LCXX(000977) 国海证券·2024-07-10 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company is a leading IT infrastructure provider, benefiting from the global digitalization and intelligence trends, with expected net profits of 2.41 billion, 3.32 billion, and 4.32 billion yuan for 2024, 2025, and 2026 respectively [7][9]. - The company achieved a 50.4% year-on-year growth in global server shipments in Q1 2024, maintaining a market share of 11.3% [3][5]. - The AI server market is projected to grow at a CAGR of 30% until 2027, driven by the increasing demand for AI and general computing power across various industries [4][7]. Summary by Sections Company Overview - The company has a total share capital of 147,024.37 million shares and a market capitalization of approximately 57.56 billion yuan [1][4]. Financial Performance - In Q1 2024, the company's server shipments increased by 50%, making it the fastest-growing among the top five manufacturers [5]. - The company reported a total revenue of 65.87 billion yuan in 2023, with a projected revenue growth of 22% in 2024 [8][9]. Market Position - The company ranks second globally and first in China in server shipments, with a significant increase in market share [3][5]. - The company is expanding its global footprint, with overseas revenue reaching 9.547 billion yuan in 2023, accounting for 14.49% of total revenue [7]. Future Outlook - The company is expected to maintain strong growth momentum, with projected EPS of 1.64, 2.25, and 2.94 yuan for 2024, 2025, and 2026 respectively [7][9]. - The report highlights the ongoing demand for AI-driven solutions and the company's strategic initiatives to enhance its product offerings in this area [6][7].