2023年年报点评：23Q4业绩强势逆转，服务器龙头地位稳固

Investment Rating - The report maintains a "Recommended" rating for the company, indicating that it is significantly undervalued given its leading position in the server market and the expected high demand for AI computing power [2][6]. Core Viewpoints - The company reported a strong performance reversal in Q4 2023, with revenue of 177.70 billion yuan, a year-on-year increase of 6.04%, and a net profit of 9.96 billion yuan, up 86.49% year-on-year [1]. - The demand for computing power, particularly for AI applications, is expected to remain high, with the Chinese AI server market projected to reach 65 billion yuan in 2023, a growth of 82.5% [1]. - The company has solidified its leading position in the server market, with the highest market share in China for servers, storage, and liquid-cooled servers [1]. - The company has launched new AI hardware and software products, including a high-performance Ethernet switch and an enterprise AI model development platform, enhancing its product offerings [1]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 658.67 billion yuan, a decrease of 5.41% year-on-year, and a net profit of 17.83 billion yuan, down 14.54% year-on-year [1][2]. - Q4 2023 saw a significant recovery, with a gross margin of 11.05%, up 2.51 percentage points year-on-year, and a net margin of 5.72%, up 2.55 percentage points year-on-year [1]. Cost Management - The company maintained good cost control, with sales, management, and R&D expenses of 14.6 billion, 7.7 billion, and 30.7 billion yuan respectively, despite revenue pressures [1]. - Inventory levels increased by 27% year-on-year to 191.15 billion yuan, reflecting the company's strategy to meet rising demand for computing power [1]. Market Position and Future Outlook - The company is expected to see net profits of 2.42 billion, 2.89 billion, and 3.38 billion yuan in 2024, 2025, and 2026 respectively, with corresponding valuations of 22, 18, and 16 times earnings [1][6]. - The AI computing investment is anticipated to remain robust, supporting the company's growth trajectory in the server sector [1].