LCXX(000977) 平安证券·2025-04-01 06:42Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has demonstrated impressive performance in 2024, achieving a revenue of 114.77 billion yuan, a year-on-year increase of 74.24%. The net profit attributable to shareholders reached 2.29 billion yuan, up 28.55% year-on-year, while the net profit excluding non-recurring items was 1.87 billion yuan, reflecting a significant growth of 67.59% [4][8]. - The company continues to focus on cloud computing, big data, and artificial intelligence, maintaining rapid growth across its various business segments. It ranks among the top globally in server and storage product market share, being the second in global server market and first in China [8]. - The company is advancing its AI capabilities with the launch of the "Yuan Brain Enterprise Intelligence" platform, which supports over 20 types of computing chips, and has introduced the "Yuan 2.0-M32" open-source large model, significantly enhancing model efficiency [8][9]. Financial Summary - For 2024, the company reported a revenue of 114,767 million yuan, with a gross profit margin of 6.85% and a net profit margin of 2.0%. The return on equity (ROE) is projected to be 11.5% [6][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.56 yuan, with projections for 2025-2027 being 2.18 yuan, 2.74 yuan, and 3.31 yuan respectively [6][10]. - The company’s total assets are expected to grow from 71,191 million yuan in 2024 to 155,813 million yuan by 2027, while total liabilities are projected to increase from 50,860 million yuan to 123,731 million yuan in the same period [10]. Market Position and Strategy - The company is positioned as a leader in the server industry, benefiting from the growing demand for AI and big data solutions. Its comprehensive AI strategy includes innovations in liquid cooling technology and a full-stack AI capability [8][9]. - The company has implemented a "All-in Liquid Cooling" strategy, enhancing its product offerings and achieving significant energy savings in data center operations [9]. Future Outlook - The report anticipates continued growth in the company's net profit, projecting figures of 3.21 billion yuan for 2025, 4.03 billion yuan for 2026, and 4.87 billion yuan for 2027, with corresponding EPS estimates of 2.18 yuan, 2.74 yuan, and 3.31 yuan [6][10]. - The company is expected to benefit from the expanding large model industry, positioning itself well to capitalize on future opportunities in the AI sector [8].