Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve a significant revenue growth of approximately 70% year-on-year for Q1-Q3 2024, with estimated revenues around 818 billion yuan [2][3] - The growth is driven by strong demand in AI servers, recovery in general server demand, and expansion in both domestic and international markets [3][4] - The company is positioned to benefit from the ongoing AI wave, with a focus on enhancing its "AI + General + Connectivity" capabilities [4][6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's net profit is projected to be between 1.25 billion and 1.35 billion yuan, representing a year-on-year increase of 61.34% to 74.24% [2][4] - The non-recurring net profit is expected to be between 1.116 billion and 1.216 billion yuan, showing a growth of 167.22% to 191.17% [2][4] - In Q3 2024, the median net profit is estimated at 700 million yuan, a year-on-year increase of 51.84% and a quarter-on-quarter increase of 140.55% [4] Market Position and Strategy - The company is enhancing its product line and focusing on technological innovation to improve customer satisfaction [3] - The global demand for AI servers is rising, with significant orders expected for new GPU architectures [4][6] - The company has launched new AI servers and general-purpose servers in collaboration with Intel, aiming to meet the growing market needs [5][6] Future Outlook - Revenue forecasts for 2024-2026 are projected at 1006.45 billion, 1351.65 billion, and 1707.03 billion yuan respectively, with corresponding net profits of 2.207 billion, 3.056 billion, and 3.815 billion yuan [6][7] - The company is expected to maintain a strong growth trajectory, benefiting from the digitalization and globalization trends in the IT infrastructure sector [6][8]

Investment Rating - The report maintains a "Buy" rating for Inspur Information with a target price of RMB 54.59, based on a 36x PE multiple for 2024, considering its leading position in the global AI server market [2][7] Core Views - Inspur Information's revenue and profits continued to grow significantly in 24Q3, with 24Q1-Q3 revenue reaching approximately RMB 81.8 billion (YoY +70%) and net profit attributable to shareholders of RMB 1.25-1.35 billion (YoY +61.34%-74.24%) [2] - The company's 24Q3 single-quarter revenue accelerated to approximately RMB 39.7 billion (YoY +70%), driven by strong demand in the AI server market [2][3] - Inspur Information is the global leader in AI servers, ranking second globally and first in China in the overall server market share in 2023 [3] Financial Performance - The company's revenue growth has been accelerating for three consecutive quarters, with 24Q3 revenue growth reaching ~70%, up from 58.8% in 24Q2 [3] - Net profit margin for 24Q3 is estimated at 1.6%-1.9%, with potential for further improvement as high-end AI server production efficiency increases [5] - The report forecasts EPS for 2024-2026 at RMB 1.52, 1.86, and 2.14, respectively [2] Industry Trends - The AI server market is benefiting from increased capital expenditures (Capex) by major cloud providers, with overseas tech giants (Microsoft, Google, Amazon, Meta, Apple) reporting a combined Capex of USD 55 billion in CY24Q2 (YoY +55%) [4] - Domestic tech giants (Baidu, Alibaba, Tencent) also reported a combined Capex of RMB 50.5 billion in CY24H1 (YoY +122%), indicating sustained demand for computing power [4] Operational Efficiency - Inspur Information has improved delivery efficiency by reducing the order delivery cycle from 15 days to 5-7 days through its intelligent supply chain planning engine [5] - The company's operational efficiency enhancements are expected to support further profitability improvements, with potential margin expansion and optimized expense ratios [5]

Investment Rating - Maintain "Recommend" rating [2][3] Core Views - Q3 revenue reached a historical high of 39.7 billion yuan, with a year-on-year growth of 70% [2] - Net profit attributable to the parent company for the first three quarters of 2024 is expected to be 1.25-1.35 billion yuan, a year-on-year increase of 61%-74% [2] - Non-GAAP net profit for the first three quarters of 2024 is expected to be 1.12-1.22 billion yuan, a year-on-year increase of 167%-191% [2] - The company's actual profitability may still be underestimated due to potential asset impairment and credit losses [2] - AI computing power investment is expected to remain highly prosperous, and the company's leading position in the server field is significant [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 101.282 billion yuan, 118.275 billion yuan, and 133.736 billion yuan, respectively [6] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is expected to be 2.549 billion yuan, 3.164 billion yuan, and 3.702 billion yuan, respectively [6] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.73 yuan, 2.15 yuan, and 2.51 yuan, respectively [6] - PE ratios for 2024E, 2025E, and 2026E are estimated at 23x, 19x, and 16x, respectively [6] Key Financial Indicators - Gross margin for 2024E, 2025E, and 2026E is expected to remain stable at around 9.07% [6] - Net profit margin for 2024E, 2025E, and 2026E is projected to be 2.53%, 2.69%, and 2.78%, respectively [6] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.60%, 13.71%, and 14.01%, respectively [6] - Asset-liability ratio for 2024E, 2025E, and 2026E is expected to be 68.65%, 67.35%, and 65.78%, respectively [6] Operational Efficiency - Accounts receivable turnover days are expected to remain at 50 days for 2024E, 2025E, and 2026E [6] - Inventory turnover days are projected to decrease from 120 days in 2024E to 100 days in 2026E [6] - Total asset turnover ratio is expected to increase from 1.54 in 2024E to 1.71 in 2026E [6]

其中，2024 年第三季度业绩预计情况如下： 证券代码：000977 证券简称：浪潮信息 公告编号：2024-030 浪潮电子信息产业股份有限公司 2024 年前三季度业绩预告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2024年1月1日-2024年9月30日 | --- | --- | --- | |--------------------|----------------------------------------|-----------------------| | 项 目 | 本报告期（ 2024 年 1-9 月） | 上年同期 | | 归属于上市公司股东 | 盈利： 125,000 万元– 135,000 万元 | | | 的净利润 | 比上年同期增长： 61.34% -74.24% | 盈利： 77,477 万元 | | 扣除非经常性损益后 | 盈利： 111,600 万元– 121,600 万元 | | | 的净利润 | 比上年同期增长： 167.22% -191.17% | 盈利： 41,76 ...

[Table_StockInfo] 2024 年 09 月 06 日 证券研究报告•2024 年半年报点评 当前价：31.12 元 浪潮信息（000977）计算机 目标价：——元（6 个月） 服务器龙头企业，AI 带来新发展机遇 [Table_Summary 事件：公司发布] 2024年半年报，公司 2024年上半年实现营收 420.6亿元，同 比增长 68.7%；实现归母净利润 6亿元，同比增长 90.6%。其中 2024年 Q2实 现营收 244.6 亿元，同比增长 58.8%；实现归母净利润 2.9 亿元，同比增长 152.2%。 服务器业务为主，海外业务大幅增长。2024 年 H1 公司营收实现快速增长，主 要得益于人工智能迅速发展带来的服务器需求增加。分产品看，服务器及部件 为公司营收主要来源，2024 年 H1 服务器及部件实现营收 418.8 亿元，同比增 长 70%；IT终端及散件实现营收 0.6亿元，同比下降 66.5%。分地区看，国内 实现营收298亿元，同比增长46%；海外实现营收 122.6亿元，同比增长171.5%， 海外业务增幅较大。 经营性现金流有所改善，存货处于增长趋势。202 ...

[Table_StockInfo] 2024 年 09 月 06 日 证券研究报告•2024 年半年报点评 当前价：31.12 元 浪潮信息（000977）计算机 目标价：——元（6 个月） 服务器龙头企业，AI 带来新发展机遇 [Table_Summary 事件：公司发布] 2024年半年报，公司 2024年上半年实现营收 420.6亿元，同 比增长 68.7%；实现归母净利润 6亿元，同比增长 90.6%。其中 2024年 Q2实 现营收 244.6 亿元，同比增长 58.8%；实现归母净利润 2.9 亿元，同比增长 152.2%。 服务器业务为主，海外业务大幅增长。2024 年 H1 公司营收实现快速增长，主 要得益于人工智能迅速发展带来的服务器需求增加。分产品看，服务器及部件 为公司营收主要来源，2024 年 H1 服务器及部件实现营收 418.8 亿元，同比增 长 70%；IT终端及散件实现营收 0.6亿元，同比下降 66.5%。分地区看，国内 实现营收298亿元，同比增长46%；海外实现营收 122.6亿元，同比增长171.5%， 海外业务增幅较大。 经营性现金流有所改善，存货处于增长趋势。202 ...

