LCXX(000977) 新浪财经·2025-04-01 10:39Performance Summary - In 2024, the company achieved operating revenue of 114.77 billion yuan, representing a year-over-year increase of 74.24%. The net profit attributable to shareholders was 2.29 billion yuan, up 28.55% year-over-year [1] - The gross margin for 2024 was 6.85%, a decrease of 3.19 percentage points year-over-year, while the net profit margin was 2.00%, down 0.73 percentage points year-over-year [1] - In Q4 2024, the company reported a gross margin of 7.25%, a year-over-year decrease of 3.80 percentage points but an increase of 1.62 percentage points quarter-over-quarter. The net profit margin for Q4 was 3.20%, down 2.52 percentage points year-over-year but up 1.49 percentage points quarter-over-quarter [1] Industry Outlook - The demand for computing power driven by generative AI is expected to continue expanding the domestic intelligent computing scale. By 2025, the domestic intelligent computing scale is projected to reach 1,037.3 EFLOPS, with the AI computing market size expected to reach 25.9 billion USD, reflecting a year-over-year growth of 36.2% [1] Inventory and Financial Position - As of the end of 2024, the company's advance payments amounted to 1.527 billion yuan, an increase of 1.007 billion yuan compared to Q3 2024. Inventory reached 40.633 billion yuan, up 113% from the beginning of the period, while accounts payable rose to 22.992 billion yuan, a 151% increase from the beginning of the period [2] - The company's contract liabilities stood at 11.307 billion yuan at the end of 2024, a significant increase of 491% from the beginning of the period and an increase of 8.640 billion yuan compared to Q3 2024 [2] Investment Outlook - The company focuses on the server sector with strong technical accumulation and maintains good long-term business relationships with downstream customers. As these customers expand their capital expenditures, the increase in contract liabilities indicates a growing investment in data center infrastructure, suggesting a high degree of certainty and flexibility in growth for the company [2] - Projected net profits for 2025 to 2027 are estimated at 2.619 billion yuan, 3.108 billion yuan, and 3.747 billion yuan, respectively, supported by the rapid growth in domestic AI computing demand and the company's long-term accumulation in the AI computing field, leading to a "buy" rating [2]