Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 124.45 yuan [4] Core Views - The company's Q3 revenue and net profit showed significant growth, with Q3 revenue reaching 2.374 billion yuan, a year-on-year increase of 78.33%, and Q3 net profit attributable to the parent company reaching 672 million yuan, a year-on-year increase of 199.90% [1] - The company's gross margin reached a historical high of 69.13% in Q3, driven by an increase in the proportion of high-end product sales [2] - The company's inventory has grown for four consecutive quarters, reaching 3.896 billion yuan at the end of Q3, indicating strong downstream demand and potential for future revenue growth [2] - The company's CPU and DCU products are expected to benefit from the dual drivers of AI and domestic substitution, with significant growth potential by 2025 [3] Financial Performance - The company achieved revenue of 6.137 billion yuan in the first three quarters of 2024, a year-on-year increase of 55.64%, and net profit attributable to the parent company of 1.526 billion yuan, a year-on-year increase of 69.22% [1] - The company's R&D expense ratio in Q3 was 28.76%, a decrease of 4.47 percentage points compared to the same period last year, reflecting improved management efficiency [1] - The company's gross margin for the first three quarters of 2024 was 65.63%, an increase of 5 percentage points year-on-year [2] Industry and Product Analysis - The company's CPU products are compatible with the x86 instruction set and mainstream operating systems, widely used in industries such as telecommunications, finance, and education [3] - The company's DCU products, based on the GPGPU architecture, support full-precision model training and are compatible with major AI models, positioning the company well in the AI computing power expansion trend [3] Financial Forecasts - The report raises the company's revenue forecasts for 2024-2026 to 8.930 billion yuan, 12.779 billion yuan, and 16.606 billion yuan, respectively, and net profit forecasts to 1.952 billion yuan, 2.954 billion yuan, and 3.797 billion yuan, respectively [3] - The company's EPS is expected to grow from 0.84 yuan in 2024 to 1.63 yuan in 2026 [5] Valuation Metrics - The company's P/E ratio is expected to decrease from 147.48 in 2024 to 75.83 in 2026, while the P/B ratio is expected to decrease from 14.08 in 2024 to 11.15 in 2026 [5] - The company's EV/EBITDA ratio is forecasted to decline from 87.62 in 2024 to 50.32 in 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on recent performance [1][4]. Core Insights - The company reported significant growth in Q3 2024, with a year-on-year revenue increase of 78.33% and a net profit increase of 199.90% [2][3]. - The gross margin for Q3 2024 reached 69.13%, reflecting a substantial improvement in product competitiveness [3]. - The company is positioned as a leading player in the domestic CPU+GPU computing market, expected to benefit from the growing demand for domestic computing power driven by AI trends [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.136 billion yuan, a 55.64% increase year-on-year, and a net profit of 1.526 billion yuan, up 69.22% [2]. - In Q3 2024 alone, the company generated 2.374 billion yuan in revenue and 672 million yuan in net profit, marking a significant acceleration in growth compared to previous quarters [2][3]. - The gross margin for the first three quarters of 2024 was 65.63%, with a notable increase to 69.13% in Q3, indicating enhanced profitability [3]. Research and Development - The company maintained high R&D investment levels, with R&D expenses reaching 1.814 billion yuan in the first three quarters of 2024, a 41.83% increase year-on-year [3]. - The R&D expense ratio decreased to 29.56%, showing effective cost management despite increased spending [3]. Inventory and Demand Indicators - The company's inventory surged to 3.896 billion yuan by the end of Q3 2024, indicating strong downstream demand and a full order book [3]. Product Development - The company's deep computing product series is progressing well, with commercial sales of the Deep Computing Unit (DCU) and ongoing development of subsequent models [4]. - The company is adapting its products to work with major AI models, enhancing its competitive edge in the market [4]. Profit Forecast - The report adjusts profit forecasts for 2024-2026, expecting net profits of 1.941 billion yuan, 2.739 billion yuan, and 3.733 billion yuan respectively [4][5].

