Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.35 RMB [4] Core Views - The company is a leader in CPU and DCU technology, with significant growth potential driven by AI chip demand and domestic substitution trends [2] - The company's revenue in 2023 was 6.012 billion RMB, a 17.30% YoY increase, while net profit attributable to shareholders was 1.263 billion RMB, a 57.17% YoY increase [2] - The company's DCU products are compatible with the "CUDA" ecosystem and have been certified by major internet companies like Baidu and Alibaba, positioning them well in the AI infrastructure market [3] Financial Performance and Projections - Revenue is projected to grow to 8.085 billion RMB in 2024, 11.102 billion RMB in 2025, and 14.478 billion RMB in 2026 [4] - Net profit attributable to shareholders is expected to reach 1.606 billion RMB in 2024, 2.274 billion RMB in 2025, and 3.163 billion RMB in 2026 [4] - The company's EPS is forecasted to be 0.69 RMB in 2024, 0.98 RMB in 2025, and 1.36 RMB in 2026 [4] CPU and DCU Product Development - The company's CPU products, particularly the Haiguang 3 series, are widely used in industries such as telecommunications, finance, and internet services, with a 45% performance improvement over the previous generation [40] - The DCU products, including the ShenSuan 2 series, have achieved commercialization in big data processing, AI, and commercial computing, with performance doubling compared to the previous generation [48] - The company is actively developing Haiguang 4 and Haiguang 5 CPU series, as well as ShenSuan 3 and ShenSuan 4 DCU series, indicating strong R&D momentum [40][48] Market Trends and Industry Outlook - The global AI server market is expected to grow significantly, with IDC predicting the Chinese AI server market to reach 70.2 billion RMB by 2025 [2] - The company's products are well-positioned to benefit from the increasing demand for AI servers, particularly in the context of AIGC (AI-generated content) and large model training [2][26] - The domestic substitution trend in the semiconductor industry is expected to drive further growth for the company's CPU and DCU products [40][48] Competitive Advantages - The company has a strong ecosystem compatibility, with its CPU products supporting mainstream operating systems and software, and its DCU products compatible with the "CUDA" ecosystem [40][48] - The company has a robust R&D team, with 1,641 R&D personnel accounting for 91.68% of total employees, and 79.28% of them holding master's degrees or higher [17] - The company has established partnerships with major domestic server manufacturers and has a strong presence in key industries such as telecommunications, finance, and internet services [51]

海光信息技术股份有限公司 2023 年年度股东大会 会议资料 二〇二四年五月 海光信息技术股份有限公司 2023 年年度股东大会会议资料 | | | 海光信息技术股份有限公司 2023 年年度股东大会会议资料 海光信息技术股份有限公司 2023 年年度股东大会 会议须知 根据中国证券监督管理委员会《上市公司股东大会规则》和《公司章程》的 有关规定，为便于各位股东及其授权代理人出席会议并确保会议顺利进行，以下 事项敬请注意： 一、本次大会期间，全体参会人员应以维护股东的合法权益，确保大会的正 常秩序和议事效率为原则，自觉履行法定义务。 二、请拟参加本次股东大会现场会议的股东按时办理会议登记手续，会议登 记方法详见本须知第四项。请确认与会资格的股东准时出席股东大会现场会议。 三、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理人、 董事、监事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依法拒 绝其他人员入场。 四、会议登记方法： 1 海光信息技术股份有限公司 2023 年年度股东大会会议资料 （一）参加股东大会现场会议的登记时间、地点 时间：2024 年 4 月 30 日上午 9:00-11 ...

中信证券股份有限公司 关于海光信息技术股份有限公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对海光信息技术股份有限公司（以下简称"海光信息""公司""上 市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 彭捷、黄新炎 （三）现场检查人员 彭捷、张书语 （四）现场检查时间 2024 年 4 月 16 日 （五）现场检查内容 现场检查人员查阅了上市公司最新章程、三会议事规则及会议材料，财务管 理、会计核算、内部审计、募集资金管理以及关联交易、对外担保、对外投资等 相关制度，查阅了公司 2023 年度内部控制自我评价报告、2023 年度内部控制鉴 证报告等文件，并对高级管理人员进行访谈。 经查阅前述文件，保荐人认为： 本持续督导期内，上市公司依照相关法律法规的规定建立了股东大会、董 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Haiguang Information (688041) [2] Core Views - The company achieved a revenue of 6.01 billion yuan in 2023, representing a year-on-year growth of 17.3%, and a net profit attributable to shareholders of 1.26 billion yuan, up 57.17% year-on-year [2][3] - The gross margin improved to 59.67%, an increase of 7.25 percentage points year-on-year, driven by enhanced profitability [2] - Significant investment in research and development, with R&D expenses increasing by 40.95% year-on-year [2] Financial Performance Summary - In Q4 2023, the company reported revenue of 2.069 billion yuan, a year-on-year increase of 58.52%, and a net profit of 362 million yuan, up 138.74% year-on-year [2] - The high-end processor business generated revenue of 6.012 billion yuan, reflecting a growth of 18.67% year-on-year [2] - The company’s operating cash flow for 2023 was 814 million yuan, an increase of 857 million yuan year-on-year, attributed to higher customer sales receipts and increased interest income [2] Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits for 2024, 2025, and 2026 to be 1.831 billion yuan, 2.474 billion yuan, and 3.296 billion yuan respectively [3][4] - The gross margin is expected to remain stable, with projections of 60.1% for 2025 and 60.0% for 2026 [4] - The report anticipates a significant increase in earnings per share, forecasting 0.79 yuan for 2024 and 1.06 yuan for 2025 [4]

关于召开 2023 年度暨 2024 年第一季度业绩暨现金分 红说明会的公告 证券代码：688041 证券简称：海光信息 公告编号：2024-017 海光信息技术股份有限公司 （一） 会议线上交流时间：2024 年 4 月 26 日（星期五） 下午 13:00-14:00 （二） 线上文字互动平台：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议线上交流时间：2024 年 4 月 26 日（星期五） 下午 13:00-14:00 线上文字互动平台：上海证券交易所上证路演 中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 4 月 19 日（星期五）至 4 月 25 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn ...

