LCXX(000977) 国海证券·2024-10-16 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve a significant revenue growth of approximately 70% year-on-year for Q1-Q3 2024, with estimated revenues around 818 billion yuan [2][3] - The growth is driven by strong demand in AI servers, recovery in general server demand, and expansion in both domestic and international markets [3][4] - The company is positioned to benefit from the ongoing AI wave, with a focus on enhancing its "AI + General + Connectivity" capabilities [4][6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's net profit is projected to be between 1.25 billion and 1.35 billion yuan, representing a year-on-year increase of 61.34% to 74.24% [2][4] - The non-recurring net profit is expected to be between 1.116 billion and 1.216 billion yuan, showing a growth of 167.22% to 191.17% [2][4] - In Q3 2024, the median net profit is estimated at 700 million yuan, a year-on-year increase of 51.84% and a quarter-on-quarter increase of 140.55% [4] Market Position and Strategy - The company is enhancing its product line and focusing on technological innovation to improve customer satisfaction [3] - The global demand for AI servers is rising, with significant orders expected for new GPU architectures [4][6] - The company has launched new AI servers and general-purpose servers in collaboration with Intel, aiming to meet the growing market needs [5][6] Future Outlook - Revenue forecasts for 2024-2026 are projected at 1006.45 billion, 1351.65 billion, and 1707.03 billion yuan respectively, with corresponding net profits of 2.207 billion, 3.056 billion, and 3.815 billion yuan [6][7] - The company is expected to maintain a strong growth trajectory, benefiting from the digitalization and globalization trends in the IT infrastructure sector [6][8]