Investment Rating - The report maintains a **Recommend** rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [3] Core Views - The company's Q3 2024 financial performance was strong, with revenue reaching **6.127 billion yuan**, a **55.64% YoY increase**, and net profit attributable to shareholders of **1.526 billion yuan**, up **69.22% YoY** [1] - The company's gross margin reached a historical high of **69.13%** in Q3 2024, reflecting its strong pricing power and competitive advantage in core products [1] - The company is a leader in domestic high-end processors, with significant advantages in CPU and DCU chip technologies, benefiting from the dual drivers of **domestic substitution in the IT sector (信创)** and **computing power demand** [2] Financial Performance - In Q3 2024, the company achieved a **23.74 billion yuan** revenue, a **78.33% YoY increase**, and a net profit attributable to shareholders of **672 million yuan**, a **199.9% YoY surge** [1] - The company's gross margin for the first three quarters of 2024 was **65.63%**, a **5.01 percentage point increase YoY**, with Q3 gross margin rising to **69.13%**, up **12.91 percentage points YoY** [1] - R&D expenses for the first three quarters were **1.814 billion yuan**, a **41.83% YoY increase**, with Q3 R&D expenses reaching **683 million yuan**, up **54.52% YoY** [1] Industry and Growth Prospects - The company's products, including **Haiguang CPUs** and **DCUs**, are widely used in key industries such as telecommunications, finance, and internet, with strong compatibility and performance [2] - The company is expected to benefit from the **iteration of large models**, the **national integrated computing power network**, and the **"East Data West Computing" project**, which will drive demand for domestic computing power [2] - The company's inventory increased significantly to **3.896 billion yuan**, up **263% from the beginning of the year**, indicating strong downstream demand and high industry景气度 [1] Valuation and Forecast - The company's net profit attributable to shareholders is expected to grow to **2.009 billion yuan** in 2024, **2.764 billion yuan** in 2025, and **3.748 billion yuan** in 2026, with a **59.08%**, **37%**, and **34.04% YoY growth**, respectively [2] - The company's PE ratio is projected to be **85x** in 2024, **62x** in 2025, and **46x** in 2026, reflecting its growth potential in the domestic high-end processor market [2]

2024 年 10 月 19 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] Q3 业绩倍数增长，存货+预付款展现成长信心 ——海光信息（688041）科创板公司动态研究 事件: 最近一年走势 10 月 15 日，公司发布 2024 年三季度报告：2024Q1-Q3，公司实现营 业收入 61.37 亿元，同比增长 55.64%；实现归母净利润 15.26 亿元，同 比增长 69.22%；实现扣非净利润 14.75 亿元，同比增长 76.87%。 2024Q3，公司收入 23.74 亿元，同比增长 78.33%；归母净利润 6.72 亿 元，同比增长 199.90%；扣非净利润 6.57 亿元，同比增长 205.85%。 投资要点: 相对沪深 300 表现 2024/10/18 产品竞争力市场领先，盈利能力持续提升 表现 1M 3M 12M 公司表示，始终围绕通用计算市场，持续加大技术研发投入，产品 海光信息 78.0% 76.5% 139.9% 竞争力保持市场领先，市场需求不断增加，带动公司营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company, Haiguang Information, reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 6.137 billion yuan, up 55.64% year-on-year, and net profit at 1.526 billion yuan, up 69.22% year-on-year [5][6]. - The gross margin has improved significantly, with a comprehensive gross margin of 69.1% in Q3 2024, up 12.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter [5][6]. - The company continues to invest heavily in research and development, with R&D expenses for Q3 2024 amounting to 683 million yuan, a year-on-year increase of 54.32% [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.137 billion yuan, with a year-on-year growth rate of 55.6% [7]. - The net profit for the same period was 1.526 billion yuan, reflecting a year-on-year growth of 69.2% [7]. - The gross margin for the first three quarters was 65.6%, an increase of 5.0 percentage points year-on-year [5][6]. Future Projections - Revenue forecasts for 2024-2026 are set at 85.25 billion yuan, 111.23 billion yuan, and 135.49 billion yuan respectively, with profit projections adjusted to 19.72 billion yuan, 25.24 billion yuan, and 30 billion yuan for the same period [6][7]. - The company is expected to benefit from the domestic server replacement opportunities, with its CPU and DCU performance comparable to international giants [6]. Research and Development - The company maintains a high level of R&D investment, with R&D expenses for Q3 2024 at 683 million yuan, marking a quarter-on-quarter increase of 22.61% [5][6]. - The launch of the DCU second generation and the smooth progress of the third generation are noted, with expectations for significant applications in Q4 2024 [5].