电子/半导体 公 司 海光信息（688041.SH） Q1 业绩超预期，期待 DCU 产品放量 研 究 2024年04月27日 ——公司信息更新报告 陈宝健（分析师） 刘逍遥（分析师） 投资评级：买入（维持） chenbaojian@kysec.cn liuxiaoyao@kysec.cn 证 书编号：S0790520080001 证书编号：S0790520090001 日期 2024/4/26  高度看好公司长期发展，维持 “买入”评级 当前股价(元) 79.16 一年最高最低 (元) 98.99/49.31 我们维持公司 2024-2026 年归母净利润预测为 17.93、25.18、33.70 亿元，EPS 公 总市值(亿元) 1,839.95 为 0.77、1.08、1.45元/股，当前股价对应 PE分别为 102.6、73.1、54.6倍，考 司 流通市值(亿元) 700.71 虑公司在国产CPU及DCU领域的领先及稀缺地位，维持“买入”评级。 信 息 总股本(亿股) 23.24  收入与扣非净利润增速均超出预期 更 流通股本(亿股) 8.85 新 近3个月换手率 (%) 143.11 （1）公 ...

Investment Rating - The report maintains an "Overweight-A" rating for Haiguang Information with a 6-month target price of 95.1 RMB [4] Core Views - Haiguang Information is a leading domestic computing power company benefiting from the dual-drive strategy of "CPU+DCU" and the rapid adoption of AIGC (Artificial Intelligence Generated Content) [1] - The company's Q1 2024 revenue reached 1.592 billion RMB, a YoY increase of 37.09%, with a net profit of 289 million RMB, up 20.53% YoY, and a gross margin of 62.87%, up 5 percentage points QoQ [1] - The company is expected to benefit from the strong demand for domestic computing power due to US export restrictions on advanced AI chips and the growing AIGC market [3] Market and Product Analysis - Haiguang Information's revenue growth is driven by increased market development and demand for domestic servers, as well as continuous innovation in high-end processors [2] - The company's CPU products are compatible with x86 instruction sets and mainstream operating systems, widely used in industries such as telecommunications, finance, and education [2] - The DCU series, based on GPGPU architecture, supports full-precision model training and is compatible with major AI models like LLaMa, GPT, and ChatGLM, positioning it as a leader in the domestic market [2] Industry Trends - The global AI server market is projected to grow from $19.5 billion in 2022 to $34.7 billion in 2026, with a CAGR of 17.3% [3] - China's AI server market is expected to grow from 316,000 units in 2023 to 691,000 units in 2027, with a CAGR of 21.6% [3] - US export restrictions on advanced AI chips create opportunities for domestic players like Haiguang Information to capture market share [3] Financial Projections - Revenue for 2024-2026 is projected to be 7.936 billion RMB, 10.317 billion RMB, and 12.896 billion RMB, respectively [7] - Net profit for the same period is expected to be 1.842 billion RMB, 2.359 billion RMB, and 2.847 billion RMB [7] - The company's PE ratio for 2024 is estimated at 94.3x, with a PB ratio of 8.4x [9] Valuation and Target Price - The target price of 95.1 RMB is based on a 120x PE multiple for 2024, reflecting the company's growth potential in the AIGC and domestic computing power markets [8] Key Financial Metrics - Gross margin for Q1 2024 improved to 62.87%, up 5 percentage points QoQ [1] - The company's ROE is expected to increase from 6.8% in 2023 to 11.0% in 2026 [9] - R&D expenses as a percentage of revenue are projected to remain high at 33.1% in 2024, reflecting the company's focus on innovation [10]

