Guoxin Securities: the server industry will meet the demand of operators in the short term, and the performance of the second half of the year is expected

Cloud computing is a downstream industry of servers, and its demand directly affects the number of servers purchased. The upstream of the server mainly includes CPU, GPU, memory, hard disk and other parts with high technical threshold. This part of the market is highly concentrated and mainly dominated by the United States, Japan and South Korea enterprises; the downstream data centers mainly include cloud computing service providers, telecom operators, etc. Cloud computing, as a downstream industry of servers, has been strongly supported by various countries in recent years. Major cloud computing providers are also increasing the infrastructure expenditure of data centers to cope with the development of cloud technology and the replacement of information technology. The inflection point of capital expenditure has been clear in Q3 of 2019to drive the demand of server industry. Medium term logic: the purchase of servers is related to the construction cycle of IDC data center when 2020 becomes the replenishment year. In theory, two years after the peak of IDC investment and construction, it will be a new high point of server procurement. In 2020, the growth rate of IDC market will pick up. Based on the application of 5g, AI and other new technologies in recent years, it is also a correction for the steep decline of capital expenditure growth of large factories in 2019. As a medium-term year of the five-year cycle in 2020, this year’s strategy is to replenish inventory.

under the promotion of ICT transformation and 5g new cycle, the three operators collect a large number of servers, driving a new round of server market growth. Compared with that in 2019, the number of servers purchased has increased, and domestic servers have exceeded expectations, accounting for 20% of China Telecom’s procurement. It is expected that the proportion of domestic servers will continue to rise. Two camps: imported CPU and domestic CPU server. The imported CPU camp represents Inspur information, Lenovo Group and Ziguang. It mainly purchases Intel chips. As the leader of domestic servers, Inspur information’s JDM mode has great differentiation advantages. At the same time, it continues to create overseas business, which is the top 10 in the world CSP manufacturers provide servers; domestic CPU is mainly Zhongke Shuguang, and China Great Wall has part of the share. Relying on the Chinese Academy of Sciences, Zhongke Shuguang provides ICT infrastructure products from high-performance computers, general-purpose servers, storage, security to data centers, and has advanced chip servers.

the uncertainty brought by the epidemic situation to the macro-economic situation; the demand for servers is lower than expected, and the price fluctuates greatly; there is uncertainty in the development of AI server and edge computing server products. Continue ReadingXiaomi new machine real machine exposure center dig hole screen design or high color thousand yuan machine