半导体 分析师：邹臣 产品及生态持续推进，业绩继续高成长可 登记编码：S0730523100001 期 z ouchen@ccnew.com 021-50581991 ——海光信息(688041)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-04-15) 发布日期：2024年04月16日 收盘价(元) 78.66 事件：近日公司发布2023年年度报告，2023年公司实现营收60.12 一年内最高/最低(元) 98.75/49.66 亿元，同比+17.30%；归母净利润12.63亿元，同比+ 57.17%；扣非 沪深300指数 3,549.08 归母净利润11.36亿元，同比+ 51.79%。2023年第四季度单季度实现 市净率(倍) 9.77 营收20.69亿元，同比+58.52%，环比+ 55.46%；归母净利润3.62亿 流通市值(亿元) 1,828.32 元，同比+138.50%，环比+61.27%；扣非归母净利润3.02亿元，同比 +108.59%，环比+40.75%。 基础数据(2023-12-31) 每股净资产(元) 8.05 每股经营现金流(元) 0.35 投资要点： 毛利 ...

证券代码：688041 证券简称：海光信息 投资者关系活动记录表 编号：2024-01 ☑特定对象调研 □分析师会议 £媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 £其他_________________ 参与单位及人员 财通证券、华商基金、景顺长城基金、国新投资、建信养老、华 夏基金、中金公司、中信建投基金、民生加银基金、泓德基金、 信达澳亚基金、银华基金、中信证券、华安基金、博时基金、东 方证券、嘉实基金、国泰君安证券、平安证券、鹏华基金、平安 基金、华泰证券、工银瑞信基金 时间 2024年4月12日、4月15日 地点 公司会议室 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 6.012 billion yuan in 2023, representing a year-on-year growth of 17.30%, with a net profit attributable to shareholders of 1.263 billion yuan, up 57.17% [4] - The company's gross margin improved to 59.67%, an increase of 7.25 percentage points year-on-year, indicating enhanced profitability [2] - The company continues to invest heavily in R&D, with an expenditure of 2.81 billion yuan in 2023, a 35.93% increase year-on-year, accounting for 46.74% of its operating revenue [2][5] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.069 billion yuan, a year-on-year increase of 58.52%, and a net profit of 362 million yuan, up 138.74% [4] - The company’s R&D personnel accounted for 91.68% of its total workforce, emphasizing its focus on innovation [2] Market Position and Trends - The demand for AI computing power is strong, and the general server market is expected to recover, with IDC forecasting a 5.7% growth in x86 server shipments in 2024 [5] - The company is well-positioned in the domestic market, leveraging its understanding of local customer needs to provide secure and controllable products [6][7] Future Outlook - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.709 billion yuan, 2.298 billion yuan, and 3.062 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 0.99 yuan, and 1.32 yuan [8] - The report anticipates continued growth driven by the development of its CPU and DCU products, benefiting from the trends in the AI and domestic innovation markets [5][6]

证券研究报告 | 年报点评报告 2024年04月12日 海光信息（688041.SH） 业绩实现高增，国产算力领军地位持续验证 事件：公司发布2023年度报告，2023年，公司实现收入60.12亿元，yoy+17.30%， 增持（维持） 归母净利润为 12.63 亿元，yoy+57.17%，扣非归母净利润为 11.36 亿元， 股票信息 yoy+51.79%；2023年单Q4看，公司实现收入20.69亿元，yoy+58.52%，归母净 利润3.62亿元，yoy+138.50%，扣非归母净利润3.02亿元，yoy+108.82%，实现 行业 半导体 高速增长。 前次评级 买入 4月11日收盘价(元) 74.01 CPU、DCU产品性能表现优异，生态持续推进。1）CPU方面，海光CPU在国产处 理器中具有非常广泛的通用性和产业生态，已大规模应用于电信、金融、互联网、 总市值(百万元) 172,024.26 教育、交通、工业设计、图形图像处理等领域。海光CPU既支持面向数据中心、云 总股本(百万股) 2,324.34 计算等复杂应用领域的高端服务器，也支持面向政务、企业和教育领域的信息化建 其中自由流通股(%) 3 ...

证券研究报告·公司点评报告·半导体 海光信息（688041） 2023 年年报点评：新品不断迭代，充分受益 2024年 04月 14日 算力国产化浪潮 证券分析师 马天翼 买入（维持） 执业证书：S0600522090001 maty@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 王紫敬 营业总收入（百万元） 5,125 6,012 8,262 11,018 14,404 执业证书：S0600521080005 021-60199781 同比 121.83% 17.30% 37.42% 33.35% 30.73% wangzj@dwzq.com.cn 归母净利润（百万元） 803.70 1,263.18 1,749.28 2,378.70 3,169.62 证券分析师 王世杰 同比 145.70% 57.17% 38.48% 35.98% 33.25% 执业证书：S0600523080004 EPS-最新摊薄（元/股） 0.35 0.54 0.75 1.02 1.36 wangshijie@dwzq.com.c ...