LCXX(000977) 开源证券·2025-03-31 02:08Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is positioned as a leader in the AI server market and is expected to benefit from the increasing demand for AI computing power. The forecasted net profit for 2025-2026 is 30.61 billion and 37.04 billion CNY, with an additional forecast for 2027 at 44.60 billion CNY. The expected EPS for these years is 2.08, 2.52, and 3.03 CNY per share, corresponding to PE ratios of 25.7, 21.3, and 17.7 times, respectively [3][4] Financial Performance - In 2024, the company achieved an operating revenue of 1147.67 billion CNY, representing a year-on-year growth of 74.24%. The net profit attributable to the parent company was 22.92 billion CNY, up 28.55% year-on-year. The non-deductible net profit was 18.74 billion CNY, showing a significant increase of 67.59% [4] - The company's gross profit margin was 6.85%, a decrease of 3.19 percentage points year-on-year, primarily due to the substantial growth in AI server revenue from internet companies [4] Market Demand - Major internet companies are significantly increasing their capital expenditures, with Alibaba planning to invest over 380 billion CNY in cloud and AI hardware infrastructure over the next three years, exceeding the total of the past decade. Tencent's annual capital expenditure for 2024 reached 76.8 billion CNY, approximately 12% of its revenue, with plans for further increases in 2025 [5] Financial Summary and Valuation Metrics - The company’s financial summary indicates a projected operating revenue growth from 65.87 billion CNY in 2023 to 232.13 billion CNY in 2027, with corresponding net profits increasing from 1.78 billion CNY to 4.46 billion CNY over the same period. The expected EPS is projected to rise from 1.21 CNY in 2023 to 3.03 CNY in 2027 [7][10]