LCXX(000977) 国海证券·2024-04-21 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue growth of 84% in Q4 2023, driven by a rich supply and growth in demand for AI computing power [4] - The company is expected to benefit from the increasing demand for AI servers and related infrastructure, with a projected recovery in gross margin in 2024 [4][6] Financial Performance Summary - In 2023, the company reported a total revenue of 65.867 billion yuan, a year-on-year decrease of 5.41%, and a net profit attributable to shareholders of 1.783 billion yuan, down 14.54% [3] - For Q4 2023, the company reported revenue of 17.770 billion yuan, a year-on-year increase of 5.34%, and a net profit of 999.6 million yuan, up 84.47% [4] - The gross margin for Q4 2023 was 11.05%, an increase of 2.51 percentage points year-on-year [4] Market Outlook - The global AI computing market is expected to see continued growth, with major Chinese telecom companies initiating large-scale procurement of AI servers [2] - The company is positioned to benefit from the recovery in general server demand and the increasing need for digital and intelligent solutions in various sectors [4][5] Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 2.410 billion yuan, 3.324 billion yuan, and 4.336 billion yuan, respectively, with corresponding EPS of 1.64 yuan, 2.26 yuan, and 2.95 yuan [7][8]