Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][18] Core Insights - The company reported significant year-on-year growth in revenue and profit for 2024, with total revenue reaching 9.162 billion, up 52.4%, and net profit 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] - The company has completed adaptations of its DCU products with leading internet companies, positioning itself well to capitalize on the increasing demand for AI capabilities [3][4] Financial Performance Summary - In 2024, the company achieved a gross margin of 63.7%, an increase of 4.1 percentage points year-on-year, driven by product iterations and sales growth [2][9] - The net profit margin for 2024 was 29.7%, reflecting a year-on-year increase of 1.4 percentage points [2][9] - The company’s R&D personnel increased by 31.4% year-on-year, indicating a focus on innovation and project implementation [8][9] Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 13.935 billion, 19.526 billion, and 24.527 billion respectively, with net profit estimates of 3.175 billion, 4.860 billion, and 6.161 billion [4][5] - The current stock price corresponds to a price-to-earnings ratio of 111, 72, and 57 for the years 2025, 2026, and 2027 respectively [4][5]

海光信息技术股份有限公司 2025 年第一次临时股东大会会议资料 海光信息技术股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年三月 海光信息技术股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 年第一次临时股东大会会议须知 2 2025 | | --- | | 2025 年第一次临时股东大会议程安排 5 | | 议案一：关于公司 2024 年度利润分配方案的议案 7 | | 议案二：关于追加公司日常关联交易预计额度的议案 9 | | 议案三：关于选举公司第二届董事会非独立董事的议案 12 | 1 海光信息技术股份有限公司 2025 年第一次临时股东大会会议资料 海光信息技术股份有限公司 2025 年第一次临时股东大会 会议须知 为了维护海光信息技术股份有限公司（以下简称"公司"）全体股东的合法 权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》和《海 光信息技术股份有限公司章程》（以下简称"《公司章程》"）等相关规定，特 制定本次股东大会会议须知： 一、本次大会期间，全体参会人员应以维护股 ...

会议召开地点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 3 月 11 日（星期二）至 3 月 17 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 海光信息技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 1 日发布 公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度的经 营成果、财务状况，公司计划于 2025 年 3 月 17 日下午 16:00-17:00 举行 2024 年 度业绩说明会，就投资者关心的问题进行交流。 证券代码：688041 证券简称：海光信息 公告编号：2025-010 海光信息技术股份有限公司 关于召开 2024 年度业绩说明会的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" [5][12]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 9.162 billion, a year-on-year increase of 52%, and a net profit attributable to shareholders of 1.931 billion, up 53% [1][5]. - The company has proactively increased strategic inventory to meet downstream demand, ending 2024 with inventory valued at 5.425 billion, a 405% increase year-on-year [1]. - The company is heavily investing in research and development, with R&D expenses amounting to 2.910 billion in 2024, a 46% increase from the previous year [1][2]. Financial Summary - In 2024, the company reported revenue of 91.62 billion, with a growth rate of 52.4% compared to 2023 [3]. - The net profit for 2024 was 19.31 billion, reflecting a growth rate of 52.9% [3]. - The company expects revenue to grow to 132.78 billion, 179.19 billion, and 232.87 billion in 2025, 2026, and 2027, respectively, with growth rates of 45%, 35%, and 30% [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 9.16 billion yuan in 2024, representing a year-on-year growth of 52.4%, with a net profit of 1.93 billion yuan, also up by 52.7% year-on-year [7] - Significant increase in R&D investment, with R&D personnel growing from 1,641 to 2,157, and R&D expenses rising from 1.99 billion yuan to 2.91 billion yuan [7] - The company is well-positioned to benefit from the increasing capital expenditure (CapEx) from major clients like Alibaba, which plans to invest 380 billion yuan over the next three years [7] - The demand for CPUs is expected to improve, particularly in the government and enterprise sectors, which may boost the company's performance in 2025 [7] - The company is recognized for its leading products in both CPU and DCU markets, with a positive outlook on revenue growth driven by domestic AI chip demand [7] Financial Summary - Total revenue forecast for 2024 is 9.16 billion yuan, with projected growth rates of 40.96% and 43.84% for 2025 and 2026 respectively [1][8] - The net profit forecast for 2024 is 1.93 billion yuan, with expected growth rates of 50.52% and 49.58% for 2025 and 2026 respectively [1][8] - The earnings per share (EPS) is projected to be 0.83 yuan for 2025, increasing to 2.51 yuan by 2027 [1][8] - The company’s P/E ratio is expected to decrease from 192.59 in 2024 to 63.73 in 2027, indicating improving valuation [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 9.16 billion yuan in 2024, representing a year-on-year growth of 52.4%, slightly above the forecast median of 9.12 billion yuan [7] - The net profit attributable to the parent company for 2024 is projected to be 1.93 billion yuan, also reflecting a year-on-year increase of 52.7% [7] - Significant increases in R&D investment were noted, with R&D personnel growing from 1,641 to 2,157, and R&D expenses rising from 1.99 billion yuan to 2.91 billion yuan [7] - The report highlights the positive impact of major clients' capital expenditures on the company's growth prospects, particularly in the AI and cloud infrastructure sectors [7] - The company is positioned to benefit from the upcoming bidding opportunities in the government and state-owned enterprises' information technology projects in 2025 [7] - The report anticipates a marginal improvement in CPU demand and emphasizes the advantages of the company's DCU architecture in AI applications [7] - The net profit forecasts for 2025 and 2026 have been slightly adjusted upwards to 2.91 billion yuan and 4.35 billion yuan, respectively, with a new forecast for 2027 set at 5.84 billion yuan [7] Financial Summary - The total revenue forecast for 2024 is 9.16 billion yuan, with a projected growth rate of 52.4% [8] - The net profit attributable to the parent company is expected to reach 1.93 billion yuan in 2024, with a growth rate of 52.87% [8] - The earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a P/E ratio of 192.59 [8] - The company's total assets are projected to be 31.84 billion yuan by 2025, with a debt-to-equity ratio of 20.68% [8] - The operating cash flow for 2024 is expected to be 977 million yuan, with a net increase in cash of -2.08 billion yuan [8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year increase of 52.4%, with a net profit of 1.931 billion yuan, also up by 52.9% [3][4] - The company is expected to benefit from the domestic replacement of CPU and AI chips, with projected EPS for 2025-2027 at 1.27, 1.82, and 2.43 respectively [6] Financial Performance - In 2024, the company reported a gross margin of 63.72%, an increase of 4.05 percentage points from the previous year, driven by higher sales volumes of CPU and DCU products [5] - The net profit margin for 2024 was 29.65%, up by 1.36 percentage points year-on-year [5] - The company’s total liabilities increased significantly, with contract liabilities reaching 903 million yuan by the end of 2024, compared to only 2.85 million yuan the previous year [4] Business Segments - The CPU segment is expected to continue its rapid growth, supported by the acceleration of domestic innovation [4] - The DCU segment has completed full compatibility with several leading domestic internet companies, positioning it for further market share growth due to tightening US chip export controls [4] Future Projections - Revenue is projected to grow to 13.146 billion yuan in 2025, with a year-on-year growth rate of 43.5% [8] - The company anticipates a continued increase in gross margin, reaching 63.9% in 2025 [8] - The net profit is expected to rise to 2.945 billion yuan in 2025, reflecting a year-on-year growth of 52.5% [8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][5] Core Views - The company achieved a significant revenue growth of 52.40% year-on-year, reaching 9.162 billion yuan in 2024, with a net profit increase of 52.87% to 1.931 billion yuan [2][3] - The company's CPU and DCU products are positioned in the top tier domestically, benefiting from the domestic substitution of CPU and AI chips [5] Financial Performance - In 2024, the company reported a gross margin of 63.72%, an increase of 4.05 percentage points from the previous year, driven by higher sales volumes of CPU and DCU products [4] - The net profit margin for 2024 was 29.65%, up 1.36 percentage points year-on-year [4] - The company’s contract liabilities surged to 903 million yuan by the end of 2024, compared to only 2.85 million yuan at the end of the previous year, indicating strong demand [3] Business Segments - CPU: The company is expected to maintain rapid growth in its CPU business as the domestic market accelerates [3] - DCU: The company has completed full compatibility with several leading domestic internet firms, and its market share is expected to grow further due to tightening US chip export controls [3] Future Projections - The company forecasts earnings per share (EPS) of 1.27, 1.82, and 2.43 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 128.66, 89.62, and 67.10 [5][7]

