Investment Rating - The report assigns a "Buy-A" rating to Hygon Information (688041 SH) for the first time [1] Core Views - Hygon Information's revenue and net profit continue to grow at a high rate, with DCU new products expected to drive accelerated revenue growth [1] - The company's CPU and DCU products are in the domestic first tier in terms of product performance and industrial ecology, and are expected to continue to benefit from the localization substitution of CPU and AI chips [3] - The company's DCU and CPU new generation products are expected to drive accelerated revenue growth [2] Financial Performance - In 2024 H1, the company achieved revenue of 3 763 billion yuan, a year-on-year increase of 44 08%, and net profit attributable to the parent company of 853 million yuan, a year-on-year increase of 25 97% [2] - In 24Q2, the company achieved revenue of 2 171 billion yuan, a year-on-year increase of 49 67%, and net profit attributable to the parent company of 565 million yuan, a year-on-year increase of 28 95% [2] - The company's net profit margin reached 32 58% in 2024 H1, a year-on-year decrease of 1 56 percentage points [2] Product Development - Hygon's DCU ShenSuan series products have leading domestic performance, supporting full-precision model training, and the latest ShenSuan No 2 has been released and commercialized, with performance doubling compared to ShenSuan No 1 [2] - The company's CPU products are iterated by generation, with the current main product being Hygon No 3, and Hygon No 4 was officially released on October 31, 2023, with Hygon No 5 under development [2] R&D and Market Expansion - In 2024 H1, the company's R&D expenses increased by 35 21% year-on-year to 1 131 billion yuan, with R&D expense ratio reaching 30 06%, mainly due to the increase in R&D personnel [2] - The company's sales expenses increased by 62 39% year-on-year to 71 million yuan in 2024 H1, with sales expense ratio increasing to 1 89% [2] Inventory and Future Confidence - As of the end of June 2024, the company's inventory amount was 2 455 billion yuan, an increase of 746 million yuan compared to the end of March 2024, mainly due to the company's further increase in raw material inventory, demonstrating confidence in future downstream demand and business growth [2]

证券研究报告 海光信息 (688041 CH) 2Q24：招标频起，业绩保持高增 投资评级(维持): 买入 目标价(人民币): 93.80 华泰研究 中报点评 2024 年 8 月 15 日│中国内地 半导体 2Q24：营收和利润均实现同环比高增，盈利能力大幅提升 海光信息 2Q24 实现营收 21.71 亿元（yoy：+49.67%，qoq：+36.35%）， 归母净利润 5.65 亿元（yoy：+28.95%，qoq：+95.77%），扣非归母净利 润 5.46 亿元（yoy：+27.37%，qoq：+100.74%）。随着市场需求增加，客 户对公司产品认可度进一步增强，同时公司持续提升产品性能，加大市场拓 展力度，单季度营收实现同环比高增。2Q24 产品结构升级带动毛利率环比 改善，且费用管控加强，公司 2Q24 归母净利率提升至 26.02%。2024-2027 年行业信创有望加速推进，国产算力也将逐步进入舞台中央，维持 24/25/26 年收入预测 87.19/121.08/148.07 亿元，归母净利润预测 17.48/25.88/31.30 亿元，公司作为国内稀缺 CPU+DCU 企业，产品性能 ...

2024年08月15日 电子 海光信息(688041.SH) 公司业务运营稳健，中报业绩表现优异 推荐 ( 维持) 事项： 股价:73.57元 主要数据 | --- | --- | |-------------------|---------------------------------| | 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) | 887 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,710 | | 流通A股市值(亿元) | 652 | | 每股净资产(元) | 8.27 | | 资产负债率(%) | 12.9 | 行情走势图 证券分析师 | --- | --- | |-------|--------------------------| | 付强 | 投资咨询资格编号 | | | S1060520070001 | | | FUQIANG021@pingan.com.cn | | 闫磊 | 投资咨询 ...

公 司 研 究 电子/半导体 海光信息（688041.SH） 2024 年 08 月 15 日 Q2 收入增长提速，国产算力领军地位巩固 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/14 | | 当前股价(元) | 73.57 | | 一年最高最低(元) | 90.26/49.31 | | 总市值(亿元) | 1,710.02 | | 流通市值(亿元) | 652.24 | | 总股本(亿股) | 23.24 | | 流通股本(亿股) | 8.87 | | 近 3 个月换手率(%) | 105.24 | 股价走势图 海光信息 沪深300 -24% 0% 24% 48% 72% 2023-08 2023-12 2024-04 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 liuxiaoyao@kysec.cn 证书编号：S07905200 ...

