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Beijing Parallel Technology Co., Ltd. (Stock Code:839493.BJ) on2023year11month1The company successfully listed on the Beijing Stock Exchange. It is a leading provider of hypercomputing cloud services and computing power operation services in China. By offering hypercomputing software, technical services, and high-performance computing solutions, the company has built an ecosystem service centered around the theme of 'high-performance computing'. In the context of 'East Data West Computing', Bicloud Technology is an important participant and service provider in China's hypercomputing service ecosystem. Frost & SullivanFrost & SullivanFrost & Sullivan, hereinafter referred to as 'Frost & Sullivan', hereby warmly congratulates the company on its successful listing.

Beijing Parallel Technology Co., Ltd. (hereinafter referred to as 'Parallel Technology') was established on2023year11month1The company successfully went public todayIPO listing, jointly issued by Binance Technology10,000,000shares, with an issue price of29.0RMB, with a fundraising scale of2.9100 million yuan.

Investment highlights

The company is a leading hypercomputing cloud service brand in China;

The company is one of China's largest internet supercomputing cloud brands;

press2021In terms of annual cash revenue, the company is one of the largest independent hypercomputing service providers in China;

press2021In terms of annual business revenue, the company is one of the largest general-purpose hypercomputing cloud service providers in China;

The company has a management team that shares a common mission and is highly visionary.

Concept and Classification of Supercomputing

Supercomputing, also known as high-performance computing, refers to the use of centralized computing resources from multiple computer systems working in parallel to handle extremely complex or data-intensive problems. Supercomputing possesses extremely powerful computing capabilities, with floating-point operation speeds reaching tens of billions per second. As one of the important strategic high points for national science and technology development, supercomputing is not only a reflection of a country's scientific and technological strength but also an important guarantee for the development of advanced high-precision technologies.

The supercomputing industry empowers data recovery and analysis, data simulation, and other scenarios by providing high-performance computing capabilities. From the perspective of service scenarios, traditional supercomputing industries mainly focused on meteorology and oceanography, geological exploration, industrial simulation, physical simulation, etc., with service targets primarily universities, scientific research institutes, and government-led scientific and technological projects. With the advent of the Internet, big data, and the Internet of Things era, more and more enterprises have an increasingly strong demand for data analysis. Facing the massive demand for data analysis and processing, general computers and servers can no longer meet technical requirements, such as multimedia rendering, molecular model simulation, collision experiments, etc. In the future, empowered by technology, more and more enterprise service scenarios will face significant demands for high-performance computing services. Supercomputing services will enter a new period of vigorous development driven by social economy and technological advancement.

Application scenarios of hypercomputing

· Geological exploration

With the continuous progress and development of society, human consumption of energy such as oil and natural gas has always maintained high-speed growth. This has led to a surge in the demand for energy exploration businesses, including oil, natural gas, and coal. In addition, to gain a deeper understanding of geophysics and achieve more effective management of disaster prevention and control, geological exploration is one of the hot topics of common concern to global society.

Current energy geological exploration technology has entered the era of big data. To ensure the accuracy and efficiency of exploration results, geological exploration service providers typically need to analyze and simulate the physical structure and geological composition thousands of meters underground. In addition, with the popularization of 'wide azimuth, wide frequency band, high density' exploration techniques, each geological exploration measurement generatesTBlevels, and evenPBWith the volume of data reaching this level, further computation and simulation are required to provide interpretable geological exploration results. High-performance computing has become one of the core solutions to improve geological exploration outcomes.

· Meteorological, Oceanic Monitoring and Early Warning

The effectiveness of climate meteorology, ocean monitoring, and early warning directly affects the national economy and people's livelihoods of society. To reduce the impact of extreme weather, pollution transmission, natural disasters, and other human activities, meteorological monitoring and early warning have always been one of the typical scenarios for hypercomputing service applications.

High-performance computing can solve fluid motion states for a future period based on the physical characteristics of fluids, combined with scientific fluid modeling formulas, including dimensions such as thermodynamics, fluid mechanics, and atmospheric chemistry. This enables monitoring and early warning effects. On the other hand, when obtaining fluid logistics characteristics, it often requires multiple information acquisition channels such as radar observations and satellite observations, which brings about massive computational demands for information retrieval, analysis, processing, and modeling. In this scenario, only through supercomputing can the accuracy and timeliness of data processing be ensured.

· Bioinformatics and Life Sciences

The sub-scenarios of bioinformatics and life sciences include molecular model analysis, new drug development, gene sequencing, etc. Unlike other typical areas, bioinformatics and life sciences have a higher demand for hypercomputing services, “cloud computing+The hypercomputing service ” model can bring better business flexibility.

Taking molecular model analysis as an example, bioinformatics modeling often involves massive molecular matching tests and corresponding model computations. Similar processes include gene sequencing and drug screening. Faced with the demands for massive computing, data storage, and invocation, only high-performance computing services can meet such needs.

