Financial Performance Forecast - Revenue for the first three quarters of 2024 is expected to be between 5,836 million yuan and 6,358 million yuan, representing a year-on-year increase of 48.02% to 61.26%[2] - Net profit attributable to the parent company for the first three quarters of 2024 is expected to be between 1,408 million yuan and 1,586 million yuan, a year-on-year increase of 56.16% to 75.90%[2] - Net profit attributable to the parent company after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 1,386 million yuan and 1,528 million yuan, a year-on-year increase of 66.21% to 83.24%[2] - Revenue for the same period last year was 3,942.723 million yuan[3] - Net profit attributable to the parent company for the same period last year was 901.6345 million yuan[3] - Net profit attributable to the parent company after deducting non-recurring gains and losses for the same period last year was 833.8936 million yuan[3] Company Strategy and R&D - The company continues to focus on the general computing market and has increased investment in technology R&D, maintaining leading product competitiveness[4] Forecast Accuracy and Disclosure - The company has not identified any significant uncertainties that could affect the accuracy of the performance forecast[4] - The forecast data in this announcement is preliminary and subject to change, with the final financial data to be disclosed in the official Q3 2024 report[5]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Insights - The company is expected to benefit from the significant growth in the domestic PC chip market, particularly driven by the "Xinchuang" initiative, which aims to replace approximately 8 million PCs over the next three years [1][3]. - The company's 3000 series CPU is positioned to capture market share in the entry-level server and workstation segments, with a competitive edge against Intel's E3 processors [2]. - Revenue forecasts for 2024-2026 have been revised upwards, with expected revenues of 86.31 billion, 120.82 billion, and 160.56 billion yuan respectively, reflecting an increase in growth rates of 3.33%, 4.98%, and 1.65% [3]. Financial Data and Valuation - The company's projected revenue growth rates are 121.83% for 2022, 17.30% for 2023, and 43.57%, 39.98%, and 32.89% for 2024, 2025, and 2026 respectively [4][9]. - The expected net profit for 2024-2026 is forecasted at 17.37 billion, 23.36 billion, and 31.04 billion yuan, with corresponding growth rates of 37.50%, 34.47%, and 32.90% [3][4]. - The company's earnings per share (EPS) are projected to increase from 0.35 yuan in 2022 to 1.34 yuan in 2026, indicating strong profitability growth [4][9]. Market Context - The Xinchuang initiative is expected to drive a peak replacement period for PCs in various sectors, particularly in government and key industries, which will significantly boost demand for the company's products [1][3]. - The company is well-positioned in the domestic market, with its CPUs being included in key directories for secure and reliable products, enhancing its competitive advantage [2].

海光信息业绩持续增长，供应稳定 买入 （维持） 核心观点 ⚫ 上半年营收、归母净利润持续增长。24H1，公司营收 37.6 亿元，+44.1%；归母净 利润 8.5 亿元，+25.97%；扣非 8.2 亿元，+32.1%。Q2 单季度，公司营收 21.7 亿 元，+49.7%；归母 5.6 亿元，+28.95%。公司整体经营指标持续增长，系市场需求 持续增长，公司产品持续迭代升级。另外，公司加大市场拓展力度，相关产品涉及 的行业应用以及新兴人工智能大模型产业逐步增加，产品认可度得到进一步提升。 ⚫ 公司存货进一步提升，产品供应稳定。公司存货本期期末数达到 24.6 亿元，23 年 底 10.7 亿元，24Q1 期末数 17.1 亿元。同时，公司 24H1 预付款项 30.9 亿元，去 年期末 23.9 亿元，24Q1 达到 26.1 亿元。自 23 年 Q4，公司存货与预付款项持续增 长，产品供应稳定性持续提升。 ⚫ 公司加大研发投入，CPU、DCU 前景皆好。2024H1，公司研发投入 13.7 亿元， +11.5%。研发投入占总营收比重为 36.46%。公司研发人员数量达到 1855 人，同比 增长 34 ...

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 ...

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：2024-03 ☑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 惠升基金、广发证券、中信建投基金、民生加银基金、嘉实基 金、中信证券、国盛证券、华夏基金、兴全基金、大成基金、海 富通基金、中泰证券、大家资产、平安证券、华泰证券、国新投 资、泰康资管、诺安基金、仁桥资产、华安基金、兴业证券、淡 水泉投资、天弘基金、宏利基金 时间 2024 年 8 月 19 日、8 月 20 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书、证券事务代表、董办投关人员 1、请简要介绍一下 2024 年上半年的经营情况。 投资者关系活动 答：公司的主营业务是研发、设计和销售应用于服务器、工作站 主要内容介绍 等计算、存储设备中的高端处理器。公司的产品包括海光通用处 理器（CPU）和海光协处理器（DCU）。 报告期内，公司产品性能持续提升，研发项目进展顺利，研发团 队在高端处理器设计、验证等关键技术不断实现突破。公司高端 处理器产 ...

[ 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 ...