（原标题：利好集一身，浪潮信息为何却跌了25%？） 作者 | 范亮 编辑 | 丁卯 头部互联网企业加大AI资本开支的趋势下，服务器成为最直接的受益方向之一。 但资本市场节奏的变化，往往会领先于企业基本面。如阿里巴巴在宣布增加AI开支后，市场利好兑现，国内最大的服务器生产商浪潮信息股价反 而开始从高点回调。特别是4月份美国对全球加征对等关税的冲击下，贸易环境的不确定性使得浪潮信息股价进一步受挫，公司股价更是从高点最 高回调40%。 4月29日，浪潮信息发布2025年一季度财报，公司营业收入增长165.31%，归母扣非净利润增长78.03%。尽管一季度业绩表现较为亮眼，但浪潮信 息财报发布后至今股价仅反弹约6%，市场主要担心贸易环境、云厂商资本开支给公司未来业绩带来的不确定性。 5月12日，商务部正式公布中美日内瓦经贸会谈联合声明，中美经贸会谈取得超预期进展，那么，站在当前时点看，阻碍浪潮信息上涨的原因究竟 是什么，公司未来是否还值得关注？ 大客户资本开支驱动增长 浪潮信息的产品主要为各类服务器，官方公告口径主要包括通用服务器、存储服务器、高端服务器和边缘服务器四大类，在总收入中占比常年维 持在99%以上。 复盘 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2025-027 浪潮电子信息产业股份有限公司 本 期 超 短 期 融 资 券 发 行 的 相 关 文 件 内 容 详 见 公 司 在 中 国 货 币 网 （www.chinamoney.com.cn）的公告。 特此公告。 浪潮电子信息产业股份有限公司董事会 二〇二五年五月十二日 关于公司 2025 年度第二期超短期融资券发行情况公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 | | --- | | 误导性陈述或重大遗漏。 | 浪潮电子信息产业股份有限公司（以下简称"公司"）于 2023 年 4 月 11 日 召开的第八届董事会第二十九次会议审议通过了《关于公司拟注册发行超短期融 资券的议案》，上述议案已经 2023 年 5 月 12 日召开的公司 2022 年度股东大会 审议通过，详细内容分别于 2023 年 4 月 12 日、2023 年 5 月 13 日披露于《中国 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.c ...

5月9日，浪潮信息（000977）高管在业绩说明会上表示，公司实施"多元算力"战略，服务于多元化的市 场需求。公司近年来一直积极与国内厂商持续沟通联络，推进合作，目前已经与20余家国产AI芯片厂 商合作，AI Station软件平台实现30余款国产AI芯片兼容纳管，持续推进OAM、OCM、液冷整机柜等开 放计算标准演进，加速构建国产智算生态，更多国产AI厂商的合作也在持续推进过程中。 ...

证券代码：000977 证券简称：浪潮信息 浪潮电子信息产业股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 线上参与公司 2024 年度及 2025 年第一季度网上业绩说明 | | 人员姓名 | 会的全体投资者 | | 时 间 | 2025 年 5 月 9 日 15:00-16:00 | | 地 点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人 | 董事长 彭震先生 副董事长兼总经理 胡雷钧先生 | | 员姓名 | 独立董事 王爱国先生 | | | 财务负责人兼董事会秘书 许燕燕女士 | | | 1.公司 2025 年一季度毛利率下降到仅仅只有 3.45%， 如果毛利率持续维持这样的极度低的水平，全年业绩预计 | | | 20 亿的归母净利润都难以达到。请问公司下一步改善毛利 | | | 率的举措？ | | 投资 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 60 CNY per share [5][6]. Core Insights - The company reported a significant revenue growth of 165.3% year-on-year in Q1 2025, reaching 4.686 billion CNY, with a net profit increase of 52.8% to 463 million CNY [6]. - The demand for computing power from internet companies is driving the company's revenue growth, while economies of scale are reducing expense ratios [6]. - Major internet firms are increasing capital expenditures on computing power, which is expected to sustain high industry demand [6]. - The company maintains a strong position in the server industry, particularly in AI and liquid-cooled servers, with a market share of 36.8% in liquid-cooled servers in China [6]. - Future earnings are projected to grow significantly, with net profits expected to reach 3.43 billion CNY in 2025, reflecting a year-on-year growth of 49.67% [8]. Summary by Sections Company Overview - The company operates primarily in the computer industry, with a market capitalization of approximately 74.77 billion CNY and a share price of 50.85 CNY as of May 5, 2025 [1]. Financial Performance - The company achieved a gross margin of 34.5% in Q1 2025, despite a year-on-year decline of 4.68 percentage points due to increased sales to internet firms [6]. - Operating cash flow increased by 265.5% year-on-year, reaching 5.803 billion CNY, attributed to improved sales collection and changes in payment schedules [6]. Market Position - The company ranks second globally and first in China in server market share, with a strong foothold in AI server technology [6]. - The report highlights the company's technological advancements, including the launch of a general-purpose server capable of running large AI models [6]. Earnings Forecast - Projected net profits for 2025-2027 are 3.43 billion CNY, 4.67 billion CNY, and 6.25 billion CNY, respectively, with corresponding year-on-year growth rates of 49.67%, 36.07%, and 33.80% [8].

