证券代码：688041 证券简称：海光信息 公告编号：2025-020 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）与曙光信息 产业股份有限公司（以下简称"中科曙光"）正在筹划由公司通过向中科曙光全体 A 股换股股东发行 A 股股票的方式换股吸收合并中科曙光并发行 A 股股票募集配 套资金（以下简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请， 公司 A 股股票（证券简称：海光信息，证券代码：688041）自 2025 年 5 月 26 日 （星期一）开市起停牌，具体内容详见公司于 2025 年 5 月 26 日在上海证券交易 所网站（www.sse.com.cn）披露的《海光信息技术股份有限公司关于筹划重大资产 重组的停牌公告》（公告编号：2025-019）。 截至本公告披露之日，公司以及有关各方正在按照《上市公司重大资产重组 管理办法》及其他有关规定积极组织推进本次重组的相关工作。为维护投资者利 益，避免公司股价异常波动，根据上海证券交易所的相关 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating its strong position in the industry [1]. - The expected financial performance for Haiguang Information shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3][4]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information from 2025 to 2027 are 50.9%, 39.9%, and 36.0%, respectively [4][9]. Earnings Forecast and Financial Indicators - The earnings per share (EPS) for Haiguang Information is projected to be 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027 [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 in 2027, indicating improving valuation over time [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% from 2024 to 2027, showcasing strong profitability [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating strong competitive positioning [1]. - The expected financial performance shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, but with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information are 50.9% for 2025, 39.9% for 2026, and 36.0% for 2027 [4][9]. Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for Haiguang Information are 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027, respectively [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 by 2027, indicating improving valuation metrics [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% over the forecast period [8][9].

Group 1 - The core viewpoint of the news is that the semiconductor sector is experiencing fluctuations, with specific companies like Zhaoyi Innovation and Langqi Technology showing gains, while others like Northern Huachuang and Huahai Qingke are declining. The semiconductor ETF is also in a correction phase but has seen a significant increase over the past year [1][2] - As of May 27, 2025, the semiconductor ETF has increased by 44.30% over the past year, indicating strong market performance despite recent short-term declines [1] - On May 25, 2025, Zhongke Shuguang and Haiguang Information announced a major asset restructuring plan, which has led to increased trading volume in their respective ETFs, suggesting market anticipation of potential investment opportunities following the resumption of trading [1] Group 2 - The semiconductor ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of April 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 67.82% of the index, with companies like Cambricon, SMIC, and Haiguang Information being significant contributors [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The strategic restructuring between Haiguang Information and Zhongke Shuguang aims to achieve collaborative development across the entire chain of domestic chips, servers, and cloud computing [7] - Haiguang Information is a leading domestic CPU and GPU enterprise with core chip design capabilities, focusing on domestic architecture CPUs and DCUs, benefiting from the growth in intelligent computing demand and opportunities for domestic computing power substitution [7] - The merger is expected to create a comprehensive solution capability integrating domestic chips and server systems, enhancing the competitive edge and driving the development of high-performance computing infrastructure [7] Financial Performance Summary - Revenue projections for Haiguang Information are as follows: - 2023A: 6,012 million - 2024A: 9,162 million (growth rate: 52%) - 2025E: 13,530 million (growth rate: 48%) - 2026E: 18,802 million (growth rate: 39%) - 2027E: 24,443 million (growth rate: 30%) [2] - Net profit projections are as follows: - 2023A: 1,263 million - 2024A: 1,931 million (growth rate: 53%) - 2025E: 3,063 million (growth rate: 59%) - 2026E: 4,393 million (growth rate: 43%) - 2027E: 5,932 million (growth rate: 35%) [2] - Earnings per share (EPS) projections: - 2023A: 0.54 - 2024A: 0.83 - 2025E: 1.32 - 2026E: 1.89 - 2027E: 2.55 [2] Market Position and Strategy - The restructuring is the first absorption merger transaction following the revision of the regulations on major asset restructuring by the China Securities Regulatory Commission, which encourages the injection of quality assets to enhance investment value [7] - Zhongke Shuguang is a leader in server assembly and has a comprehensive layout in the AI infrastructure sector, covering upstream chip/server hardware, midstream cloud computing, and downstream cloud services [7] - The strategic merger is expected to enhance resource sharing in R&D, supply chain, and market sales, accelerating the development of high-end chips and integrated technology solutions [7]

