000977.SZ Inspur: AI server shipment leader

Snapshot

Price

CNY 42

Mkt cap

CNY 62.0B

Revenue

CNY 82.8B

GPU/AI server mix

0.48

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Inspur Among global AI server shipment leaders—leverages China internet CapEx; vs Foxconn Industrial/Sugon/AI infra deep dive. Low GM, high-turn model—watch GPU supply and backlog visibility.

Business

Model: server and storage hardware. Flagships: AI/GPU servers; rack servers. Edge: JDM model, top internet accounts, delivery scale. Strategy: liquid cooling, open compute, overseas.

Value chain

AI server OEM; upstream GPU (NVIDIA)/CPU/memory/optics; downstream internet/gov. High customer concentration; risks: GPU export/supply, price war, inventory, low GM.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 42	000977.SZ · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Low-PE hardware leader—thin profits but high AI CapEx beta; GPU supply is the binding constraint.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: neutral—large revenue, low GM, high working capital—watch inventory and payables.

Operations

Volume: AI server units/GPU cards; price: ASP; cost: GPU BOM and manufacturing.

Key financial points

Key financial points

Item	Value	YoY	Note
FY2024 营收	约 828 亿	+72%	AI 拉动
AI 服务器	全球前列	高增	核心
毛利率	约 11%	偏低	GPU 成本占比
客户	互联网集中	高	CapEx 驱动

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
浪潮	AI 服务器	11%	出货规模	毛利低
曙光	国产整机	26%	信创	规模较小
工业富联	EMS/AI	8%	制造	品牌不同
紫光/H3C	网络+服务器	16%	渠道	AI 占比

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	彭震	在任	近期稳定
CEO/总裁	经营团队	在任	无重大变动
CFO	财务负责人	在任	披露连续

Stability: SOE-backed; limited management churn; focused on servers and AI infra.

Outlook

Track internet CapEx, GPU arrivals, AI server GM, inventory.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. AI server growth vs internet CapEx guidance (validate/invalidate)
2. GPU arrivals and backlog visibility
3. Inventory days rising abnormally
4. Gross margin stuck below ~12%
5. Liquid-cooled/premium mix improving profitability

References

Issuer / key sources:

• https://www.inspur.com/
• https://www.szse.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.