LCXX(000977) 华泰证券·2024-10-15 02:03Investment Rating - The report maintains a "Buy" rating for Inspur Information with a target price of RMB 54.59, based on a 36x PE multiple for 2024, considering its leading position in the global AI server market [2][7] Core Views - Inspur Information's revenue and profits continued to grow significantly in 24Q3, with 24Q1-Q3 revenue reaching approximately RMB 81.8 billion (YoY +70%) and net profit attributable to shareholders of RMB 1.25-1.35 billion (YoY +61.34%-74.24%) [2] - The company's 24Q3 single-quarter revenue accelerated to approximately RMB 39.7 billion (YoY +70%), driven by strong demand in the AI server market [2][3] - Inspur Information is the global leader in AI servers, ranking second globally and first in China in the overall server market share in 2023 [3] Financial Performance - The company's revenue growth has been accelerating for three consecutive quarters, with 24Q3 revenue growth reaching ~70%, up from 58.8% in 24Q2 [3] - Net profit margin for 24Q3 is estimated at 1.6%-1.9%, with potential for further improvement as high-end AI server production efficiency increases [5] - The report forecasts EPS for 2024-2026 at RMB 1.52, 1.86, and 2.14, respectively [2] Industry Trends - The AI server market is benefiting from increased capital expenditures (Capex) by major cloud providers, with overseas tech giants (Microsoft, Google, Amazon, Meta, Apple) reporting a combined Capex of USD 55 billion in CY24Q2 (YoY +55%) [4] - Domestic tech giants (Baidu, Alibaba, Tencent) also reported a combined Capex of RMB 50.5 billion in CY24H1 (YoY +122%), indicating sustained demand for computing power [4] Operational Efficiency - Inspur Information has improved delivery efficiency by reducing the order delivery cycle from 15 days to 5-7 days through its intelligent supply chain planning engine [5] - The company's operational efficiency enhancements are expected to support further profitability improvements, with potential margin expansion and optimized expense ratios [5]