海光信息（688041）：2024年年报点评：业绩符合预期，主动备货应对需求弹性

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]