LCXX(SZ:000977) Caixin Securities·2024-11-07 05:46Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant growth in Q3, with a year-over-year revenue increase of 76.05% and a quarter-over-quarter increase of 67.90%, achieving a total revenue of 410.62 billion yuan [4] - The demand for AI computing power continues to validate, with the company actively stocking up on chips and components to meet this demand, resulting in inventory reaching 385 billion yuan by the end of Q3 [4][5] - Despite the revenue growth, the gross margin remains under pressure, primarily due to an increase in revenue from lower-margin internet customers [4] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 831.26 billion yuan, representing a year-over-year increase of 72.83%, and a net profit attributable to shareholders of 12.94 billion yuan, up 64.53% year-over-year [5] - The company’s Q3 gross margin was reported at 5.62%, down 2.20 percentage points year-over-year, while the net margin was 1.71%, a decrease of 0.30 percentage points year-over-year [4] - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 21.38 billion yuan, 25.49 billion yuan, and 30.41 billion yuan, respectively, with expected growth rates of 19.93%, 19.23%, and 19.31% [5][6]