· Rich media rendering

Rich media rendering refers to the process of further synthesizing, editing, and optimizing rich media information such as images and sound using rendering programming software. Through rigorous mathematical and physical models, vector disassembly and analysis are performed on the geometric structure, viewpoint information, and lighting of the rendered objects, thereby achieving the purpose of effect optimization. Typical scenarios for rich media rendering include film special effects production, game rendering, home decor rendering, television and advertising rendering, etc.

From a technical perspective, rich media rendering involves massive data acquisition, analysis, and processing. Moreover, typical rich media rendering scenarios have a certain timeliness, and the use of high-performance computing services is necessary to ensure that related business tasks can be delivered on time, thereby realizing the greatest commercial value. Similar to bioinformatics, rich media rendering also favors hypercomputing services with high elasticity because there are certain differences in the computational resource calls for each rendering, and enterprises often need to balance the relationship between business returns and production costs.

· Industrial simulation

High-end manufacturing industries such as automotive machinery and chip manufacturing are one of the cores of the development of the national manufacturing sector. How to shorten the product research and development cycle, improve product innovation capabilities, and optimize product production costs are the core demands of enterprises. Industrial simulation can digitally verify products to maximize the success rate of later prototype testing.

Taking automotive machinery as an example, the simulation system can assist enterprises in aerodynamic analysis and prediction during model development, rigid strength analysis of vehicle body structures, collision analysis, etc. The simulation results can help engineers optimize and upgrade various processes and sub-projects. In the simulation system, it is often necessary to input a large number of design parameters, combined with intelligent algorithms, to achieve precise display of simulation results. Similar to automotive machinery are manufacturing scenarios such as ship design and electronic chip simulation.

Player Analysis of Hyper Computing Services

The 'main players' of hypercomputing services are still primarily national-led supercomputing centers, pursuing ultimate computing performance and providing sufficient computing power support for research institutions, universities, and other entities. On the other hand, with the application of hypercomputing services in internet applications and industrial empowerment, independent hypercomputing cloud service providers and internet cloud hypercomputing service providers have actively entered the market. By balancing the ratio of machine computing power to commercial practical needs, they have achieved commercial practices in hypercomputing services. Compared to traditional supercomputing centers, independent hypercomputing cloud service providers and internet cloud hypercomputing service providers have stronger customization capabilities and product design concepts, catering to the commercial needs of industry hypercomputing and actively promoting the exploration and model innovation of the hypercomputing industry by social forces.

Customer analysis of Hyper Computing Services

Institute: Primarily focusing on cutting-edge supercomputing, the demand scenarios are mainly for innovative R&D and verification. The annual supercomputing investment budget ranges from tens of thousands to hundreds of thousands of yuan, but there is a preference for hardware services, and there are high customization demands.

Higher education institutions: Primarily focusing on general-purpose supercomputers, the demand scenarios include scientific and engineering simulation, theoretical verification, research projects, etc. Leading institutions often invest more than one million yuan in computing resources, mainly focusing on the procurement and upgrading of computing equipment, supplemented by cloud-based computing resources.

Corporate Clients: Primarily focused on high-performance computing for businesses, the demand scenarios include business optimization, R&D optimization, etc. Enterprises have very clear needs and purposes for supercomputing services, which are concentrated on optimizing business processes and costs to achieve commercial success. Enterprises usually have internal simulation research departments or computing optimization departments, and their demand for supercomputing services is mainly focused on resource requirements, with low customization requirements for the overall system.

In terms of market size, due to the advantages of the charging model, enterprises have the greatest commercial demand for hyperscale computing.2021The year has arrived121Yuan, accounting for more than50%The research institutes and universities contributed42.4Yihé33.6100 million yuan.

Future development trends of China's supercomputing services

· The government continues to support the construction and development of the supercomputing industry

Although China's supercomputing service market has experienced rapid growth and development, current supercomputing resources are still insufficient to meet the downstream demand for supercomputing services. With the continuous advancement of China's 'new infrastructure,' more and more university research laboratories, enterprises, and research institutes will face a stronger demand for high-performance computing services. To meet this explosive growth demand, the government will continue to increase the construction of supercomputing resources and the connectivity of ecosystems, providing a solid foundation for the interconnection of computing resources and services.

· The penetration rate of hypercomputing cloud continues to rise, and the market scale is growing rapidly.

Cloud services offer significant advantages such as rapid deployment, flexible scheduling, and elastic applications. As more researchers appreciate the convenience of cloud services, they hope to be freed from traditional self-built computing systems as soon as possible to achieve a higher-quality supercomputing service experience. In the context of hypercomputing sub-scenarios, cloud services can greatly avoid the pain points of traditional self-built hypercomputing centers, such as high capital investment, long procurement cycles, high maintenance difficulty, and resource updates that are frequently required. The penetration rate of hypercomputing clouds will achieve 'dual-wheel drive' growth from two dimensions: the number of downstream customers and their business procurement volume.

