Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 151.50 [1][6]. Core Insights - The company has demonstrated sustained high growth in performance, with significant increases in contract liabilities and inventory [1][5]. - In 2024, the company achieved a revenue of 9.162 billion yuan, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10]. - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points compared to the previous year, indicating a higher proportion of high-margin products [4][10]. - The company has increased its R&D investment by 22.63%, accounting for 37.61% of its revenue, reflecting a commitment to innovation and product competitiveness [4][10]. Financial Performance - Contract liabilities at the end of 2024 reached 903 million yuan, an increase of 900 million yuan year-on-year, primarily due to large advance payments from customers [5]. - Inventory surged to 5.425 billion yuan, a 405% increase year-on-year, as the company proactively increased stock to meet market demand [5]. - The company forecasts revenues of 14.165 billion yuan, 20.581 billion yuan, and 28.402 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.005 billion yuan, 4.642 billion yuan, and 6.539 billion yuan [6][10]. Market Position and Opportunities - The company is positioned as a leader in domestic computing power, with its products expected to benefit from the growing demand for AI computing power [6]. - The launch of DeepSeek has created favorable conditions for the development of domestic computing power, with the company quickly adapting its products to meet the needs of this emerging market [6]. - The company plans to collaborate with partners to offer integrated solutions, which is anticipated to capitalize on the rapid growth of the integrated machine market [6].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%, and a net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [1]. - The significant increase in inventory to 5.425 billion yuan at the end of 2024 indicates supply chain resilience, which is crucial for long-term development [2]. - The company has a strong R&D capability, with 2,157 technical personnel, accounting for 90.18% of the workforce, and a R&D investment of 3.446 billion yuan in 2024, which is 37.61% of its revenue [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.162 billion yuan and a net profit of 1.931 billion yuan, with projections for 2025, 2026, and 2027 showing continued growth in revenue and profit [5][8]. - The expected net profits for 2025, 2026, and 2027 are 2.586 billion yuan, 3.420 billion yuan, and 4.483 billion yuan, respectively, with corresponding PE ratios of 136, 103, and 79 [4][5]. R&D and Technological Leadership - The company is a leader in the domestic chip sector, maintaining technological superiority with high-performance processors developed based on x86 architecture [3]. - The R&D team is highly qualified, with a significant portion holding master's degrees or higher, and many having experience in renowned chip companies [3]. Market Position and Growth Potential - The company is positioned as a key player in the domestic chip market, with its CPU and DCU businesses showing rapid growth and potential for new growth avenues [4]. - Collaborations with major server manufacturers have facilitated the development of various products based on the company's high-end processors, enhancing its market presence [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%. The net profit attributable to shareholders was 1.931 billion yuan, also up by 52.87% [1]. - Significant inventory growth reflects supply chain resilience, with inventory reaching 5.425 billion yuan at the end of 2024, up from 1.074 billion yuan the previous year. This increase is crucial for the company's development amid supply challenges in the semiconductor industry [2]. - The company maintains a leading position in technology, with a strong R&D team of 2,157 personnel, 90.18% of whom are technical staff. R&D investment reached 3.446 billion yuan in 2024, accounting for 37.61% of revenue, indicating a commitment to innovation [3]. Financial Forecasts - The company is projected to achieve net profits of 2.586 billion yuan, 3.420 billion yuan, and 4.483 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 136, 103, and 79 [5][4]. - Revenue forecasts for the next three years are 12.323 billion yuan, 16.087 billion yuan, and 20.951 billion yuan, with growth rates of 34.5%, 30.5%, and 30.2% [5][8].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][2]. Core Insights - The company has experienced rapid revenue growth, achieving an operating income of 9.162 billion yuan in 2024, a year-on-year increase of 52.40%, and a net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [2][3]. - The company is positioned as a leader in the domestic high-end processor market, benefiting from the ongoing trend of domestic substitution and the increasing demand for high-performance computing solutions [2][3]. - The report highlights the company's strong R&D investment, which reached 3.446 billion yuan in 2024, representing a 22.63% increase year-on-year, with a research expense ratio of 37.61% [2][3]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 9.162 billion yuan, net profit of 1.931 billion yuan - 2025: Revenue expected to reach 14.174 billion yuan, net profit of 2.902 billion yuan, with a growth rate of 50.28% [3][5]. - **Earnings Per Share (EPS)**: - 2024: 0.83 yuan - 2025: 1.25 yuan, with projected growth continuing through 2027 [3][5]. - **Profitability Metrics**: - Gross margin for 2024 is projected at 63.72%, with a slight decline expected in subsequent years [3][5]. Market Position and Trends - The company is leveraging its core advantages in high-end processors, particularly in CPU and DCU technologies, to capture market share in various sectors including telecommunications, finance, and AI [2][3]. - The report emphasizes the acceleration of domestic computing power due to U.S. export controls on high-end chips, positioning the company favorably in the market [2][3]. - The introduction of DeepSeek technology is expected to significantly boost demand for cloud computing and edge computing solutions, further enhancing the company's growth prospects [2][3].