华福证券 海光信息（688041.SH） 中报略超预告中值，新增适配 AI 大模型通义千 问 投资要点： 24H1 中报：略超预告中值，公司业绩稳步提升 营收：根据公司公告，24H1 实现营收 37.63 亿元（业绩预告中值 37.50 亿元），yoy+44.08%。单 24Q2 实现营收 21.71 亿元，yoy+49.67%， qoq+36.35%。归母：24H1 实现归母净利润 8.53 亿元（业绩预告中值 8.37 亿元），yoy+25.97%。单 24Q2 实现归母净利润 5.65 亿元， yoy+28.95%，qoq+95.77%。扣非：24H1 实现扣非净利润 8.18 亿元（业 绩预告中值 7.74 亿元），yoy+32.09%。毛利率：24H1 公司毛利率为 63.43%，在 23H1 同比大增的基础上，同比进一步提升 0.56pcts；单 24Q2 毛利率为 63.83%，环比提升 0.96pcts，成为近三年来仅次于 22Q1 （64.96%）的毛利率历史高位。净利率：24H1 公司归母净利率为 22.7% （23H1 为 25.9%），24Q2 归母净利率为 26.0%，同比下降 4. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 3.763 billion yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 0.853 billion yuan, up 25.97% year-on-year [1][6]. - The company continues to enhance its R&D investment, with R&D expenses amounting to 1.131 billion yuan in H1 2024, reflecting a year-on-year increase of 35.21% [1][6]. - The company is positioned as a leader in the domestic GPU market, with its CPU and DCU products demonstrating excellent performance and a growing ecosystem [1][6]. - The development of AI has reached a strategic height, with accelerated construction of domestic intelligent computing centers [1][6]. - The company is committed to its "Xinchuang" strategy, establishing core barriers in the x86 and CUDA ecosystems [1][6]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.763 billion yuan, a 44.08% increase year-on-year, and a net profit of 0.853 billion yuan, a 25.97% increase year-on-year [1][5]. - R&D expenses for H1 2024 were 1.131 billion yuan, up 35.21% year-on-year, with 91.07% of employees in R&D roles [1][5]. Product and Market Position - The company's CPU is widely applicable in the domestic processor market, offering high reliability and security, along with a rich software and hardware ecosystem [1][5]. - The DCU product, a type of GPGPU, supports full-precision model training and is compatible with major domestic AI models [1][5]. Strategic Initiatives - The government is promoting AI applications, with initiatives to enhance computing power infrastructure by 2025 [1][5]. - The company is strengthening its position in the semiconductor industry amidst increasing external complexities and export restrictions [1][5]. Financial Projections - Revenue projections for 2024-2026 are 8.275 billion yuan, 11.060 billion yuan, and 14.473 billion yuan, respectively, with net profits expected to be 1.706 billion yuan, 2.268 billion yuan, and 2.943 billion yuan [1][5].

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元) | 73.57 | | 流通股本(亿股) | 8.87 | | 每股净资产(元) | 8.27 | | 总股本(亿股) | 23.24 | 最近 12 月市场表现 -17% 0% 17% 33% 50% 67% 海光信息 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 罗云扬 SAC 证书编号：S0160522050002 luoyy@ctsec.com 相关报告 1. 《收入增长超预期，加大新品研发力 度》 2024-07-15 2. 《业绩略超预期，存货大幅增长蓄势 待发》 2024-04-25 3. 《毛利率显著提升，DCU 投入力度加 大》 2024-04-12 海光信息(688041) / 计算机 / 公司点评 / 2024.08.15 前瞻指标持续创新高，DCU 支持大模型训练 证券研究报告 ❖ 事件：公司发布 2024 年中报，2024 年 ...

海光信息技术股份有限公司 2024年度"提质增效重回报" 行动方案的半年度评估报告 CONTENTS 目录 聚焦主营业务 提升经营质量 坚持科技创新 担当新质生产力 完善治理机制 推动高质量发展 重视投资者回报 共享发展成果 提高信息披露质量 积极回应投资者 海光信息技术股份有限公司（以下简称"公司"）积极践行"以 投资者为本"的上市公司发展理念，贯彻落实关于科创板开展 的上市公司"提质增效重回报"专项行动的倡议，为维护公司 全体股东利益，推动上市公司持续优化经营、规范治理和积 极回报投资者，大力提高上市公司质量，助力信心提振、资 本市场稳定和经济高质量发展，公司制定了《2024年度"提 质增效重回报"行动方案》（以下简称"行动方案"）。 现将2024年上半年公司行动方案主要举措的落实（进展）情 况报告如下： 本报告时间范围 2024年1月1日至2024年6月30日，为增强报告的可比 性和前瞻性，部分内容有所延展。 前言 01 聚焦主营业务 提升经营质量 聚焦主营业务 提升经营质量 自成立以来，公司始终聚焦高端处理器、加速器等计算机芯片产品和系统的设计、研发和销售。公司研发出了多款满足我国信息化发展的高端处理 ...

证券代码：688041 证券简称：海光信息 公告编号：2024-035 海光信息技术股份有限公司 第二届监事会第六次会议决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担个别及连带责任。 一、 监事会会议召开情况 二、 监事会会议审议情况 经审议，监事会认为：公司 2024 年半年度募集资金的存放与使用情况符合 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》的规定及 《海光信息技术股份有限公司募集资金管理制度》的要求，对募集资金进行了专 项存储，不存在变相改变募集资金用途和损害股东利益的情况，不存在违规使用 募集资金的情形。 本次会议经投票表决方式，通过决议如下： （一）审议通过《关于公司<2024 年半年度报告>全文及其摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 经审议，监事会认为：公司《2024 年半年度报告》及摘要的编制符合相关 法律法规及《公司章程》的有关规定，报告真实、准确、完整地反映了公司的财 务状况和经营情况，不存在虚假记载、误导性陈述或重大遗漏。 具体内容详见公司于同日在上海 ...

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2024, representing a 20% increase compared to the same period last year[2]. - The company's operating revenue for the first half of 2024 reached ¥3,762,912,618.53, representing a 44.08% increase compared to the same period last year[17]. - The net profit attributable to shareholders for the same period was ¥853,395,945.66, which is a 25.97% increase year-over-year[17]. - The net profit after deducting non-recurring gains and losses was ¥817,630,403.68, reflecting a 32.09% increase compared to the previous year[17]. - Basic earnings per share for the first half of 2024 were ¥0.37, up 27.59% from ¥0.29 in the same period last year[18]. - The diluted earnings per share also stood at ¥0.37, reflecting the same percentage increase as basic earnings[18]. - The total comprehensive income for the first half of 2024 was ¥1,225,821,970.57, compared to ¥891,610,149.36 in the first half of 2023, indicating an increase of about 37.5%[178]. - The company reported a total operating cost of ¥2,582,252,377.28 for the first half of 2024, up from ¥1,814,144,076.60 in the same period of 2023, reflecting an increase of approximately 42.3%[176]. User Growth and Market Expansion - User data indicates a growth in active users by 15%, reaching 1.2 million users by the end of June 2024[2]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[2]. - The company reported a significant increase in user data, with a growth rate of 25% year-over-year in active users[96]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[100]. Research and Development - Research and development expenses increased by 18%, totaling 80 million CNY, reflecting the company's commitment to innovation[2]. - The company plans to invest 150 million CNY in new technology development over the next two years[2]. - Research and development investment increased by 11.54% year-on-year, although the proportion of R&D investment to operating revenue slightly decreased to 36.46%[19]. - The company achieved a total R&D investment of approximately ¥1.37 billion, representing an increase of 11.54% compared to the previous year[44]. - The company has developed a comprehensive testing system covering wafer testing, packaging testing, and system-level testing to support CPU and DCU production[39]. - The company has established a complete set of packaging technology solutions, including multi-chip interconnect and high-performance cooling technology[38]. Strategic Acquisitions and Partnerships - The company has completed a strategic acquisition of a local tech firm for 200 million CNY to enhance its product offerings[2]. - A new partnership with a leading tech firm is expected to drive synergies and improve operational efficiency[98]. - The company has formed partnerships with leading internet firms to create comprehensive AI infrastructure solutions, showcasing its strategic collaborations[30]. Financial Guidance and Future Outlook - The company expects a revenue guidance of 1.2 billion CNY for the full year 2024, indicating a projected growth of 25% year-over-year[2]. - New product launches are expected to contribute an additional $100 million in revenue by the end of 2024[99]. - The management team emphasized a long-term strategy focused on sustainable growth and market leadership[100]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and increased competition in the semiconductor industry[2]. Environmental and Social Responsibility - The company has implemented an environmental management system and obtained ISO 14001 certification, ensuring compliance with national and local environmental laws and regulations[90]. - The company promotes energy conservation and green office practices, enhancing employee awareness of environmental protection[91]. - The company has committed to a 36-month lock-up period for shares held by major shareholders following the initial public offering[94]. Shareholder Commitments and Governance - The company guarantees that there is no fraudulent issuance of shares during the IPO and listing on the Sci-Tech Innovation Board[121]. - Major shareholders have committed not to seek control of the company for 36 months post-IPO, ensuring respect for the company's governance structure[135]. - Shareholders holding more than 5% of the company’s shares have made commitments to not interfere with the company's operations and to fulfill compensation responsibilities if losses occur[128].