LCXX(000977) 新浪财经·2025-05-01 02:41Core 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]