Core Insights - Company reported Q1 2025 revenue of 46.858 billion yuan, a year-on-year increase of 165.31% and a quarter-on-quarter increase of 48%, marking a historical high for Q1 revenue [1] - Net profit attributable to shareholders for Q1 2025 was 463 million yuan, up 52.78% year-on-year, while the net profit excluding non-recurring items was 427 million yuan, reflecting an 80.76% year-on-year growth [1] - As of the end of Q1 2025, the company's inventory reached 45.9 billion yuan, a 13% increase quarter-on-quarter, and contract liabilities amounted to 16.2 billion yuan, a 43% increase quarter-on-quarter, indicating sustained high demand for computing power [1] Financial Performance - The company maintained good cost control with sales, management, and R&D expenses changing by -3%, +19%, and +4% year-on-year respectively, showcasing significant economies of scale [2] - The gross margin for Q1 2025 was 34.5%, down 4.63 percentage points year-on-year, impacted by uncertainties in the US-China trade environment and fluctuations in raw material prices [2] Industry Position - The company continues to lead in the liquid cooling server market, with the Chinese liquid cooling server market expected to grow rapidly, achieving a sales revenue of 2.37 billion USD in 2024, a 67% year-on-year increase [2] - The company's liquid cooling server, "Yuan Nao," achieved a sales revenue of 840 million USD in 2024, capturing a market share of 35.5% [2] Investment Outlook - Projected net profits for the company are 2.916 billion yuan, 3.806 billion yuan, and 4.706 billion yuan for 2025, 2026, and 2027 respectively, with current market valuations corresponding to PE ratios of 26, 20, and 16 times for the respective years [3] - Given the expected sustained high demand for AI computing power and the company's prominent position in the server industry, there is still room for valuation improvement [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a record high revenue of 46.858 billion yuan in Q1 2025, representing a year-on-year growth of 165.31% and a quarter-on-quarter growth of 48% [1]. - The net profit attributable to shareholders reached 463 million yuan, with a year-on-year increase of 52.78%, while the non-recurring net profit was 427 million yuan, up 80.76% year-on-year [1]. - The company's inventory reached 45.9 billion yuan, a 13% increase quarter-on-quarter, and contract liabilities grew to 16.2 billion yuan, up 43% quarter-on-quarter, indicating strong demand for computing power [1]. - The company continues to demonstrate good cost control, with sales, management, and R&D expenses changing by -3%, +19%, and +4% respectively, despite significant revenue growth [2]. - The gross margin for Q1 2025 was 34.5%, down 4.63 percentage points year-on-year, impacted by uncertainties in the Sino-US trade environment and fluctuations in raw material prices [2]. - The company maintains a leading position in the liquid cooling server market, with a market share of 35.5% in sales and 34.2% in shipment volume for its flagship product [2]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.916 billion yuan, 3.806 billion yuan, and 4.706 billion yuan respectively, with corresponding PE ratios of 26, 20, and 16 times [3]. - The company is expected to maintain high growth in AI computing investments, indicating potential for valuation improvement [3].

