LCXX(000977) 新浪财经·2025-05-06 02:41Core 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]