公司点评报告 · 计算机行业 业绩高速增长,国产化浪潮下迎发展黄金期 2025 年 2 月 28 日 海光信息(688041.SH) 推荐 维持评级 分析师 吴砚靖 ☎: 010-66568589 | 市场数据 | 2025-2-28 | | --- | --- | | 股票代码 | 688041 | | A 股收盘价(元) | 160.00 | | 上证指数 | 3.320.90 | | 总股本(万股) | 232,433.81 | | 实际流通 A 股(万股) | 88,655.72 | | 流通 A 股市值(亿元) | 1,418.49 | 相对沪深 300 表现图 2025-2-28 料来源: Wind,中国银河证券研究 网: wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 高峰 ☎：010-80927671 网: gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 研究助理:胡天昊 ☎：010-80927637 മ: hutianhao_yj @chinastock.com.cn www.chi ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 176.6 [6][4][7] Core Insights - The company achieved a revenue of RMB 9.162 billion in 2024, representing a year-over-year increase of 52.40%, and a net profit attributable to the parent company of RMB 1.931 billion, also up by 52.87% [1][2] - The fourth quarter of 2024 saw revenues of RMB 3.026 billion, a year-over-year increase of 46.22%, but a quarter-over-quarter decline in net profit due to increased R&D expenses and changes in product mix affecting gross margins [1][2] - The company is expected to benefit from increased AI infrastructure investments by domestic internet giants in 2025, with new DCU products anticipated to contribute significantly to revenue growth [1][3] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of RMB 9.162 billion, exceeding previous expectations, while net profit was slightly below expectations at RMB 1.931 billion [1][2] - The company’s R&D expenses for 2024 were RMB 3.446 billion, a 22.63% increase year-over-year, with a capitalized ratio decrease to 17.04% [2][5] - The gross margin improved to 63.72% in 2024, up by 4.05 percentage points year-over-year, driven by strong sales of high-end processors [2][5] Future Outlook - The company forecasts revenues of RMB 14.663 billion, RMB 22.049 billion, and RMB 25.406 billion for 2025, 2026, and 2027 respectively, reflecting significant growth potential [4][5] - The anticipated demand for AI infrastructure and the company's strategic inventory buildup, which reached RMB 5.425 billion by the end of 2024, positions it well for future growth [2][3] Valuation Metrics - The report assigns a price-to-sales (P/S) ratio of 28X for 2025 estimates, with a target price adjustment reflecting increased revenue expectations and comparable company valuations [4][5] - The company’s earnings per share (EPS) is projected to grow from RMB 0.83 in 2024 to RMB 1.47 in 2025, indicating strong profitability growth [5][4]

电子/半导体 高度看好公司长期发展，维持 "买入"评级 我们维持 2025-2026 年归母净利润预测为 30.18、42.13 亿元，同时新增 2027 年 预测为 58.06 亿元，EPS 为 1.30、1.81、2.50 元/股，当前股价对应 PE 分别为 116.3、83.3、60.4 倍，维持"买入"评级。 海光信息（688041.SH） 经营效率提升，存货和合同负债印证下游高景气 2025 年 03 月 03 日 投资评级：买入（维持） | 日期 | 2025/3/3 | | --- | --- | | 当前股价(元) | 150.93 | | 一年最高最低(元) | 171.90/67.30 | | 总市值(亿元) | 3,508.12 | | 流通市值(亿元) | 1,338.08 | | 总股本(亿股) | 23.24 | | 流通股本(亿股) | 8.87 | | 近 3 个月换手率(%) | 196.05 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-03 2024-07 2024-11 海光信息 沪深300 陈宝健（分析师） 刘逍遥（分析师） ch ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5][7]. Core Views - The company achieved significant growth in its 2024 annual report, with operating revenue reaching 9.162 billion yuan, a year-on-year increase of 52.4%, and net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [1][2]. - The company is increasing its research and development (R&D) investment, which amounted to 3.446 billion yuan in 2024, representing a 22.63% increase year-on-year, and accounting for 37.61% of its operating revenue [2]. - The company is actively increasing inventory to ensure supply chain stability, with inventory levels reaching 5.425 billion yuan, a significant increase of 405.09% year-on-year [2]. Financial Performance - In Q4 2024, the company reported operating revenue of 3.026 billion yuan, a 46.22% increase year-on-year, and a net profit of 405 million yuan, up 12.09% year-on-year [2]. - The company expects continued revenue growth, projecting revenues of 14.671 billion yuan, 18.352 billion yuan, and 22.031 billion yuan for 2025, 2026, and 2027 respectively [5][6]. - The projected net profit for 2025 is 3.936 billion yuan, with a year-on-year growth rate of 103.8% [5][6]. Industry Position and Strategy - The company is positioned as a leader in the domestic GPU market, with its DCU product line designed for high-performance computing and AI applications, supporting various precision levels and parallel computing capabilities [3]. - The company has developed a comprehensive software ecosystem for its DCU products, significantly reducing application migration difficulties and enhancing compatibility with major domestic internet firms [3]. - The ongoing geopolitical tensions and trade policies are expected to accelerate the development of domestic AI computing centers, further enhancing the company's strategic importance in the industry [4].

目录 内部控制审计报告 信会师报字[2025]第 ZG10059 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cncf.cov.co) "进行行 " 海光信息技术股份有限公司 海光信息技术股份有限公司 内部控制审计报告 the for any 内部控制审计报告 2017-0 页次 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLF 内部控制审计报告 信会师报字[2025]第 ZG10059 号 海光信息技术股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了海光信息技术股份有限公司(以下简称"海光信 息")2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是海光信息董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意 ...

海光信息技术股份有限公司 审计报告及财务报表 二〇二四年度 信会师报字[2025]第 ZG10066 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"并行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://ac.mot.gov.cn）"并行查 海光信息技术股份有限公司 审计报告及财务报表 我们认为,后附的财务报表在所有重大方面按照企业会计准则 的规定编制,公允反映了海光信息 2024年 12 月 31 日的合并及母公 司财务状况以及 2024年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审 计报告的"注册会计师对财务报表审计的责任"部分进一步阐述了 我们在这些准则下的责任。按照中国注册会计师职业道德守则,我 们独立于海光信息,并履行了职业道德方面的其他责任。我们相信, 我们获取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | ...