Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]

Investment Rating - The report maintains a "Buy-A" rating for the company [3][6]. Core Insights - The company is a leader in domestic CPU and DCU markets, benefiting from the rapid growth driven by domestic CPU and AI computing demand [3][5]. - The company has established significant technological and ecological advantages through its partnership with AMD, allowing it to produce competitive CPU and DCU products [3][4]. - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement [4][31]. Summary by Sections Company Overview - Founded in 2014, the company gained AMD technology authorization in 2016 to initiate CPU product development, evolving into a leader in the CPU and DCU sectors [15][19]. - The management team has a strong background in major chip manufacturers, enhancing the company's technological capabilities [19][21]. CPU Market Analysis - The domestic CPU market is estimated to be worth over 100 billion, with significant potential for domestic alternatives [4][31]. - The company's CPU products, based on the x86 architecture, have shown superior performance compared to competitors, maintaining a leading position in the domestic market [4][43]. DCU Market Analysis - The company's DCU products are positioned to benefit from the growing demand for AI computing, with expectations of significant performance improvements in upcoming product iterations [5][6]. - The DCU architecture is highly compatible with international AI frameworks, facilitating seamless integration into existing systems [5][6]. Financial Projections - The company is expected to achieve net profits of 2.945 billion, 4.228 billion, and 5.647 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8]. - The revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, reflecting a compound annual growth rate of 89.1% over the past six years [8][22]. Valuation Analysis - The report provides a detailed valuation analysis, indicating a price-to-earnings ratio (P/E) of 111.31 for 2025, decreasing to 58.06 by 2027, suggesting a favorable long-term investment outlook [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance for 2024 aligns with market expectations, achieving a revenue of 9.162 billion yuan, a year-on-year increase of 52.4%, and a net profit of 1.931 billion yuan, also up by 52.87% [6][7] - The demand for the company's CPU products in sectors such as telecommunications and finance is robust, with a broad applicability in the domestic processor market [6] - The company's DCU is well-suited for the AI ecosystem, featuring a comprehensive software stack and compatibility with major domestic internet firms [6] - The gross margin has significantly improved, attributed to strong product competitiveness and pricing advantages, with a gross margin of 63.7% for 2024, up by 4.1 percentage points year-on-year [6] - Inventory levels have increased significantly, reaching 5.425 billion yuan, reflecting confidence in market demand and supply chain stability [6] - The revenue and profit forecasts for 2025 and 2026 have been raised due to accelerated shipments in the financial sector and increased demand for DCUs, with projected revenues of 13.582 billion yuan and 17.530 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6.012 billion yuan - 2024: 9.162 billion yuan - 2025E: 13.582 billion yuan - 2026E: 17.530 billion yuan - 2027E: 21.403 billion yuan - Net profit projections are: - 2023: 1.263 billion yuan - 2024: 1.931 billion yuan - 2025E: 2.942 billion yuan - 2026E: 3.948 billion yuan - 2027E: 4.654 billion yuan - The company's gross margin is expected to stabilize around 60% from 2025 onwards, with a projected PE ratio of 121 for 2025 [4][6][7]

一、持续督导工作概述 中信证券股份有限公司 关于海光信息技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为海光信 息技术股份有限公司（以下简称"海光信息"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导 2024 年度跟踪报告。 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 3 月 5 日、3 月 13 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年 ...

（一）保荐人 中信证券股份有限公司 （二）保荐代表人 中信证券股份有限公司 关于海光信息技术股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对海光信息技术股份有限公司（以下简称"海光信息""公司""上 市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 李艳梅、彭捷 （三）现场检查人员 李艳梅、张书语 （四）现场检查时间 2025 年 3 月 5 日、3 月 13 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与关联方资金往来情况、募集资金使用情况、关联交易、 对外担保、经营状况等方面进行了现场检查，具体检查内容详见本报告"二、本 次现场检查主要事项及意见"。 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 1 详见" ...

北京市中伦律师事务所 关于海光信息技术股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年三月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于海光信息技术股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：海光信息技术股份有限公司 北京市中伦律师事务所（下称"本所"）接受海光信息技术股份有限公司（下 称"公司"）委托，指派本所律师对公司 2025 年第一次临时股东大会进行见证， 并出具本法律意见书。 公司已向本所保证其提供为出具本法律意见书所需 ...

