高端计算机领军者，迎来AI时代机遇

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6]. Core Insights - The company has shown steady growth in performance, with 2022 revenue reaching 13.008 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.544 billion yuan, up 31.27% year-on-year. For 2023, revenue is projected at 14.354 billion yuan, a 10.35% increase, with net profit expected to be 1.838 billion yuan, growing 19% year-on-year [2][4][6]. - The company is positioned as a leader in high-end computing, leveraging opportunities in the AI era through a robust R&D strategy, market expansion, and ecosystem development [3][6]. - The company has made significant investments in high-end computing, firmware, and IO modules, with over 80% progress in these projects by mid-2023 [5][6]. Financial Performance - Revenue and net profit forecasts for 2023-2025 are as follows: - 2023: Revenue of 14.354 billion yuan, net profit of 1.838 billion yuan - 2024: Revenue of 16.823 billion yuan, net profit of 2.285 billion yuan - 2025: Revenue of 19.716 billion yuan, net profit of 2.824 billion yuan [4][9]. - The company’s gross margin is expected to improve, with projections of 28.06% in 2023, 29.70% in 2024, and 30.46% in 2025 [8][9]. Business Segmentation - The company’s revenue breakdown for 2022 indicates that IT equipment accounted for 11.448 billion yuan, with a gross margin of 19.66%, representing 88.01% of total revenue. Software development and technical services related to high-end computers generated 1.555 billion yuan, with a gross margin of 74.72%, making up 11.95% of total revenue [2][8]. - The company has a strong presence in the liquid cooling market, with a deployment scale of 58.8% in China's liquid cooling data center infrastructure market from 2021 to mid-2023 [5][6]. Market Position and Valuation - The company is recognized as a domestic leader in the information industry, with a solid market share in high-end computing, storage, security, and data centers [6][7]. - The estimated P/E ratio for the company is projected to be between 40-45 times for 2024, with a reasonable value range of 62.45 to 70.26 yuan over the next six months [6][7].