Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with a forecasted net profit of 81-82 million yuan, representing a year-on-year growth of 106.34%-108.88% [4] - The revenue for the first three quarters of 2024 is projected to be 291 million yuan, reflecting a growth of 55.13% [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 81 million, 92 million, and 106 million yuan respectively, with corresponding EPS of 1.77, 2.02, and 2.33 yuan per share [4] Financial Summary - The total revenue for 2022 was 264 million yuan, with a year-on-year growth of 1.2%. For 2023, revenue is expected to reach 289 million yuan, growing by 9.7%. Projections for 2024, 2025, and 2026 are 423 million, 490 million, and 582 million yuan respectively, with growth rates of 46.0%, 15.9%, and 18.9% [8][12] - The net profit for 2022 was 30 million yuan, with a year-on-year growth of 0.2%. The forecast for 2023 is 39 million yuan (+30.3%), and for 2024, 81 million yuan (+105.2%). Projections for 2025 and 2026 are 92 million and 106 million yuan, with growth rates of 14.3% and 15.3% respectively [8][12] - The gross margin is expected to improve from 21.8% in 2022 to 29.8% in 2024, while the net margin is projected to increase from 11.4% in 2022 to 19.1% in 2024 [8][12] Market Outlook - The AI server market is anticipated to grow significantly, with the Chinese server market expected to reach 5 billion USD in the first half of 2024, a year-on-year increase of 63%. GPU servers will continue to dominate, while non-GPU servers are expected to grow at a rate of 182% [5] - The company has successfully developed key technologies in the server slide rail sector, positioning itself as a qualified supplier for major manufacturers such as Huawei and Inspur [6]
海达尔：北交所信息更新：AI服务器高增长+高性能产品放量，预告2024年归母净利润同比翻番