上 市 公 司 电子 2024 年04月 26 日 海光信息 (688041) 公 司 研 究 ——收入超预期，存货预收款大幅增加显示后续经营信心 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2024Q1季报，一季度收入15.92亿元，同比+37.09%；归母净利润2.89 亿元，同比+20.53%；扣非归母净利润2.72亿元，同比+42.71%。 证 市场数据： 2024年04月25日 券 收盘价（元） 74.7  收入增长超预期。1）一季度收入增速 37%，此前市场预期增速 20-30%，预计主要由于 研 一年内最高/最低（元） 98.99/49.31 DCU 和高端 CPU 在一季度出货顺利；2）归母净利润增长 20.5%，符合市场预期，扣非 究 市净率 9.1 报 息率（分红/股价） - 净利润增长 42.7%，归母净利润增速低于扣非净利润主要由于，非经常项目中政府补贴 告 流通A股市值（百万元） 65778 24Q1为1845万元，23Q1为6576万元，同比减少4731万元。 上证指数/深证成指 3052.90/9264.48 注：“息率”以最近一 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年04月26日 电子 海光信息(688041.SH) 24Q1业绩增速稳定，国产算力支持政策利好公司 推荐 ( 维持) 事项： 股价:74.7元 | --- | --- | |------------------------|----------------------------------| | 行业 | 电子 | | 公司网址 | www.hygon.cn | | 大股东 / 持股 | 曙光信息产业股份有限公司 /27.96% | | 实际控制人 | | | 总股本 ( 百万股 ) | 2,324 | | 流通 A 股 ( 百万股 ) | 881 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 1,736 | | 流通 A 股市值 ( 亿元 ) | 658 | | 每股净资产 ( 元 ) | 8.20 | | 资产负债率 (%) | 10.9 | 行情走势图 = 沪深300指数 证券分析师 | --- | |--------------------------| | | | 投资咨询资格编号 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved a revenue of 1.592 billion yuan in Q1 2024, representing a year-over-year increase of 37.09%, with a net profit attributable to shareholders of 289 million yuan, up 20.53% year-over-year [1] - The company is positioned as a leader in domestic computing power, with its CPU and DCU products demonstrating excellent performance and a continuously improving ecosystem [1] - The development of AI has reached a strategic height, accelerating the construction of domestic intelligent computing centers [1] Financial Performance - Revenue for 2022 was 5.125 billion yuan, increasing to 6.012 billion yuan in 2023, with projected revenues of 8.275 billion yuan, 11.060 billion yuan, and 14.473 billion yuan for 2024, 2025, and 2026 respectively [2][5] - Net profit attributable to shareholders was 804 million yuan in 2022, rising to 1.263 billion yuan in 2023, with forecasts of 1.736 billion yuan, 2.293 billion yuan, and 2.945 billion yuan for the following three years [2][5] - The company’s EPS is projected to grow from 0.35 yuan in 2022 to 1.27 yuan by 2026 [2][5] Market Position and Strategy - The company holds a rare domestic x86 design capability and is one of the few integrated circuit design firms with both high-end general-purpose processors and co-processor R&D capabilities [2] - The report highlights the importance of the x86 architecture and CUDA ecosystem, which are critical barriers to entry in the semiconductor industry [2] - The company is expected to benefit from the increasing demand for its products as the performance of its offerings continues to iterate [2]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,592,079,880.40, representing a year-on-year increase of 37.09%[4] - Net profit attributable to shareholders was ¥288,537,305.29, reflecting a growth of 20.53% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥271,876,253.55, which is an increase of 42.71% year-on-year[4] - Total operating revenue for Q1 2024 reached ¥1,592,079,880.40, a 37.1% increase from ¥1,161,313,136.10 in Q1 2023[18] - Net profit for Q1 2024 was ¥394,357,356.94, representing a 18.8% increase compared to ¥331,813,866.36 in Q1 2023[20] - Total comprehensive income for Q1 2024 was approximately ¥394.36 million, up from ¥331.81 million in Q1 2023, representing a growth of 18.8%[21] Research and Development - Research and development expenses totaled ¥656,966,890.23, accounting for 41.26% of operating revenue, a decrease of 12.38 percentage points from the previous year[5] - Research and development expenses were not detailed but are included in the total operating costs[20] Cash Flow and Liquidity - The net cash flow from operating activities was reported as -¥67,883,860.02, indicating a change in cash flow dynamics[4] - Net cash flow from operating activities for Q1 2024 was -¥67.88 million, an improvement from -¥383.14 million in Q1 2023[23] - Cash received from sales of goods and services in Q1 2024 was ¥2.05 billion, compared to ¥1.07 billion in Q1 2023, indicating an increase of 91.7%[22] - Operating cash inflow subtotal for Q1 2024 was ¥2.15 billion, compared to ¥1.20 billion in Q1 2023, an increase of 79.5%[23] - Total cash outflow from operating activities in Q1 2024 was ¥2.21 billion, up from ¥1.58 billion in Q1 2023, indicating a 39.9% increase[23] - Cash and cash equivalents decreased to CNY 10,147,339,157.99 from CNY 10,321,487,491.79, indicating a decline of about 1.7%[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,325,624,667.31, up 1.85% from the end of the previous year[5] - The company's total assets increased to ¥23,325,624,667.31 in Q1 2024 from ¥22,902,547,952.79 in Q1 2023[17] - Non-current liabilities totaled ¥1,313,084,238.64 in Q1 2024, compared to ¥1,187,875,836.35 in Q1 2023, reflecting a 10.6% increase[17] - The total current assets as of March 31, 2024, amounted to CNY 15,957,733,494.50, an increase from CNY 15,432,218,773.19 as of December 31, 2023, reflecting a growth of approximately 3.4%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,167, with the largest shareholder holding 27.96% of the shares[9] - The company reported a total of 100,000,000 shares held by Nanjing Dacheng Venture Capital Partnership, representing 4.30% of total shares[11] - The top ten shareholders include Chengdu Industrial Investment Group with 167,600,000 shares, accounting for 7.21% of total shares[10] Government Support - The company received government subsidies amounting to ¥18,452,407.66, which were included in the non-recurring gains and losses[6] Operational Insights - The company attributed the revenue growth to increased market development efforts and a significant rise in domestic server demand, particularly for high-end processors[8] - The company has not disclosed any significant new product developments or market expansion strategies in the current report[14] - There are no significant changes in the shareholder structure or related party transactions reported for the quarter[12] - The company has plans for future expansion and product development, although specific details were not provided in the financial report[18]

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]

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 ...

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 ...

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]