浪潮信息（000977）：业绩高增，互联网大客市占率再次验证

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a significant increase in performance for 2024, achieving revenue of 114.8 billion yuan, a year-on-year growth of 74%, and a net profit attributable to shareholders of 2.29 billion yuan, up 29% year-on-year [4]. - In Q4 2024, the company achieved revenue of 31.6 billion yuan, representing an 80% year-on-year increase, while the net profit for the same quarter was 1.0 billion yuan, a slight decrease of 1% year-on-year [4]. - The company has a strong market share among major internet clients, with the top four clients contributing 32%, 22%, 9%, and 9% to total revenue [6]. - The overseas revenue accounted for nearly 30% of total revenue, with a significant year-on-year increase of 257%, indicating a robust global supply chain advantage [6]. - The company's inventory at the end of 2024 reached 40.6 billion yuan, an increase of approximately 21.5 billion yuan from the end of 2023, suggesting sustained growth potential [6]. - The gross margin for Q4 2024 improved to 7.3%, up 1.6 percentage points from Q3 2024, with an overall gross margin of 6.8% for the year [6]. - The report highlights effective cost control in sales, management, and R&D expenses, which were 14.5 billion yuan, 8.0 billion yuan, and 35.1 billion yuan respectively, showing a well-managed expense structure amid high revenue growth [6]. - The profit forecasts for 2025-2027 have been raised due to increased capital expenditures from internet clients, with projected revenues of 183.2 billion yuan, 219.8 billion yuan, and 259.3 billion yuan respectively [6]. Financial Data and Profit Forecast - The company’s total revenue for 2023 was 65.87 billion yuan, with a projected increase to 114.77 billion yuan in 2024 and further growth to 183.24 billion yuan in 2025 [5]. - The net profit attributable to shareholders is expected to rise from 1.78 billion yuan in 2023 to 3.77 billion yuan in 2025, reflecting a strong growth trajectory [5]. - The earnings per share are projected to increase from 1.18 yuan in 2023 to 2.56 yuan in 2025 [5].