海光信息（688041）：1Q25景气延续，DCU随AI加速迈进

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company continues to focus on the general computing market, solidifying its market position and competitive advantages, leading to steady growth in performance [3][5] - The company is expected to benefit from structural demand in high-performance computing driven by AI, with significant revenue and profit growth projected for the coming years [5][8] Financial Summary - The company is projected to achieve revenues of RMB 137.53 billion, RMB 192.24 billion, and RMB 250.30 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 31.60 billion, RMB 46.49 billion, and RMB 63.05 billion [5][7] - The earnings per share (EPS) are expected to be RMB 1.36, RMB 2.00, and RMB 2.71 for 2025, 2026, and 2027 respectively, with the current stock price corresponding to price-to-earnings (PE) ratios of 113.1, 76.8, and 56.7 for the same years [5][7] - The company reported a significant increase in revenue and net profit for 2024, with revenues of RMB 91.62 billion (up 52.4% YoY) and net profit of RMB 19.31 billion (up 52.87% YoY) [8][7] Market Position and Competitive Advantages - The company has three main technological advantages that support its growth in the AI-driven market: strong computing power, high-speed parallel data processing capabilities, and a robust software ecosystem [8][5] - The company is actively increasing inventory to meet market demand and ensure supply chain stability, with inventory reaching RMB 5.794 billion by the end of Q1 2025 [8][5]