Group 1: Core Insights - The merger between Haiguang Information and Zhongke Shuguang is seen as a strategic move to enhance China's computing power industry, aiming to integrate resources and fill gaps in the sector [2][3] - Haiguang Information focuses on domestic architecture CPUs and has a market capitalization exceeding 310 billion, while Zhongke Shuguang specializes in high-end computing and has a market cap over 900 billion [2] - The semiconductor industry is experiencing intense competition, and mergers are becoming a trend for innovation and resource optimization [2] Group 2: Market Reactions - Following the announcement of the merger, the Kexin Chip 50 ETF (588750) saw a capital inflow of over 17 million, indicating strong investor interest in the semiconductor sector [3] - The Kexin Chip 50 ETF has been a vehicle for investors to gain exposure to the semiconductor sector, with a notable increase in investment over the past ten days, totaling over 50 million [1][3] Group 3: Financial Performance - Haiguang Information reported a revenue of 2.4 billion for Q1 2025, reflecting a year-on-year growth of 50.76%, and a net profit of 506 million, up 75.33% year-on-year [2] - The Kexin Chip Index is projected to have a net profit growth rate of 70% for Q1 2025, significantly outperforming other indices in the semiconductor sector [12] Group 4: Industry Trends - The global semiconductor market is expected to grow by 17% in 2024, driven by increasing demand for AI and cloud infrastructure investments, with major companies planning to invest between 110 billion to 120 billion annually over the next three years [6] - The domestic semiconductor industry is witnessing a rise in localization, with the domestic production rate expected to increase from 16.7% to 21.2% by 2026 [6]

Core Insights - The strategic merger aims to optimize the industrial layout from chips to software and systems, enhancing the collaboration across the information industry chain [1] - The merger is expected to deepen the integration of leading domestic information industry resources, focusing on R&D, supply chain, and market sales to enhance competitiveness in high-end chip and solution development [1] - The combined entity will benefit from scale effects, improving profitability and establishing a solid capital foundation for long-term development [1] Industry Trends - The merger aligns with the global trend of extending industrial chains, facilitating the creation of competitive innovative enterprises [1] - It supports the national strategic needs by promoting the integration and localization of the computing power industry [1] - The enhanced technical strength and market competitiveness post-merger will significantly expand business prospects [1]

证券代码：688041 证券简称：海光信息 公告编号：2025-019 海光信息技术股份有限公司 关于筹划重大资产重组的停牌公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因筹划重大资产重组,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688041 | 海光信息 | A 股 | 停牌 | 2025/5/26 | | | | 一、停牌事由和工作安排 为抢抓信息技术产业发展新机遇，做大做强主业，海光信息技术股份有限公 司（以下简称"公司"或"海光信息"）与曙光信息产业股份有限公司（以下简称 "中科曙光"）正在筹划由公司通过向中科曙光全体 A 股换股股东发行 A 股股票 的方式换股吸收合并中科曙光（以下简称"本次合并"）并发行 A 股股票募集配套 资金（以下简称"本次重组"）。鉴于上述事项 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is positioned as a leading domestic high-end computing chip enterprise, focusing on dual product development of CPU and DCU, which covers mainstream application scenarios such as cloud computing and artificial intelligence [1][9]. - The company has shown strong revenue growth, with Q1 2025 revenue reaching 2.4 billion yuan, a year-on-year increase of 50.76%, and a net profit of 506 million yuan, up 75.33% year-on-year [1][19]. - The report highlights the significant growth potential in the x86 server market, driven by AI demand and domestic policies promoting localization [2][38]. Summary by Sections 1. CPU and DCU Development - The company has established itself as a key player in the domestic computing power sector, leveraging its dual focus on CPU and DCU products [1][9]. - The company has a strong R&D background, with a focus on high-performance computing chips and servers, and has successfully launched multiple product iterations [1][11]. - The revenue has shown a compound annual growth rate (CAGR) of 89.09% from 2019 to 2024, with a significant increase in high-end processor sales [18][22]. 2. x86 Architecture - The x86 architecture is the dominant player in the global server market, accounting for 86% of the market share in 2023, and is expected to grow significantly in the coming years [2][40]. - The company is actively developing its CPU products based on the x86 architecture, which is crucial for meeting the growing demand for high-performance computing [2][37]. - The report emphasizes the importance of domestic CPU manufacturers in the context of increasing localization and the need for independent innovation [46][50]. 3. GPU Development - The company is advancing its GPU technology, with a focus on AI applications and high-performance computing, which is expected to accelerate the domestic GPU market [3][59]. - The DeepSeek model's widespread adoption is driving the demand for intelligent computing power, creating a significant growth opportunity for the company's GPU products [3][59]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 13.82 billion yuan in 2025, 19.34 billion yuan in 2026, and 26.29 billion yuan in 2027, with corresponding price-to-sales ratios of 23, 17, and 12 [4][5]. - The report highlights the company's strong R&D investment, which is expected to enhance product performance and market competitiveness, supporting the "Buy" rating [4][29].

Group 1 - The legal opinion letter confirms that the 2024 annual general meeting of shareholders of Haiguang Information Technology Co., Ltd. was convened and conducted in accordance with relevant laws and regulations [1][2][3] - The meeting was announced with sufficient disclosure of the agenda, time, location, and voting methods, complying with the requirements of the Company Law and the Articles of Association [1][2] - A total of 1,684,151,699 shares, representing 72.4573% of the voting shares, were represented at the meeting, with 9 shareholders attending in person and 750 participating via online voting [1][2] Group 2 - No temporary proposals were made by shareholders during the meeting [2] - The voting process was conducted according to the Company Law and Articles of Association, with all resolutions passed by valid votes [2][3] - The legal opinion concludes that the meeting's procedures and results are legally valid and effective [3]