证券代码：688041 证券简称：海光信息 公告编号：2025-011 海光信息技术股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 3 月 17 日 （二） 股东大会召开的地点：北京市海淀区东北旺西路 8 号中关村软件园 27 号楼 C 座 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,186 | | --- | --- | | 普通股股东人数 | 1,186 | | 2、出席会议的股东所持有的表决权数量 | 1,598,994,687 | | 普通股股东所持有表决权数量 | 1,598,994,687 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 68.9337 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is stable, with proactive inventory management reflecting confidence in market demand. In Q4 2024, the company achieved revenue of 3.026 billion yuan, a year-on-year increase of 46.22%, and a net profit of 405 million yuan, up 12.09% year-on-year. The inventory increased by 405.09% year-on-year to ensure supply chain stability [5][4] - The CPU product line remains solid, with expectations for significant growth in 2025 driven by domestic innovation and replacement policies. The company’s CPU products are widely used across various sectors, including telecommunications and finance, due to their excellent performance and compatibility [5] - The emergence of AIGC (Artificial Intelligence Generated Content) is expected to make GPU products a major driver of revenue growth. The company's DCU products have shown significant performance improvements, and the upcoming products are anticipated to further enhance competitive advantages [6] Financial Summary - For 2024, the company reported revenue of 9.162 billion yuan, a 52.40% increase year-on-year, and a net profit of 1.931 billion yuan, up 52.87% year-on-year. The projected revenues for 2025, 2026, and 2027 are 13.060 billion yuan, 17.857 billion yuan, and 28.376 billion yuan, respectively, with net profits of 2.964 billion yuan, 4.163 billion yuan, and 5.998 billion yuan [4][7][11] - The company’s gross margin is expected to be 63.7% in 2024, with a slight decline projected in subsequent years [11] - The earnings per share (EPS) is forecasted to grow from 0.83 yuan in 2024 to 2.58 yuan in 2027, reflecting strong growth potential [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is stable, with proactive inventory management reflecting confidence. In Q4 2024, the company achieved revenue of 3.026 billion yuan, a year-on-year increase of 46.22%, and a net profit of 405 million yuan, up 12.09% year-on-year. The inventory increased by 405.09% to meet market demand and ensure supply chain stability [4][5] - The CPU business remains solid, with expectations for significant growth in 2025 driven by domestic innovation and replacement policies. The company’s CPU products are widely used across various sectors, including telecommunications and finance, due to their excellent performance and compatibility [5] - The emergence of AIGC (Artificial Intelligence Generated Content) is expected to make GPUs a major driver of revenue growth. The company's DCU products have shown significant performance improvements, and the upcoming products are anticipated to have strong competitive advantages [6] Financial Summary - For 2024, the company reported revenue of 9.162 billion yuan, a 52.40% increase year-on-year, and a net profit of 1.931 billion yuan, up 52.87% year-on-year. The projected revenues for 2025, 2026, and 2027 are 13.060 billion yuan, 17.857 billion yuan, and 28.376 billion yuan, respectively, with net profits of 2.964 billion yuan, 4.163 billion yuan, and 5.998 billion yuan [4][7][11] - The company’s gross margin is projected to be 63.7% in 2024, with a slight decrease to 62.7% by 2027. The net profit margin is expected to improve from 21.1% in 2024 to 21.1% in 2027 [11]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Views - The company achieved significant year-on-year growth in revenue and profit for 2024, with total revenue reaching 9.162 billion, up 52.4%, and net profit attributable to shareholders at 1.931 billion, up 52.9% [8][4]. - The company is expected to benefit from the expansion of capital expenditures by major internet firms, particularly in AI infrastructure, which will drive demand for its DCU products [3][4]. Financial Performance Summary - For 2024, the company reported a gross margin of 63.7%, an increase of 4.1 percentage points year-on-year, attributed to product iterations and increased sales volume [9]. - The net profit margin for 2024 was 29.7%, reflecting a year-on-year increase of 1.4 percentage points [9]. - The company’s R&D personnel increased by 31.4% year-on-year to 2,157 by the end of 2024, contributing to rising R&D expenses [8]. Revenue and Profit Forecast - The company’s revenue is projected to grow to 13.935 billion in 2025, 19.526 billion in 2026, and 24.527 billion in 2027, with corresponding net profits of 3.175 billion, 4.860 billion, and 6.161 billion respectively [4][5]. - The report indicates a significant increase in earnings per share, expected to reach 1.37 in 2025 and 2.09 in 2026 [5]. Market Position and Future Outlook - The company’s DCU products have been fully adapted to several leading internet firms, positioning it well to capitalize on the anticipated increase in AI infrastructure investments [3][4]. - The report highlights that major internet companies are expected to increase their capital expenditures significantly, with Alibaba alone projected to invest over 380 billion in AI hardware infrastructure over the next three years [3].