· Container technology is becoming increasingly popular and has become a hot topic for the next generation of development.

Container technology is a lightweight, operating system-independent virtualization technique that allows the running of applications and their dependencies. This ensures that processes within a container do not affect any processes outside it. In past industry practices, container technology has been able to greatly improve development efficiency. Overall, container technology can bring about a more agile development environment and higher portability of computing environments. It encapsulates all the necessary details for running applications, helping to improve the portability of container images from one environment to another, thereby accelerating development speed and efficiency. Although current container technology is still in its development phase, with the continuous increase in available resources for developers in the future, container technology will undoubtedly become a development hotspot for the next generation.

· Further integration of cluster technology and cloud service technology

Computer cluster technology has a wide range of applications in compute-intensive scenarios, such as atmospheric and oceanography, simulation modeling, geological exploration, etc. Cluster technology enables the expansion and utilization of computing power by interconnecting a group of independent servers through a network and managing them using cluster software systems. In addition, while greatly enhancing computing performance, cluster technology can also significantly reduce hardware configuration costs and improve the efficiency of single server computing power usage. Cluster technology can also enhance the reliability of computing power operations, minimizing fault losses. In the future, as industry supercomputing services further penetrate, the close integration of cluster technology with cloud services will form more flexible computing power configurations, bringing new innovation points to supercomputing cloud services.

· Data security processing capabilities continue to be strengthened.

With the advent of the Internet of Things era, data security has become one of the focal points for various industries. How to protect one's digital assets and security information is a core concern for all users when choosing supercomputing services. High-performance computing often involves the analysis and processing of large amounts of internal data, making data security a key focus during project research for research institutions. Although enterprises have lower requirements for data security management capabilities than research institutions, they also pay close attention to common security issues such as data security backups and prevention of illegal leaks. The stronger the data security management capabilities of a supercomputing service company, the more it can bring business trust to its client enterprises, thereby achieving customer loyalty and commercial success.

· More mature industry-specific customization services

Supercomputing service scenarios such as marine meteorology, geological exploration, industrial simulation, and rich media rendering have varying requirements for supercomputing services, including the scheduling of supercomputing resources and the configuration of software systems. Only by having a profound understanding of each typical usage scenario can a product service matrix that conforms to the usage habits of downstream users be designed.

Market competition pattern of China's supercomputing services

The main players in China's hypercomputing cloud services currently include Parallel Computing Technology, Alibaba Cloud, Tencent Cloud, Huawei Cloud, and local hypercomputing service centers. Among them, Parallel Computing Technology is one of the largest internet hypercomputing cloud brands in China;2021Annual cash revenue, and ParallelTech is China's largest independent hypercomputing service provider; by2021In terms of annual business revenue, the company is also China's largest general-purpose hypercomputing cloud service provider; from the perspective of business growth rate, Parallel Technology2019Year-end2021In [year], the hypercomputing cloud business maintained the fastest growth rate among leading players, with the hypercomputing service growth rate exceeding200%, significantly higher than other players.

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Frost & Sullivan has extensive research experience in the communications, media and technology industries. It assists well-known enterprises in successfully accessing the capital market. Successful listing cases include:AlphaTechnologyNASDAQ:ATGL), Global Non-Paper ( NASDAQ:GMM), Yidian Cloud （2416.HK) , Pleasure Musician 2486.HK), Liemeng Technology2405.HK),Ohmyhome（NASDAQ:OMH), Jinshan Cloud 3896.HK), Haojing Technology2440.HK), How I Wish for the Cloud ( 6696.HK ), Xuanwu Cloud Technology2392.HK), Huitongda9878.HK), innovative wisdom2121.HK), Shangtang Technology0020.HK), Qinhuai DataNASDAQ:CD-ROM), Mingyuan Cloud0909.HK), Genesis Group1849.HK), WeCom Group2013.HK), Wancala One Link1762.HK), Yaxin Technology1675.HK), Hongya Holdings1723.HKAurora MovingNASDAQ:JG), Jingguan Holdings8606.HK), Qiyi Technology1739.HK), WeCom Finance (2003.HK), Huifu Tianxia(1806.HK),Atlinks（8043.HK),Zioncom（8287.HK),ISP Global（8487.HK),Vobile（3738.HK), Aibo Technology2708.HK),iClick（NASDAQ:ICLK), Shengye Capital6069.HK), Anling International8410.HK), Anke Systems8353.HK), Junmeng International8062.HK), Feisida8342.HK),Future Data（8229.HK) and Asiy Backup8290.HK) etc.