 CBRE 2023 3.7%AI 2023 26%5,174.1MW 250-500kW 163.44/kW/18.6%2 CBRE 2023 FLAPD 10.6%2024 8.2%3 CBRE 2023Q1 2023Q1 0.6%0.8pct 21.5%1.6pct 11.2%1.5pct 15 1500 AI 17 2013-2023 250-500kW/kW/18 2022Q1 2023Q1%CBRE CBRE 2 IDC IDC 1 2023-10%-5%0%5%10%15%20%0501001502002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023平均租赁价格（美元/kW/月）同比（%）0%5%10%15%20%25%2022Q1 2023Q1 18 2023 14 2022 1 PUE 2023 7 2021 2023 PUE 1.144-1.193 2022 PUE 1.292 2 2023 14 12 2023 5 10%IDC 12 2022 2023 PUE PUE 2022 PUE 1.143 2023 PUE 1.149 PUE 1.118-PUE 1.146 PUE 1.148 PUE 1.146 PUE 1.146-PUE 1.145 PUE 1.147 PUE 1.144 PUE 1.198 PUE 1.183 PUE 1.292 PUE 1.193 PUE 1.195 PUE 1.147 PUE 1.158 PUE 1.147 PUE 1.149 PUE 1.146 PUE 1.15()PUE 1.152+PUE 1.148 PUE 1.147+AI PUE 1.195 PUE 1.149-PUE 1.147 13 2021 2023 2021 1 3,000 2 3,000 3 3,000 19 4 3,000 5 3,000 6 璟+3,000 7 3,000 8 AI 3,000 9 3,000 10 3,000 30,000 2023 1 3,000 2 1.2 3,000 3 3,000 4 暻 3,000 5 3,000 6 璟+3,000 7 3,000 8 3,000 9 5,000 10-6,000 11 3,000 12 3,050 13 5G 3,000 14 5,300 15 3,000 16 3,000 55,350 IDC IDC 2023Q3 MRR 9,495 2.24%23Q1/23Q2 2.71%/3.74%2023Q3 58.9%71.9%3.8pct 23Q1/23Q2 2.0pct/3.9pct 1.4pct 23Q1/23Q2 5.2pct/3.6pct 19 IDC/20%02,0004,0006,0008,00010,00012,00021Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3世纪互联MRR 万国数据MSR0%10%20%30%40%50%60%70%80%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3世纪互联（%）万国数据（%）20 MSR=/MRR 14 IDC IDC GDS.O 101,903 32,805 134,708 68,698 13,797 82,495 32,820 10,649 43,469 7,595 1,676 9,271 5,226 1,120 6,346 4655 10,774 15,429 787 5,014 5,801 221,684 75,835 297,519 300442.SZ 68,532 66,000 134,532 6,000 48,000 54,000&6,000 54,000 60,000/32,000 32,000/14,000 14,000/30,000 30,000 78,000 244,000 322,000 600845.SH 28,500 8,500 37,000 1,066 4,934 6,000 30,000/30,000/7,000 7,000 2,400 17,600 20,000 2,216 15,784 18,000/20,000 20,000 64,182 73,818 138,000 300738.SZ 8,443 10,000 18,443 17,360 29,800 47,160 3,490 14,930 18,420 29,293 54,730 84,023 000383.SZ 40,000 33,000 73,000 10,000 15,000 25,000/16,000 16,000 50,000 64,000 114,000 VNET.O 37,600/37,600 26,200/26,200 9,300/9,300 11,500/11,500-/8,200 8,200 84,600 8,200 92,800 002179.SZ 12,000/12,000 6,000 6940 12,940 18,000 6949 24,940 603881.SH+74,200 8,800 83,000 002335.SZ 30,000/30,000 600602.SH 7,000 1,124 8,124 600850.SH 3,024/3,024 300166.SZ/20,000 20,000 21 9,000/9,000 9,000 20,000 29,000 603887.SH/12,000 12,000+3,649 6,000 9,649 3,649 18,000 21,649 300603.SZ 