Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has shown continuous growth in revenue and net profit in the first half of 2024, with revenue reaching 3.76 billion yuan, up 44.1%, and net profit attributable to the parent company at 850 million yuan, up 25.97% [1]. - The company has increased its inventory, indicating stable product supply, with inventory at the end of the period reaching 2.46 billion yuan, compared to 1.07 billion yuan at the end of 2023 [1]. - The company is investing heavily in R&D, with R&D expenses in the first half of 2024 amounting to 1.37 billion yuan, representing 36.46% of total revenue [1]. - The company has a rich ecosystem of industry chain resources, collaborating with over 4,000 related innovative entities to develop more than 12,000 secure and user-friendly products and solutions [1]. Financial Forecast and Investment Recommendations - The forecast for earnings per share (EPS) for 2024-2026 is 0.78 yuan, 1.23 yuan, and 1.63 yuan respectively, with an upward adjustment in revenue and gross margin predictions [2][6]. - The target price is set at 96.79 yuan, based on absolute valuation methods (FCFF) [2][6]. - The company is expected to benefit from the promising prospects of its CPU and DCU products [2][6]. Financial Information Summary - Revenue for 2024 is projected at 8.64 billion yuan, with a year-on-year growth of 43.7% [3]. - The gross profit margin is expected to improve to 60.9% in 2024, up from 59.7% in 2023 [3]. - The net profit margin is projected to remain stable at 21.0% for 2024 [3]. Market Performance - The stock price as of August 22, 2024, is 77.3 yuan, with a 52-week high of 90.13 yuan and a low of 49.24 yuan [4]. - The absolute performance over the past 12 months is 49.45%, outperforming the market benchmark [4].

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a revenue of 3.763 billion yuan in the first half of 2024, representing a year-on-year growth of 44.08%, and a net profit attributable to shareholders of 853 million yuan, up 25.97% year-on-year [1] - The company focuses on the general computing market, continuously enhancing its competitive advantages through high-performance, reliable, and low-power products, leading to steady revenue and profit growth [1] - The company emphasizes iterative upgrades in its product lines, particularly in high-end processors, which are gaining recognition across various industries [1] - The company collaborates with major domestic server manufacturers to expand its market reach and enhance its product offerings [1] - The projected net profits for 2024, 2025, and 2026 are estimated at 1.652 billion yuan, 2.167 billion yuan, and 2.882 billion yuan, respectively, with growth rates of 30.8%, 31.2%, and 33.0% [2] Financial Summary - In the first half of 2024, the company reported a revenue of 3.763 billion yuan, with a quarterly revenue of 2.171 billion yuan in Q2 2024, marking a 49.62% year-on-year increase [1] - The projected revenue for 2024 is 8.205 billion yuan, with a growth rate of 36.5% [2] - The company’s net profit for 2024 is projected to be 1.652 billion yuan, reflecting a growth rate of 30.8% [2] - The price-to-earnings (PE) ratio is expected to decrease from 142 in 2023 to 108 in 2024, and further to 62 by 2026 [2]

[Table_StockNameRptType] 海光信息（688041） 首次覆盖 海光信息：国产算力领军企业，CPU+DCU 双轮驱动 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（首次） | | | 报告日期：2024-08-19 | | | [Table_BaseData] 收盘价（元） | 76.84 | | 近 12 个月最高/最低（元） | 90.26/49.31 | | 总股本（百万股） | 2,324 | | 流通股本（百万股） | 880 | | 流通股比例（%） | 37.87 | | 总市值（亿元） | 1786.00 | | 流通市值（亿元） | 681.1 | -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 8/23 11/23 2/24 5/24 海光信息 沪深300 [Table_Chart] 公司价格与沪深 300 走势比较 60% [Table_Author] 分析师：陈耀波 执业证书号：S001052 ...

Financial Performance - In the first half of 2024, the company achieved operating revenue of 376,291.26 million yuan, a year-on-year increase of 44.08% [3] - The net profit attributable to the parent company was 85,339.59 million yuan, up 25.97% compared to the same period last year [3] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 81,763.04 million yuan, reflecting a growth of 32.09% year-on-year [3] Product Development and Market Position - The company’s high-end processors have established a strong reputation in the domestic market, enhancing market competitiveness and brand influence [3] - The company has made significant progress in its deep computing series products and has developed a complete software stack for DCU products, supporting major deep learning frameworks [4][5] Research and Development - The capitalization rate for R&D has decreased by 12.56 percentage points due to increased expenses in key technology development and new product design [4] - The company has collaborated with over 4,000 enterprises and industry users to achieve more than 8,000 collaborative technology developments [5] ESG and Sustainability Efforts - The company has implemented intelligent frequency adjustment technology in its high-end processors to improve energy efficiency and reduce power consumption [6] - The company has established an ESG governance structure and has received notable ratings in various ESG assessment systems [6] Share Buyback and Market Management - As of July 18, 2024, the company completed a share buyback of 4,205,191 shares, with a total expenditure of 302,342,633.39 yuan [7] - The company has released action plans focusing on operational quality, shareholder returns, and corporate governance to enhance investment value [7] Future Outlook - With the rapid growth of AI technology, the company aims to enhance heterogeneous computing capabilities to meet the increasing demand for AI model training and inference [8]

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：76.84 元 海光信息（688041）计算机 目标价：——元（6 个月） 业绩持续高增，DCU 值得期待 [Table_Summary 事件：公司发布] 2024年半年度报告，实现营业收入 37.6亿元，同比增长 44.1%； 实现归母净利润 8.5亿元，同比增长 26.0%；实现扣非归母净利润 8.2亿元，同 比增长 32.1%。 Q2 增长提速，盈利能力稳步提升。单季度看，公司 2024Q2 实现收入 21.7 亿 元，同比增长 49.7%，实现归母净利润 5.6 亿元，同比增长 28.9%，实现扣非 归母净利润 5.5亿元，同比增长 27.4%，Q2增速较 Q1进一步提速。同时，伴 随更高性能的新产品销售铺开，公司 2024年 H1综合毛利率达到 63.4%，同比 提升 0.56pp，呈现稳健增长态势；销售、管理、研发费用率分别为 1.9% （+0.21pp）、1.8%（-0.83pp）、30.0%（-1.97pp），加强费用管控助力盈利能 力释放。此外，公司 202 ...

