Investment Rating - The report maintains a "Recommended" investment rating for the company [1][2]. Core Insights - The company has experienced rapid revenue growth, achieving an operating income of 9.162 billion yuan in 2024, a year-on-year increase of 52.40%, and a net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [2][3]. - The company is positioned as a leader in the domestic high-end processor market, benefiting from the ongoing trend of domestic substitution and the increasing demand for high-performance computing solutions [2][3]. - The report highlights the company's strong R&D investment, which reached 3.446 billion yuan in 2024, representing a 22.63% increase year-on-year, with a research expense ratio of 37.61% [2][3]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 9.162 billion yuan, net profit of 1.931 billion yuan - 2025: Revenue expected to reach 14.174 billion yuan, net profit of 2.902 billion yuan, with a growth rate of 50.28% [3][5]. - **Earnings Per Share (EPS)**: - 2024: 0.83 yuan - 2025: 1.25 yuan, with projected growth continuing through 2027 [3][5]. - **Profitability Metrics**: - Gross margin for 2024 is projected at 63.72%, with a slight decline expected in subsequent years [3][5]. Market Position and Trends - The company is leveraging its core advantages in high-end processors, particularly in CPU and DCU technologies, to capture market share in various sectors including telecommunications, finance, and AI [2][3]. - The report emphasizes the acceleration of domestic computing power due to U.S. export controls on high-end chips, positioning the company favorably in the market [2][3]. - The introduction of DeepSeek technology is expected to significantly boost demand for cloud computing and edge computing solutions, further enhancing the company's growth prospects [2][3].

点击招商研究小程序查看PDF报告原文 海光信息主要产品包括高端通用处理器（CPU）和协处理器（DCU），产品已广泛应用于电信/金融/互联网等多行业数据中心，以及大数据处 理/AI/商业计算等领域。公司2024年营收91.62亿元，同比+52.4%，归母净利润19.31亿元，同比+52.87%。结合2024年年报信息，点评如下： 2024年业绩符合预期，Q4毛利率环比下降和费用提升部分影响利润表现。 2024年：营收91.62亿元，同比+52.4%，全年营收高速增长主要系CPU产品进一 步拓展市场应用领域、扩大市场份额，DCU产品快速迭代发展，归母净利润19.31亿元，同比+52.87%，扣非归母净利润18.16亿元，全年毛利率63.72%， 同比+4.05pcts，净利率29.65%，同比+1.35pcts，公司2024年研发投入合计34.46亿元，同比+22.63%，其中资本化比例为17.04%，研发投入占营收比例为 37.61%。 24Q4： 营收30.26亿元，同比+46.22%/环比+27.47%，归母净利润4.05亿元，同比+12.09%/环比-39.72%，利润环比下降主要系24Q4毛利率环 比- ...

公司点评报告 · 计算机行业 业绩高速增长,国产化浪潮下迎发展黄金期 2025 年 2 月 28 日 海光信息(688041.SH) 推荐 维持评级 分析师 吴砚靖 ☎: 010-66568589 | 市场数据 | 2025-2-28 | | --- | --- | | 股票代码 | 688041 | | A 股收盘价(元) | 160.00 | | 上证指数 | 3.320.90 | | 总股本(万股) | 232,433.81 | | 实际流通 A 股(万股) | 88,655.72 | | 流通 A 股市值(亿元) | 1,418.49 | 相对沪深 300 表现图 2025-2-28 料来源: Wind,中国银河证券研究 网: wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 高峰 ☎：010-80927671 网: gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 研究助理:胡天昊 ☎：010-80927637 മ: hutianhao_yj @chinastock.com.cn www.chi ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 176.6 [6][4][7] Core Insights - The company achieved a revenue of RMB 9.162 billion in 2024, representing a year-over-year increase of 52.40%, and a net profit attributable to the parent company of RMB 1.931 billion, also up by 52.87% [1][2] - The fourth quarter of 2024 saw revenues of RMB 3.026 billion, a year-over-year increase of 46.22%, but a quarter-over-quarter decline in net profit due to increased R&D expenses and changes in product mix affecting gross margins [1][2] - The company is expected to benefit from increased AI infrastructure investments by domestic internet giants in 2025, with new DCU products anticipated to contribute significantly to revenue growth [1][3] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of RMB 9.162 billion, exceeding previous expectations, while net profit was slightly below expectations at RMB 1.931 billion [1][2] - The company’s R&D expenses for 2024 were RMB 3.446 billion, a 22.63% increase year-over-year, with a capitalized ratio decrease to 17.04% [2][5] - The gross margin improved to 63.72% in 2024, up by 4.05 percentage points year-over-year, driven by strong sales of high-end processors [2][5] Future Outlook - The company forecasts revenues of RMB 14.663 billion, RMB 22.049 billion, and RMB 25.406 billion for 2025, 2026, and 2027 respectively, reflecting significant growth potential [4][5] - The anticipated demand for AI infrastructure and the company's strategic inventory buildup, which reached RMB 5.425 billion by the end of 2024, positions it well for future growth [2][3] Valuation Metrics - The report assigns a price-to-sales (P/S) ratio of 28X for 2025 estimates, with a target price adjustment reflecting increased revenue expectations and comparable company valuations [4][5] - The company’s earnings per share (EPS) is projected to grow from RMB 0.83 in 2024 to RMB 1.47 in 2025, indicating strong profitability growth [5][4]