Core Viewpoint - The company reported strong financial performance for FY24 and Q1 2025, driven by increased demand for AI-driven computing power [1] Financial Performance - For FY24, the company achieved revenue of 114.77 billion yuan, a year-on-year increase of 74.24% (adjusted basis) [1] - The net profit attributable to shareholders for FY24 was 2.29 billion yuan, up 28.55% year-on-year (adjusted basis) [1] - In Q4 2024, the company recorded revenue of 31.64 billion yuan, a 78.06% year-on-year growth [1] - For Q1 2025, revenue reached 46.86 billion yuan, a significant increase of 165.31% year-on-year (adjusted basis) [1] - The net profit attributable to shareholders in Q1 2025 was 463 million yuan, reflecting a year-on-year growth of 52.78% (adjusted basis) [1] Financial Highlights - Gross margin decreased by 3.19 percentage points to 6.75% in FY24, and by 4.63 percentage points to 3.45% in Q1 2025, potentially due to product and customer mix [2] - The company experienced improved expense ratios, with sales/management/R&D expense ratios decreasing in FY24 and Q1 2025 [2] - Inventory and contract liabilities saw significant increases, with inventory rising 89% year-on-year to 45.9 billion yuan in Q1 2025, and contract liabilities growing 291% to 16.2 billion yuan [2] Industry Trends - The Chinese server market continues to show high growth, with a projected 134% year-on-year increase in 2024, reaching a market size of 22.1 billion USD [3] - The liquid cooling server market in China is expected to grow by 67% to 2.37 billion USD in 2024, driven by AI model demands [3] - The company maintains its leading position in the Chinese server market and second globally, benefiting from rapid market growth [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been raised by 6% to 2.80 billion yuan, with a first-time introduction of a 2026 forecast at 3.52 billion yuan [4] - The current stock price corresponds to a P/E ratio of 26.7x for 2025 and 21.3x for 2026 [4] - The target price is maintained at 63.07 yuan, reflecting a 24% upside potential based on 33.2x and 26.4x P/E for 2025 and 2026, respectively [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 71.74 RMB [8][9]. Core Views - The company reported a significant revenue increase in Q1 2025, achieving 46.858 billion RMB, a year-on-year growth of 165.31% and a quarter-on-quarter growth of 48.09%. The net profit attributable to the parent company was 463 million RMB, with a year-on-year increase of 52.78% [1]. - The strong demand in the computing power market, particularly for AI servers, is driving the company's revenue growth. The company is expected to benefit from increased capital expenditures from major internet companies in 2024 [1][4]. - The company's contract liabilities and inventory have increased significantly, indicating robust downstream demand for AI computing power, which is expected to contribute to high revenue growth for the year [3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a gross margin of 3.45%, a decrease of 4.68 percentage points year-on-year, attributed to a higher proportion of low-margin products from internet clients. The operating cash flow increased by 265.48% year-on-year, reflecting improved collection and payment rhythms [2]. Market Position and Growth Potential - The company is positioned as a leader in the domestic server market, with a market share of 1st in China and 2nd globally. The capital expenditure of major internet companies is expected to accelerate in 2024, providing a favorable environment for the company to increase its market share [4]. Financial Forecasts - Revenue forecasts for 2025 are adjusted upwards due to the anticipated increase in capital expenditures from internet giants. The net profit estimates for 2025-2027 are raised to 3.103 billion RMB, 3.852 billion RMB, and 4.578 billion RMB, respectively, with corresponding EPS of 2.11 RMB, 2.62 RMB, and 3.11 RMB [5][7].

Core Viewpoint - The company reported significant growth in Q1 2025, driven primarily by increased demand for servers, resulting in substantial revenue and profit increases [1][3]. Financial Performance - The company achieved a revenue of 468.58 billion yuan in Q1 2025, representing a year-on-year increase of 165.31% [2][3]. - The net profit attributable to shareholders was 4.63 billion yuan, up 52.78% compared to the same period last year [1][3]. - The net profit excluding non-recurring items reached 4.27 billion yuan, reflecting an 80.76% increase year-on-year [1][3]. - Operating cash flow net amount was 58.03 billion yuan, showing a remarkable growth of 265.48% [1][4]. Asset and Liability Structure - Total assets reached 914.81 billion yuan, a growth of 28.44% from the end of the previous year [1][4]. - Cash and cash equivalents increased significantly by 138.44% to 176.75 billion yuan, supporting business expansion [4]. - Accounts receivable rose by 45.51% to 169.41 billion yuan, indicating a potential extension in the collection period due to increased sales [4]. - Inventory grew to 458.82 billion yuan, up 12.8% from the beginning of the period [4]. - Short-term borrowings surged by 279.55%, reflecting increased funding needs due to business expansion [4]. Business Growth Drivers - The strong performance in the server business was the main driver of the company's growth, attributed to rising customer demand [1][3]. - Despite the growth, the company's gross margin experienced a slight decline, with operating costs increasing by 178.82%, slightly outpacing revenue growth [3].