LCXX(000977) 兴业证券·2024-05-08 05:32Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - In 2023, the company achieved 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% year-on-year. The non-recurring net profit was 1.118 billion yuan, a decrease of 35.87% year-on-year [1][3]. - The fourth quarter showed significant recovery with a revenue of 17.770 billion yuan, a year-on-year increase of 6.04%, and a net profit of 999.6 million yuan, up 86.49% year-on-year. The non-recurring net profit for the fourth quarter was 689 million yuan, an increase of 103.13% year-on-year [1][3]. - The company maintained its leading position in the server market, holding the largest share domestically and the second largest globally. It launched the G7 computing platform and introduced 46 new products covering various applications including cloud computing and AI [2][3]. Financial Summary - The company's revenue is projected to grow from 65.867 billion yuan in 2023 to 75.810 billion yuan in 2024, reflecting a year-on-year growth of 15.1% [3][4]. - The net profit attributable to shareholders is expected to increase from 1.783 billion yuan in 2023 to 2.121 billion yuan in 2024, representing a year-on-year growth of 19.0% [3][4]. - The gross margin for 2023 was 10.0%, with expectations to rise to 11.1% in the following years [3][4].