LCXX(000977)2024-11-01 07:41Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a significant increase in revenue and profit, with Q3 2024 revenue reaching 41.06 billion yuan, up 76.1% year-on-year, and net profit attributable to shareholders at 700 million yuan, up 51.1% year-on-year [4] - For the first three quarters of 2024, the company achieved revenue of 83.13 billion yuan, a 72.3% increase year-on-year, and a net profit of 1.29 billion yuan, reflecting a 67% year-on-year growth [4] - The company is expected to benefit from the rapid growth of AI server demand, with its market share in the domestic server market recovering to 47% in Q2 2024 [5][6] - The company’s inventory increased significantly, indicating a solid foundation for future growth, with Q3 2024 ending inventory at 38.5 billion yuan, up 66 billion yuan from Q2 2024 [5] Financial Summary - The company’s total revenue for 2023 was 65.87 billion yuan, with a projected revenue of 101.16 billion yuan for 2024, representing a 53.6% year-on-year growth [7] - The net profit for 2023 was 1.78 billion yuan, with an expected increase to 2.41 billion yuan in 2024, reflecting a 34.9% year-on-year growth [7] - The earnings per share (EPS) for 2023 was 1.21 yuan, projected to rise to 1.63 yuan in 2024 [7]