LCXX(SZ:000977)2024-05-15 10:11Group 1: Product Structure and Market Trends - In 2023, the proportion of general servers decreased while AI servers increased due to rising demand in the AI market. The overall product structure for 2024 is expected to be similar to 2023 [2] - The demand for model training was predominant in 2023, but by 2024, inference demand is projected to account for approximately 55% of total demand according to IDC [2][3] - The general server market faced pressure in 2023, but is anticipated to see growth in 2024 due to recovering market demand and new processor releases [4] Group 2: Financial Performance and Projections - The company's contract liabilities significantly increased in Q1 2024 due to a rise in prepayments from customers, influenced by special supply conditions [2] - The total expenses for 2024 are expected to remain stable with a slight decrease in the expense ratio as the company focuses on cost reduction and efficiency [2] - The gross profit margin in Q1 2024 experienced fluctuations primarily due to changes in customer and product structure, with low-margin customers contributing to a decline [3] Group 3: International Expansion and Orders - In 2023, the company achieved total overseas revenue of 9.547 billion yuan, accounting for 14.49% of total revenue, with a year-on-year growth of 4.17% [3] - The company plans to continue deepening relationships with existing customers and expanding its client base to ensure steady growth in overseas business [4] - Current order volumes are substantial, and Q2 is expected to maintain a growth trend, although specific forecasts have not yet been issued [3][4] Group 4: Inventory and Production Capacity - As of the end of Q1 2024, the company's inventory was 24.290 billion yuan, reflecting a 27.07% increase, primarily consisting of components rather than complete machines [4] - The company has established intelligent production lines overseas and is actively expanding capacity to meet rapid delivery demands [4]