海光信息（688041）：业绩超预期，合同负债高增为后续增长提供强支撑

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining profit forecasts for 2025-2027 at 30.18 billion, 42.13 billion, and 58.06 billion respectively, with EPS of 1.30, 1.81, and 2.50 yuan per share, indicating a high confidence in the company's leading position in the domestic computing power sector [4] - The company's Q1 2025 performance exceeded expectations, with revenue of 2.4 billion, a year-on-year increase of 50.76%, and net profit attributable to shareholders of 506 million, up 75.33% year-on-year, confirming the industry's high prosperity [5] - A significant increase in contract liabilities provides solid support for future performance growth, with a net cash flow from operating activities of 2.522 billion in Q1 2025, a substantial improvement from -67.88 million in Q1 2024 [6] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 60.12 billion in 2023 to 254.67 billion in 2027, with a compound annual growth rate (CAGR) of 33.3% [8] - The net profit attributable to shareholders is expected to rise from 12.63 billion in 2023 to 58.06 billion in 2027, reflecting a CAGR of 37.8% [8] - The gross margin is projected to remain high, with estimates of 61.6% in 2025 and 61.4% in 2027 [8] - The P/E ratio is expected to decrease from 282.9 in 2023 to 61.5 in 2027, indicating an improving valuation over time [8]