Investment Rating - The report upgrades the investment rating to "Buy" [1][6] Core Views - The company has demonstrated rapid revenue and profit growth, with 2024 revenue reaching 9.162 billion yuan, a year-on-year increase of 52.40%, and net profit of 1.931 billion yuan, up 52.87% year-on-year [5] - The growth is attributed to the expansion of the market for Haiguang CPU products and the rapid iteration of Haiguang DCU products [5] - The company is positioned as a leader in high-end CPU and DPU processors, benefiting from the dual drivers of "Xinchuang + AI" [5][6] Financial Performance Summary - Main revenue projections for 2023A to 2027E are as follows: - 2023A: 6.012 billion yuan - 2024A: 9.162 billion yuan - 2025E: 14.209 billion yuan - 2026E: 20.334 billion yuan - 2027E: 27.169 billion yuan [4][9] - Net profit projections for the same period are: - 2023A: 1.263 billion yuan - 2024A: 1.931 billion yuan - 2025E: 2.979 billion yuan - 2026E: 4.339 billion yuan - 2027E: 5.692 billion yuan [4][9] - The company’s gross margin for 2024 is reported at 63.72%, an increase of 4.05 percentage points year-on-year [5] Market Position and Valuation - The company’s target market capitalization is set at 426.2 billion yuan, based on a projected price-to-sales (P/S) ratio of 30 for 2025 [6] - The report indicates that the company is expected to achieve a P/E ratio of 118.22 for 2025, decreasing to 61.86 by 2027 [4][9] - The company’s contract liabilities reached 903 million yuan by the end of 2024, indicating strong demand in the downstream market [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][17] Core Views - The company has shown continuous high growth in performance, with significant increases in contract liabilities and inventory [1][5] - 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 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 year-on-year, indicating a higher proportion of high-margin products [4][10] - The company is increasing its R&D investment, which grew by 22.63% year-on-year, accounting for 37.61% of revenue [4][10] Financial Performance - The company’s revenue projections for 2025-2027 are 14.165 billion, 20.581 billion, and 28.402 billion yuan respectively, with net profits of 3.005 billion, 4.642 billion, and 6.539 billion yuan [6][10] - The net profit growth rates for the same period are projected at 55.61%, 54.50%, and 40.86% respectively [10][14] - The company’s total liabilities at the end of 2024 were 5.908 billion yuan, with significant increases in contract liabilities and inventory [5][14] Market Position and Opportunities - The company is positioned as a leader in domestic computing power, benefiting from the growing demand for AI computing power [6][10] - The launch of DeepSeek is expected to drive the demand for inference computing power, which the company is well-positioned to capitalize on [6][10] - The company plans to collaborate with partners to launch industry-specific integrated machine solutions, which is anticipated to meet the rapidly growing market demand [6][10]