海光信息(688041)：25Q1延续业绩高增趋势 有望长期受益AI产业化浪潮

Core Insights - The company reported a revenue of 2.4 billion yuan for Q1 2025, representing a year-on-year increase of 50.76%, and a net profit attributable to shareholders of 506 million yuan, up 75.33% year-on-year, with a gross margin of 61.19% [1] - The company has a strong R&D capability, with 2,157 R&D personnel accounting for 90.18% of the workforce, and R&D expenses of 2.91 billion yuan in 2024 and 706 million yuan in Q1 2025 [1] CPU Business - The CPU business is expected to benefit significantly from the trend of domestic substitution, leveraging the X86 architecture and its performance and ecosystem compatibility advantages [2] - According to IDC, the shipment volume of China's server market is projected to grow by 16.6% year-on-year in Q3 2024, with the X86 server market expected to reach 4.6 million units and a market size of 62 billion USD by 2028 [2] - The Haiguang CPU series, including 7000, 5000, and 3000, is positioned to be widely used across various industries such as telecommunications, finance, internet, education, transportation, industrial design, and graphics processing [2] DCU Business - The DCU business is poised to benefit from the AI industry wave, utilizing GPGPU architecture with advantages in high performance and full precision capabilities [3] - The CAGR for China's AI chip market from 2019 to 2024 is projected at 64.8% according to Zhongshan Industrial Research Institute [3] - Haiguang's DCU, with its GPGPU architecture and proprietary DTK software stack, is expected to find applications in deep learning training, inference scenarios, and large model scenarios [3] Investment Outlook - The company is expected to benefit from a dual-driven strategy of "CPU + DCU," leveraging the X86 instruction framework and "CUDA-like" ecosystem advantages [4] - Revenue projections for the company are 13.743 billion yuan, 19.241 billion yuan, and 25.013 billion yuan for 2025 to 2027, with net profits of 3.521 billion yuan, 4.911 billion yuan, and 6.341 billion yuan respectively [4] - Given the high demand for AI computing power, the company is assigned a target price of 177.4 yuan based on a 30x PS for 2025, maintaining an "Accumulate-A" investment rating [4]