8,000/8,000 002757.SZ 4,712/4,712 600126.SH 3,581 8,567 12,148 600633.SH 3,000/3,000 10,000/10,000 13,000/13,000 600797.SH 24,253/24,253 1,786/1,786 3,620/3,620 29,659/29,659 603003.SH 7,780/7,780 5,874/5,874 13,654/13,654 300017.SZ 3,000/3,000 000070.SZ 2,800/2,800 603912.SH/8,400 8,400 000815.SZ 19,200/19,200 600804.SH 10,000/10,000/12000 12,000 4,000/4,000/8400 8,400 400/400 4,000 10042 14,042 20,000/20,000 38,400 30442 68,842 808,638 622,865 1,431,503 2023Q3 2023 2023H1 IDC 2 1 2024 2 Google Gemini 1.5 Google 2023 12 Gemini 1.0 Gemini 1.5 MoE 1.0 Google Gemini 1.5 Pro Google TPUv4 4,096 2024 3 Anthropic Claude3 Opus GPT-4 Gemini 1.0 Ultra 22 1 2023 8 GPU Utils NVIDIA GPU Anthropic H100 GPU 1 2 Claude 2 Cluade Cluade 3 Claude 2 2 Gemini 1.5 Pro 100 token Gemini 1.5 Pro 1 11 3 70 Claude 3 100 token 15 2024 2 GPT-3 OpenAI 1,746 3640PF-days 16.26 GPT-4 OpenAI 1.8 2,5000 A100 90-100 Gemini 1.0 Google-GPT-4 5 3.16 Gemini 1.5 Google 1.5-Claude3 Anthropic-2.09 SimilarWeb Kimi AI 2024 3 Moonshot AI Kimi 200 2023 10 Kimi 20 AI Agent Kimi 3 20 Kimi 5 Kimi 21 Kimi 22 3 20 Kimi SimilarWeb 050100150200250300350周访问量（万次）23 Kimi AI 3 22 AI 1 4 200-500 2 3 22 1,000 3 4 2023 10 Kimi AI Kimi 4 360 3 23 500 360 AI 360 AI App IDC IDC AI AIDC 16 1,000 2023 11-4 200-500 2021 2022 2,000 1,850 360 360 500-Step-2 MoE-11%/10%iFinD 24 IDC 1 AIDC 2023 2009 2023 17.5-18.5 46.05%-54.39%17.4-18.4 52.91%-61.70%IDC AI AIDC 9M23 50.11%3.20pct 23 2018-9M23%24 2018-9M23%iFinD iFinD 2023 13 8 2022 65.22%6 7 32 2023 13 8 2022 65.22%17-A 12 72,000 11 66,000 A12 2024-B 10 60,000-B1 B2 2024 3 2025 10 9 54,000 1 6,000 2023 1 2024 5 30,000-2 2024Q2/Q3 5 30,000 1 6,000 1 2023 24 0%50%100%150%200%(3)0369121518212427302018 2019 2020 2021 2022 9M23营业收入（亿元）归母净利润（亿元）营业收入yoy（%）归母净利润yoy（%）-10%0%10%20%30%40%50%60%2018 2019 2020 2021 2022 9M23销售毛利率（%）销售净利率（%）25 2 2024 8 32,000-2 2024H1 7 14,000-2 2024-30,000-2023 AIDC 2023H2 1 AIDC 2021 2023 8 A-11 2 70%IB&RoCE 2 23H2 3 AIDC IB RoCE PoD AIDC B AIDC B 21.5kW-50kW 2023 12 A-7 A-8 2024 3 B-1 B-2 AI 2025 10 2 70 40 20 2023 10.39 25.70%1.23 10.37%2023H1 9.38%1.17 20.32%1.21 24.97%EBITDA 4.34 28.47%AI IDC 2023H2 2023 IDC 2023 27.66%1.24pct 12.08%1.21pct 2023Q3 27.50%1.19pct 0.68pct 13.61%0.42pct 4.77pct 2023 Q3 26 25 2018-9M23%26 2018-9M23%iFinD iFinD 15 2023H1 25,500 60,000 15 2023H1 25,500 60,000 2023H1 2023H2 18 昇 3,078 2019/2022 9 90.68%M8 3,263 2019/2022 9 66.60%1,500 2020/2022 