LCXX(000977) 民生证券·2024-10-14 23:00Investment Rating - Maintain "Recommend" rating [2][3] Core Views - Q3 revenue reached a historical high of 39.7 billion yuan, with a year-on-year growth of 70% [2] - Net profit attributable to the parent company for the first three quarters of 2024 is expected to be 1.25-1.35 billion yuan, a year-on-year increase of 61%-74% [2] - Non-GAAP net profit for the first three quarters of 2024 is expected to be 1.12-1.22 billion yuan, a year-on-year increase of 167%-191% [2] - The company's actual profitability may still be underestimated due to potential asset impairment and credit losses [2] - AI computing power investment is expected to remain highly prosperous, and the company's leading position in the server field is significant [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 101.282 billion yuan, 118.275 billion yuan, and 133.736 billion yuan, respectively [6] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is expected to be 2.549 billion yuan, 3.164 billion yuan, and 3.702 billion yuan, respectively [6] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.73 yuan, 2.15 yuan, and 2.51 yuan, respectively [6] - PE ratios for 2024E, 2025E, and 2026E are estimated at 23x, 19x, and 16x, respectively [6] Key Financial Indicators - Gross margin for 2024E, 2025E, and 2026E is expected to remain stable at around 9.07% [6] - Net profit margin for 2024E, 2025E, and 2026E is projected to be 2.53%, 2.69%, and 2.78%, respectively [6] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.60%, 13.71%, and 14.01%, respectively [6] - Asset-liability ratio for 2024E, 2025E, and 2026E is expected to be 68.65%, 67.35%, and 65.78%, respectively [6] Operational Efficiency - Accounts receivable turnover days are expected to remain at 50 days for 2024E, 2025E, and 2026E [6] - Inventory turnover days are projected to decrease from 120 days in 2024E to 100 days in 2026E [6] - Total asset turnover ratio is expected to increase from 1.54 in 2024E to 1.71 in 2026E [6]