[Shenwan Computer] Supernode Server Summary!

English summary

Supernodes drive margin improvement; previously 8-card servers averaged net margin below 2%, supernode net margin range 3%-5%, Q2 reports already partially validated! Key targets summary: #High growth, low valuation sector!# Inspur Information: Leading share in CSP, clear advantage with ByteDance and Alibaba, Q2 results reflect supernode elasticity. Estimated 2026 profit 6.5 billion yuan, 2027 demand upturn + supernode margin improvement could break 10 billion. Huaqin Technology (Electronics): High earnings certainty, attacker in server industry share. Advantage with Tencent, new large customers. Estimated 2026 profit 5+ billion yuan, of which server profit about 1.5 billion; 2027 profit expected to break 7 billion. Unisplendour (Communications): Prominent switch advantage, supernode servers starting volume shipments in Q3. 2026 estimated 4 billion profit, 2027 reaching 5.5 billion. Switch share over 30%, high gross margin. Server cooperation with HW and Hygon supernodes starting shipments. ...