9 100%3,019 2020/2022 9 88.21%800 2022 12 12 50%A 2500 2023 9 B C 3200 B 2023 3 C 2023 12 558 2014/2015/2022 9 55.02%1,348 2017/2018/2022 9 62.17%507 2016/2022 9 68.64%5G 1 1,460 2022 12 12 50%670 670 520-1,800 1,800 6,800 500 500 19 25,000 2023H1 10,000 2023H1 8,000 2023H2 2,400 670 8,200 2023H2-20%0%20%40%60%80%100%120%140%036912152018 2019 2020 2021 2022 9M23营业收入（亿元）归母净利润（亿元）营业收入yoy（%）归母净利润yoy（%）0%5%10%15%20%25%30%35%2018 2019 2020 2021 2022 9M23销售毛利率(%)销售净利率(%)27 3,300 4,900 6,800 1,800 AI 2021 2022 2,000 6 1,850 6 2023 9 2023 IDC/IT MSP/ToB/2023 12 AI AI 1 2 27 28 28 AI 1 2023 9 DSP SerDes IP AI 2 2024 3 70%3 AIDC 2023 10 6,800 1,800 29 30 3 IDC AI IDC 2023 1999 2023 3.5-4.5 2022 8.80 1 2022 2023 2 2023 IDC 29 2023 2023 15.87%1.78pct 6.39%0.46pct 31 2018-9M23%32 2018-9M23%iFinD iFinD 2023H1 5 75%2023H1 5 2023H1 2,000 5 75%2023H2/5,000 11 2023H1 2023H1 5,000 90%70%2023H1 2023H1 2023H1 20-250%-200%-150%-100%-50%0%50%100%(10)2050802018 2019 2020 2021 2022 9M23营业收入（亿元）归母净利润（亿元）营业收入yoy（%）归母净利润yoy（%）-20%-15%-10%-5%0%5%10%15%20%25%2018 2019 2020 2021 2022 9M23销售毛利率(%)销售净利率(%)30 5,000 2023H1 15,000 2023H1 5,000 90%70%5,000 2023H1 10,000 2023H1 5,000 2023H1 10,000 2023H1 2023 2024&16,000 2023H1 1 2023 AIGC 2023 8 2 2023 8 NVIDIA A800 8 AMD NVIDIA H800 8 2023 8 3 AI AI Agent 2023 9 AI API AIGC AI AI 4 IDC 2023 74.00 6.91%-11.64 11.51%2023Q3 25.19 6.4%EBITDA 11.26 5.6%EBITDA 44.7%31 33 2018-9M23%34 2018-9M23%iFinD iFinD 2023 104 98 6 221,684 75,834 297,518 2023 104 221,684 75,834 297,518 2023Q3 71.9%1.4pct 2023Q3 853 58.0%28.8%13.2%2023 2023 2023Q2/Q3 100%2023Q4 4,000 100%2023Q3 100%IT 70MW AI 21 44 101,903 32,805 134,708 64.60%30 68,698 13,797 82,495 80.60%17 32,820 10,649 43,469 83.70%3 7,595 1,676 9,271 52.20%4 5,226 1,120 6,346 88.90%2 787 5,014 5,801 39.80%4 4,655 10,774 15,429 40.10%104 221,684 75,834 297,518 71.90%2.5m2 AI 1 AIGC 2023 2-100%-50%0%50%100%(20)1040701002018 2019 2020 2021 2022 9M23营业收入（亿元）归母净利润（亿元）营业收入yoy（%）归母净利润yoy（%）-20%-15%-10%-5%0%5%10%15%20%25%30%2018 2019 2020 2021 2022 9M23销售毛利率（%）销售净利率（%）32 2 AIDC 32kW 20-50MW DC DC 70%AIDC 3 2022 8 BR100 GPU GPU 5 AGI 20 30 50 20 2023 55.14 6.36%-2.01 71.75%2023Q3 18.9 4.0%EBITDA 5.1 11.6%EBITDA 26.9%35 2018-9M23%36 2018-9M23%iFinD iFinD 2023 88,922 84,608 4,314 2023 88,922 84,608/44.4%/31.0%/11.0%/13.6%4,314 52,408 58.9%-2000%-1500%-1000%-500%0%500%(20)0204060802018 2019 2020 2021 2022 9M23营业收入（亿元）归母净利润（亿元）营业收入yoy（%