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company reported a significant revenue growth of 55.64% year-on-year for the first three quarters of 2024, reaching 6.137 billion yuan, with a net profit increase of 69.22% to 1.526 billion yuan [2] - In Q3 2024, the company achieved a revenue of 2.374 billion yuan, marking a 78.33% year-on-year growth, and a net profit of 672 million yuan, which is a remarkable increase of 199.90% [2] - The company's gross margin improved significantly, reaching 65.63% for the first three quarters and 69.13% in Q3, driven by increased shipments of CPU and DCU products [3] - The company is expected to benefit from the domestic demand for CPUs and AI chips, particularly due to the rapid advancement of the domestic AI industry and the U.S. chip export controls [3][4] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 65.63%, up 5.01 percentage points year-on-year, and a net profit margin of 34.33%, an increase of 3.48 percentage points [3] - The company has increased its inventory significantly, reaching 3.896 billion yuan by the end of September 2024, up from 1.074 billion yuan at the end of the previous year [3] - The projected earnings per share (EPS) for 2024-2026 are 0.89, 1.36, and 1.92 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 127.09, 83.26, and 59.24 [4][5] Financial Data and Valuation - The company’s revenue is projected to grow from 6.012 billion yuan in 2023 to 9.078 billion yuan in 2024, representing a year-on-year growth of 51% [5] - The net profit is expected to increase from 1.263 billion yuan in 2023 to 2.077 billion yuan in 2024, reflecting a growth of 64.4% [5] - The gross margin is anticipated to improve from 59.7% in 2023 to 65.3% in 2024 [5][7]

Investment Rating - The report maintains a "Buy-A" rating for Haiguang Information (688041.SH) [1] Core Views - The company reported a significant revenue growth in Q3 2024, driven by increased product volume and a notable rise in gross margin [1][2] - The demand for domestic CPUs continues to rise due to the rapid advancement of the domestic information technology industry and AI chip market [3] - The company's inventory reached a record high of 3.896 billion yuan by the end of September 2024, reflecting proactive raw material procurement [3] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.137 billion yuan, a year-on-year increase of 55.64%, and a net profit of 1.526 billion yuan, up 69.22% [2] - In Q3 2024 alone, revenue was 2.374 billion yuan, representing a year-on-year growth of 78.33%, with net profit soaring by 199.90% to 672 million yuan [2] - The gross margin for the first three quarters of 2024 was 65.63%, an increase of 5.01 percentage points year-on-year, with Q3 gross margin reaching a four-year high of 69.13% [3] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.89, 1.36, and 1.92 yuan respectively, with corresponding P/E ratios of 127.09, 83.26, and 59.24 [4][5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 139.30 [1][2]. Core Insights - The company achieved a revenue of RMB 2.374 billion in Q3 2024, representing a year-over-year increase of 78.33% and a quarter-over-quarter increase of 9.34%. The net profit attributable to the parent company was RMB 672 million, up 199.90% year-over-year and 19.02% quarter-over-quarter [2][3]. - The gross margin reached a historical high of 69.13% in Q3 2024, reflecting a significant year-over-year increase of 12.9 percentage points and a quarter-over-quarter increase of 5.3 percentage points. This improvement is attributed to a shift in product mix towards higher-end server processors, indicating enhanced pricing power [2][3]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 2.108 billion, RMB 3.248 billion, and RMB 4.277 billion, respectively, due to better-than-expected