F 证券研究报告 公司近一年市场表现 浪潮信息 深证综指 市场数据：2024 年 9 月 6 日 收盘价（元）： 31.12 年内最高/最低（元）： 44.79/26.62 流通 A 股/总股本（亿 股）： 14.70/14.72 流通 A 股市值（亿元）： 457.58 总市值（亿元）： 458.13 上半年服务器业务保持高速增长，净利率有所提升。2024 上半年服务器 行业市场需求逐步改善，公司加快完善产品线布局，同时大力拓展国内外客 户，实现业务快速增长。分产品看，2024 上半年公司服务器及部件业务实现 收入 418.81 亿元，同比增长 70.02%；分地区看，2024 上半年国内市场收入 达 298.00 亿元，同比增长 45.97%，海外市场收入达 122.64 亿元，同比增长 171.54%。受服务器及部件业务毛利率同比下降影响，上半年公司毛利率为 7.74%，同比降低 3.61%。由于公司强化费用管控，2024 上半年公司销售、 管理、研发费用率分别同比下降 1.06%、0.87%、2.46%，推动公司净利率同 比提高 0.17%至 1.37%。 基础数据：2024 年 6 月 30 日 基 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 72.58 RMB [3][4] - The target price corresponds to a 43x PE ratio for 2024 [3] Core Views - Revenue and profits continue to grow rapidly, with overseas revenue experiencing explosive growth [3] - The company's management and R&D expenses decreased by 22.91% and 3.84% respectively in H1 2024, while sales expenses increased slightly by 2.66%, leading to an overall expense ratio drop of 4.04 percentage points to 5.52% [3] - Overseas revenue in H1 2024 reached 12.264 billion RMB, a year-on-year increase of 171.54%, accounting for 29.16% of total revenue, up 10.95 percentage points year-on-year [3] - The high demand for AI computing power is expected to drive the company's business beyond expectations [3] Financial Performance - H1 2024 revenue reached 42.064 billion RMB, a year-on-year increase of 68.71%, with net profit attributable to the parent company reaching 597 million RMB, a year-on-year increase of 90.56% [3] - The company's EPS for 2024-2026 is forecasted to be 1.70, 1.98, and 2.26 RMB, with year-on-year growth rates of 40%, 17%, and 14% respectively [3] - The company's market share in the server industry remains second globally and first in China, according to Gartner and IDC data for Q1 2024 [3] Product and Technology Development - The company has launched the EPAI enterprise large model development platform, supporting over 20 heterogeneous acceleration computing chips, reducing trial-and-error costs for enterprises in large model application development [3] - The company has also released the "Yuan 2.0-M32" open-source large model to help enterprises efficiently implement AI applications [3] - Multiple stable and efficient AI server products have been launched, including an AI general-purpose server developed in collaboration with Intel, which is the first in the industry to run a trillion-parameter large model on a general-purpose processor [3] Market and Industry Position - The company is a global leader in the server industry, with a strong position in both domestic and international markets [3] - The company's market share in the server industry remains second globally and first in China, according to Gartner and IDC data for Q1 2024 [3] Financial Forecasts - Revenue for 2024-2026 is forecasted to be 83.616 billion, 95.531 billion, and 106.849 billion RMB, with year-on-year growth rates of 26.9%, 14.3%, and 11.8% respectively [9] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 2.497 billion, 2.917 billion, and 3.322 billion RMB, with year-on-year growth rates of 40.0%, 16.9%, and 13.9% respectively [9] - The company's ROE for 2024-2026 is forecasted to be 12.3%, 12.7%, and 12.8% respectively [9]

浪潮信息（000977.SZ）深度报告 ➢ 全球 AI 服务器产业当之无愧的领军者。浪潮信息的前身为 1983 年成立山 东计算机服务公司,1983 年研制了中国第一台微型计算机，打破了国外在 PC 领 域的垄断，也为国内 IT 产业发展拉开序幕。公司自 2017 年以来连续 6 年保持 中国服务器市占率第一的地位，同时在全球服务器市场中的市占率持续攀升，根 据 IDC 数据公司在 2023Q3 期间保持全球服务器市占率 9.1%，位居全球第二。 ➢ 24Q2 收入创历史新高，利润弹性或被低估。浪潮信息 2024H1 实现营收 420.6 亿元，同比增长 68%，其中 24Q2 单季度收入创历史新高。而另一 方面 由于大量的备货和应收账款科目的增加，公司在 2024H1 计提了大量资产减值损 失、信用减值损失，进而影响了公司中报表观净利润水平。若考虑到 24Q2 公司 合计计提 3.21 亿元两项减值损失，公司二季度实际利润或超过 6 亿元，预计 2024 年全年公司表观净利率有望回归正常水平。 ➢ 公司真正核心竞争力体现在： ➢ 1）JDM 模式下强大的供应链管理与交付能力，公司与核心客户互联网厂商 合作推 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 000977.SZ 浪潮信息 业绩大增，持续引领服务器市场 公司发布 2024 年中报，上半年实现营收 420.6 亿元（YoY+68.7%）、归母净 利润 6.0 亿元（YoY+90.6%）、扣非净利润 4.2 亿元（YoY+3779.5%）。业绩 实现大幅增长，维持买入评级。 支撑评级的要点 2024 年中报发布，重回高增长。2024 年上半年服务器行业市场需求逐步 回升，公司抓住机遇，实现业务快速增长，增速达近年新高。其中 Q2 单 季度实现收入 244.6 亿元（YoY+58.5%）、归母净利润 2.9 亿元 （YoY+129.0%）、扣非净利润 1.8 亿元（YoY+213.5%），保持了 Q1 发 展趋势。 AI 服务器需求增加，市场前景广阔。随着我国数字基础建设的推进和算 力规模的增长，AI 服务器市场快速发展。根据中商产业研究院的报告， 2023 年国内服务器市场规模约为 490 亿元，同比增长约 17%，预计 2024 年将达到 560 亿元；2023 年国内服务器出货量为 35.4 万台，同比增长 24.65%，预 ...