2024 年 08 月 18 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] Q2 业绩持续增长，高研发投入彰显成长信心 ——海光信息（688041）2024 年半年报点评 最近一年走势 相对沪深 300 表现 2024/08/16 表现 1M 3M 12M 海光信息 -1.3% 6.1% 50.9% 沪深 300 -4.4% -8.1% -12.4% 市场数据 2024/08/16 当前价格（元） 76.84 52 周价格区间（元） 49.31-90.26 总市值（百万） 178,602.14 流通市值（百万） 68,123.05 总股本（万股） 232,433.81 流通股本（万股） 88,655.72 日均成交额（百万） 721.76 近一月换手（%） 16.05 相关报告 长（买入）*半导体*刘熹》——2024-07-18 入）*半导体*刘熹》——2024-04-28 导体*刘熹》——2024-04-15 入）*半导体*刘熹》——2024-01-05 《海光信息（688041）2024 年半 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 国内智算中心加速布局，DCU 全面 适配国产大模型 ——海光信息(688041)中报点评 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-16) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 76.84 | | 一年内最高/最低(元) | 88.00/49.66 | | 沪深 300 指数 | 3,345.63 | | 市净率(倍) | 9.30 | | 流通市值(亿元) | 1,786.02 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 8.27 | | 每股经营现金流(元) | -0.05 | | 毛利率(%) | 63.43 | | 净资产收益率_摊薄(%) | 4.44 | | 资产负债率(%) | 12.87 | | 总股本/流通股(万股) | 232,433.81/232,433.8 | | | 1 | 发布日期：2024 年 08 月 1 ...

2024 年 08 月 15 日 公司点评 买入/维持 海光信息(688041) 目标价: 昨收盘:76.60 Q2 业绩增长加速，大模型生态进一步完善 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 23/8/15 23/10/2724/1/824/3/2124/6/224/8/14 海光信息 沪深300 ◼ 股票数据 总股本/流通(亿股) 23.24/23.24 总市值/流通(亿元) 1,780.44/1,78 0.44 12 个月内最高/最低价 (元) 90.26/49.31 相关研究报告 <<毛利率提升驱动利润增长，产品持 续更新迭代>>--2023-10-23 <<盈利能力大幅提升，深算二号发布 在即>>--2023-08-30 <>--2023-04-28 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号：S1190523090002 事件：8 月 14 日，公司发布 2024 年半年报，2024H1 实现营业收入 ...

公司点评报告 · 计算机行业 CPU+DCU 双核驱动，国产"信创+算力" 市场力 o 事件：公司发布 2024年半年度报告。2024 上半年，公司实现营业收入 37.63 亿元，同比增长 44.08%；归母净利润 8.53 亿元，同比增长 25.97%；扣非净 利润 8.18 亿元，同比增长 32.09%。 。 24H1 业绩符合预期，Q2 单季度业绩实现高增长。 1）营业收入：24 年上半年实现营业收入 37.63 亿元，同比增长 44.08%，符 合预期, 高于中值(业绩预告 24H1 营收区间为 35.8~39.2 亿元, 中值为 37.5), 24Q2 单季度实现营收 21.71 亿元，环比增长 36.35%; 2）归母净利润： 24 年上半年实现归母净利润 8.53 亿元，同比增长 25.97%, 符合预期，高于中值（业绩预告 24H1 归母净利润 7.88-8.86 亿元，中值为 8.37），24Q2 单季度实现归母净利润 5.65 亿元，环比增长 95.77%； 3) 毛利率：24 年上半年公司实现毛利率 63.43%，同比+0.56pct，24Q2 单季 度毛利率 63.83%，环比+0.9 ...

证 券 研 究 报 告 海光信息（688041）2024 年半年报点评 推荐（维持） 高强度研发投入，半年报业绩亮眼 目标价：90.67 元 当前价：76.60 元 事项： ❖ 8 月 14 日，公司披露 2024 年半年报，上半年预计实现营业收入 37.63 亿元， 同比增长 44.08%；归母净利润 8.53 亿元，同比增长 25.97%；扣非净利润 8.18 亿元，同比增长 32.09%。 评论： ❖ 营收利润实现高增，盈利能力保持稳定。2024Q2 单季，公司实现营业收入 21.71 亿元，同比增长 49.67%，归母净利润 5.65 亿元，同比增长 28.95%；业绩实现 快速增长，主要原因是市场需求增加、公司产品性能不断提升。2024 年上半 年，公司实现销售毛利率 63.43%，同比增长 0.56pct，销售净利率 32.58%，同 比降低 1.56pct，盈利能力保持相对稳定。 ❖ 持续加大研发投入，技术护城河逐步加深。公司围绕通用计算市场，持续专注 于主营业务并致力于为客户提供高性能、高可靠、低功耗的产品以及优质的服 务。2024 年上半年，公司研发投入 13.72 亿元，同比增长 11.5 ...