海光信息（688041）：营收利润双增长，AI浪潮机遇期

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has experienced significant revenue and profit growth, benefiting from the AI chip domestic wave, with a revenue of 9.162 billion yuan in 2024, up 52.40% year-on-year, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [1][4]. - The company's integrated circuit products have seen a gross margin increase to 63.70%, up 4.03 percentage points year-on-year, driven by the expansion of high-end processor product applications and the rapid iteration of DCU products [1][4]. - The company has increased its R&D investment to 3.446 billion yuan in 2024, representing 37.61% of revenue, indicating a strong focus on technological innovation and ecosystem development [3][4]. Revenue and Profit Forecast - The company’s revenue is projected to reach 13.732 billion yuan in 2025, with a growth rate of 49.88%, and a net profit forecast of 3.140 billion yuan, reflecting a growth rate of 62.60% [5][11]. - The net profit estimates for 2025 and 2026 have been revised upward to 3.140 billion yuan and 4.774 billion yuan, respectively, with a new estimate for 2027 at 6.734 billion yuan [4][5]. Product Performance and Applications - The company’s CPU series is compatible with the x86 instruction set and widely used in critical sectors such as telecommunications, finance, and education, while the DCU series is based on GPGPU architecture, suitable for big data processing and AI applications [2][3]. Financial Metrics - The company’s gross margin is expected to improve from 63.7% in 2024 to 65.3% by 2027, indicating enhanced profitability [13]. - The projected P/E ratio is expected to decrease from 274 in 2023 to 51 by 2027, suggesting a more attractive valuation over time [14].