LCXX(000977) Shanxi Securities·2024-10-17 13:01Investment Rating - The report maintains a "Buy-A" rating for Inspur Information (000977.SZ) [1][4] Core Views - The company has exceeded revenue and net profit expectations in Q3, driven by strong demand for AI computing power [1][2] - The revenue for the first three quarters of 2024 is expected to be around 81.8 billion yuan, representing a year-on-year growth of approximately 70% [2] - The net profit attributable to shareholders is projected to be between 1.25 billion and 1.35 billion yuan, with a year-on-year increase of 61.34% to 74.24% [2] - The company is benefiting from increased capital expenditures by major domestic internet companies, which reached 22.9 billion yuan in Q2 2024, a 69% increase year-on-year [3] - The H20 AI server has gained significant market share, with ByteDance's orders reaching 320,000 to 330,000 units, indicating strong demand from internet giants [3] Financial Performance Summary - For 2024, the expected revenue is 108.11 billion yuan, with a year-on-year growth of 64.1% [5] - The projected net profit for 2024 is 2.615 billion yuan, reflecting a year-on-year increase of 46.7% [5] - The company's EPS for 2024 is estimated at 1.78 yuan, with corresponding P/E ratios of 23.43, 18.69, and 16.18 for 2024, 2025, and 2026 respectively [4][5] - The gross margin is expected to decline slightly to 9.0% in 2024, while the net margin is projected at 2.4% [5][6] Market Dynamics - The demand for AI servers is expected to remain robust, driven by the ongoing investments in self-developed chips by major internet companies [3] - The company is enhancing its R&D and delivery efficiency through digital systems and automated warehouses, significantly reducing order delivery times [3] - The long-term outlook for the company remains positive, with expectations of sustained revenue growth as the market for self-developed chips expands [3]