gross margins [2][3]. Financial Performance Summary - For the fiscal year 2024E, the company is projected to generate revenue of RMB 8.901 billion, a 48.05% increase from the previous year. The net profit attributable to the parent company is expected to reach RMB 2.108 billion, reflecting a growth of 66.87% [5][11]. - The gross margin is forecasted to be 64.35% in 2024E, with a net profit margin of 23.68% [11][13]. - Research and development expenses for Q3 2024 were RMB 683 million, a year-over-year increase of 54.32%, while the R&D expense ratio decreased to 28.76% due to economies of scale [3][11]. Market Outlook - The company is expected to benefit from strong demand in the server CPU market, with a notable increase in high-end server CPU sales. The overall market for x86 servers in China is projected to grow by 10.4% year-over-year in the first half of 2024 [4][3]. - The company is focusing on the development of its DCU products, which are anticipated to capture more market demand as the digital transformation accelerates among cloud service providers and internet companies [4][3].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][5] Core Views - The company achieved significant growth in Q3 2024, with revenue reaching 2.374 billion yuan, a year-on-year increase of 78.33%, and net profit attributable to shareholders of 672 million yuan, up 199.90% year-on-year [3][5] - The increase in revenue is attributed to the company's strong product competitiveness and growing market demand, while profit growth is driven by a smaller increase in costs compared to revenue [3][5] - Inventory increased significantly to 3.896 billion yuan, up 262.70% from the end of 2023, indicating stable operations, while prepayments slightly decreased by 7.34% [3][5] - The demand for AI and domestic innovation is rising, providing substantial growth opportunities for the company, particularly with its new DCU products and strong CPU performance [3][5] Financial Summary - For 2024-2026, the company's net profit is projected to be 2.014 billion yuan, 2.635 billion yuan, and 3.468 billion yuan respectively, reflecting an upward revision from previous estimates [3][5] - Revenue is expected to grow from 6.012 billion yuan in 2023 to 8.910 billion yuan in 2024, with a year-on-year growth rate of 48.2% [4][6] - The gross margin is projected to improve from 59.7% in 2023 to 64.8% in 2024, while the net margin is expected to rise from 21.0% to 22.6% [4][7] - The company's earnings per share (EPS) is forecasted to increase from 0.54 yuan in 2023 to 0.87 yuan in 2024 [4][7] Market Position - The company is positioned as a core player in the domestic computing market, with strong competitiveness in its CPU and DCU products, benefiting from the current AI wave and domestic innovation initiatives [3][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrates strong product competitiveness with performance consistently exceeding expectations, leading to an upward revision of net profit forecasts for 2024-2026 to 19.80 billion, 27.62 billion, and 37.45 billion respectively, with corresponding EPS of 0.85, 1.19, and 1.61 yuan per share [4] - The company's revenue and profit have shown rapid growth, with a 55.64% year-on-year increase in revenue to 61.37 billion yuan for the first three quarters of 2024, and a 69.22% increase in net profit to 15.26 billion yuan [5] - The gross margin has significantly improved, reaching 65.63% for the first three quarters, up 5 percentage points year-on-year, indicating enhanced profitability due to a higher proportion of high-end product sales [6] - The Haiguang DCU series products are expected to become mainstream GPU products in China, showcasing significant ecological advantages and rapid iteration capabilities [7] Financial Performance Summary - For 2024, the company is projected to achieve operating revenue of 86.86 billion yuan, a year-on-year growth of 44.5%, and a net profit of 19.80 billion yuan, reflecting a growth of 56.7% [8] - The gross margin is expected to stabilize around 60.3% in 2024, with a net margin of 22.8% [8] - The company's return on equity (ROE) is projected to increase to 11.7% in 2024, indicating improved profitability [8]