LCXX(000977) 财信证券·2024-08-27 07:48Investment Rating - The report maintains an "Overweight" rating for Inspur Information (000977 SZ) [1] Core Views - Inspur Information's H1 2024 performance showed significant recovery, with robust demand for AI computing power in downstream markets [3] - Overseas business expanded rapidly, with overseas sales revenue reaching 12 264 billion yuan in H1 2024, a YoY increase of 171 54% [4] - Gross margin faced pressure, but cost control remained stable, with overall expense ratios showing effective management [4] - Contract liabilities and inventory levels were high, indicating strong demand for AI computing power, with contract liabilities increasing by 5 8 billion yuan compared to the end of 2023 [4] - The company's server and storage products maintained leading global market shares, benefiting from the AIGC trend [4] Financial Performance Summary - H1 2024 revenue reached 42 064 billion yuan, a YoY increase of 69 63%, with net profit attributable to shareholders of 597 million yuan, up 83 53% YoY [3] - Q2 2024 revenue was 24 457 billion yuan, a YoY increase of 58 49%, with net profit attributable to shareholders of 291 million yuan, up 129 01% YoY [3] - Asset impairment losses in H1 2024 reached 302 million yuan, higher than previous years, impacting reported profits [3] Market Position - Inspur Information ranked second globally and first in China for server market share in Q1 2024 [4] - The company was among the top three globally and first in China for storage installation capacity in Q1 2024 [4] - It held the top position in China for liquid-cooled server market share in 2023 and edge server market share in 2023 [4] Financial Forecasts - Revenue for 2024-2026 is projected to be 757 96/864 81/978 31 billion yuan, with YoY growth rates of 15 08%/14 10%/13 12% [4] - Net profit attributable to shareholders is expected to be 2 138/2 549/3 041 billion yuan for 2024-2026, with YoY growth rates of 19 93%/19 23%/19 31% [4] - EPS for 2024-2026 is forecasted to be 1 45/1 73/2 07 yuan, with corresponding P/E ratios of 22/18/15 times [4] Valuation Metrics - The current P/E ratio is 22 42, with a P/B ratio of 2 87 [1] - The company's total market capitalization is 46 63725 billion yuan, with a circulating market capitalization of 46 58166 billion yuan [1]