LCXX(000977) 开源证券·2025-03-31 02:23Investment 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 the same 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-recurring 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. The net cash flow from operating activities was 0.98 billion CNY, down 81.18% year-on-year, mainly due to increased inventory and procurement payments [4] Market Demand - Internet companies are significantly increasing their capital expenditures, with Alibaba announcing an investment of 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] - The AI server industry is expected to maintain high growth due to the increasing capital expenditures from internet companies, positioning the company to fully benefit as a leading server enterprise [5] Financial Summary and Valuation Metrics - The company’s projected financial metrics are as follows: - Operating revenue (million CNY): 2023A: 65,867, 2024A: 114,767, 2025E: 154,792, 2026E: 193,441, 2027E: 232,129 - Net profit (million CNY): 2023A: 1,783, 2024A: 2,292, 2025E: 3,061, 2026E: 3,704, 2027E: 4,460 - EPS (CNY): 2023A: 1.21, 2024A: 1.56, 2025E: 2.08, 2026E: 2.52, 2027E: 3.03 - P/E ratios: 2023A: 44.2, 2024A: 34.4, 2025E: 25.7, 2026E: 21.3, 2027E: 17.7 [7][10]