电子/半导体 高度看好公司长期发展，维持 "买入"评级 我们维持 2025-2026 年归母净利润预测为 30.18、42.13 亿元，同时新增 2027 年 预测为 58.06 亿元，EPS 为 1.30、1.81、2.50 元/股，当前股价对应 PE 分别为 116.3、83.3、60.4 倍，维持"买入"评级。 海光信息（688041.SH） 经营效率提升，存货和合同负债印证下游高景气 2025 年 03 月 03 日 投资评级：买入（维持） | 日期 | 2025/3/3 | | --- | --- | | 当前股价(元) | 150.93 | | 一年最高最低(元) | 171.90/67.30 | | 总市值(亿元) | 3,508.12 | | 流通市值(亿元) | 1,338.08 | | 总股本(亿股) | 23.24 | | 流通股本(亿股) | 8.87 | | 近 3 个月换手率(%) | 196.05 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-03 2024-07 2024-11 海光信息 沪深300 陈宝健（分析师） 刘逍遥（分析师） ch ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5][7]. Core Views - The company achieved significant growth in its 2024 annual report, with operating revenue reaching 9.162 billion yuan, a year-on-year increase of 52.4%, and net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [1][2]. - The company is increasing its research and development (R&D) investment, which amounted to 3.446 billion yuan in 2024, representing a 22.63% increase year-on-year, and accounting for 37.61% of its operating revenue [2]. - The company is actively increasing inventory to ensure supply chain stability, with inventory levels reaching 5.425 billion yuan, a significant increase of 405.09% year-on-year [2]. Financial Performance - In Q4 2024, the company reported operating revenue of 3.026 billion yuan, a 46.22% increase year-on-year, and a net profit of 405 million yuan, up 12.09% year-on-year [2]. - The company expects continued revenue growth, projecting revenues of 14.671 billion yuan, 18.352 billion yuan, and 22.031 billion yuan for 2025, 2026, and 2027 respectively [5][6]. - The projected net profit for 2025 is 3.936 billion yuan, with a year-on-year growth rate of 103.8% [5][6]. Industry Position and Strategy - The company is positioned as a leader in the domestic GPU market, with its DCU product line designed for high-performance computing and AI applications, supporting various precision levels and parallel computing capabilities [3]. - The company has developed a comprehensive software ecosystem for its DCU products, significantly reducing application migration difficulties and enhancing compatibility with major domestic internet firms [3]. - The ongoing geopolitical tensions and trade policies are expected to accelerate the development of domestic AI computing centers, further enhancing the company's strategic importance in the industry [4].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

中信证券股份有限公司 关于海光信息技术股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为海光 信息技术股份有限公司（以下简称"公司"、"海光信息"或"发行人"）首次 公开发行股票并在科创板上市的保荐机构。根据《中华人民共和国公司法》《中 华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》等有关规定，对海光信息 2024 年度募集资金的存放和使用 情况进行了专项核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额及到账时间 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同 意海光信息技术股份有限公司首次公开发行股票注册的批复》（证监许可 [2022]953 号），公司获准向社会首次公开发行人民币普通股 30,000.00 万股，每 股发行价格为人民币 36.00 元，募集资金总额为 1,080,000.00 万元，扣除发行费 用 21,721.07 万元（不含增值税）后，募集资金净额为 1,058,278.93 万元。 截至 2024 年 12 月 31 日，公司 ...

目录 内部控制审计报告 信会师报字[2025]第 ZG10059 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cncf.cov.co) "进行行 " 海光信息技术股份有限公司 海光信息技术股份有限公司 内部控制审计报告 the for any 内部控制审计报告 2017-0 页次 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLF 内部控制审计报告 信会师报字[2025]第 ZG10059 号 海光信息技术股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了海光信息技术股份有限公司(以下简称"海光信 息")2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是海光信息董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意 ...

海光信息技术股份有限公司 审计报告及财务报表 二〇二四年度 信会师报字[2025]第 ZG10066 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"并行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://ac.mot.gov.cn）"并行查 海光信息技术股份有限公司 审计报告及财务报表 我们认为,后附的财务报表在所有重大方面按照企业会计准则 的规定编制,公允反映了海光信息 2024年 12 月 31 日的合并及母公 司财务状况以及 2024年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审 计报告的"注册会计师对财务报表审计的责任"部分进一步阐述了 我们在这些准则下的责任。按照中国注册会计师职业道德守则,我 们独立于海光信息,并履行了职业道德方面的其他责任。我们相信, 我们获取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | ...