Sangfor Technologies: Operating Inflection Point Has Arrived, Core Recommendation | CITIC Securities Computer

English summary

CPU and storage demand is transmitting to hyperconvergence and virtualization, and the company's CPU sandbox and EDS products are expected to benefit. The complex operating architecture of Agents requires underlying infrastructure to simultaneously support virtual machines and container environments, and imposes rigid requirements for multi-tenant isolation, elastic scaling, and resource pool scheduling. Hyperconverged architecture naturally integrates compute, storage, network, and Kubernetes, forming the foundation to host Agent applications with unified resource management and virtualization isolation capabilities, driving upgrades in CPU performance and storage systems. Data sovereignty drives private cloud deployment in the AI era; the company's private cloud and managed cloud undertake enterprise upgrade needs. The company focuses on the private cloud track, with a full-stack solution of 'virtualization → hyperconverged resource pool → private cloud' having helped over 12,000 users complete VMware replacement. In 2025, its full-stack hyperconvergence market share reached 34.4%, ranking first. …