LCXX(SZ:000977) Caixin Securities·2024-11-08 12:01Investment Rating - The report maintains an "Accumulate" rating for Inspur Information (000977.SZ) [1] Core Views - The company has shown significant recovery in performance in the first half of 2024, driven by strong downstream AI computing demand [4][6] - The report highlights a substantial increase in revenue and net profit, with a year-over-year revenue growth of 72.83% and a net profit growth of 64.53% for the first three quarters of 2024 [4] - Despite the growth, the gross margin remains under pressure due to a higher proportion of low-margin internet customer revenue [5][6] Financial Summary - Revenue Forecast: - 2022A: 695.25 billion - 2023A: 658.67 billion - 2024E: 1,051.54 billion - 2025E: 1,209.93 billion - 2026E: 1,392.30 billion [6][8] - Net Profit Forecast: - 2022A: 20.80 billion - 2023A: 17.83 billion - 2024E: 21.78 billion - 2025E: 26.14 billion - 2026E: 31.89 billion [6][8] - Earnings Per Share (EPS): - 2022A: 1.41 - 2023A: 1.21 - 2024E: 1.48 - 2025E: 1.78 - 2026E: 2.17 [6][8] - Price-to-Earnings (P/E) Ratio: - 2022A: 33.27 - 2023A: 38.82 - 2024E: 31.78 - 2025E: 26.47 - 2026E: 21.70 [6][8] - Price-to-Book (P/B) Ratio: - 2022A: 4.25 - 2023A: 3.86 - 2024E: 3.48 - 2025E: 3.11 - 2026E: 2.76 [6][8]