Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company is experiencing rapid revenue growth driven by the demand for AI computing and domestic innovation [1][4]. - The expected revenue for the first half of 2024 is projected to be between 35.80 billion to 39.20 billion yuan, representing a year-on-year increase of 37.08% to 50.09% [3]. - The company's net profit for the same period is anticipated to be between 7.88 billion to 8.86 billion yuan, with a year-on-year growth of 16.32% to 30.78% [3]. Summary by Sections Recent Performance - In Q2 2024, the company's revenue is estimated to be approximately 19.88 to 23.28 billion yuan, reflecting a year-on-year growth of 37% to 61% [1]. - The net profit attributable to the parent company is projected to be between 4.99 billion to 5.97 billion yuan, with a year-on-year increase of 14% to 36% [1]. Market Dynamics - The demand for domestic AI computing is accelerating, with significant adoption among internet, government, and enterprise clients [4]. - The penetration rate of domestic products in the general computing market is expected to increase, supported by government policies and industry standards [4]. Product Leadership - The company is positioned as a leader in domestic DCU and CPU markets, with products that offer versatility and ecosystem advantages [5]. - The company's CPU is widely used across various sectors, including telecommunications, finance, and education, supporting both high-end and mid-range server applications [6]. Financial Projections - Revenue forecasts for 2024 to 2026 are adjusted to 83.09 billion, 111.98 billion, and 149.56 billion yuan, respectively, with net profits projected at 17.35 billion, 23.43 billion, and 31.49 billion yuan [6]. - The earnings per share (EPS) are expected to be 0.75, 1.01, and 1.35 yuan for the years 2024 to 2026 [6].

Investment Rating - Maintain "Buy" rating [2] Core Views - The company's 2024H1 performance continues to grow significantly, with revenue expected to increase by 37.08% to 50.09% YoY, reaching RMB 3.58 billion to RMB 3.92 billion [1] - Net profit attributable to the parent company is expected to grow by 16.32% to 30.78% YoY, reaching RMB 788 million to RMB 886 million [1] - The company's CPU and DCU products demonstrate excellent performance, with a well-established ecosystem [1] - The company is a leader in domestic computing power, with its DCU supporting large-scale model training and applications such as LLaMa, GPT, and ChatGLM [1] Domestic Computing Power Infrastructure - The domestic computing power infrastructure is progressing steadily, with Beijing aiming to achieve a computing power supply scale of 45 EFLOPS by 2025 [2] - By 2027, Beijing plans to achieve 100% self-controllable computing center construction capabilities, supporting the training and inference of large models [2] X86 and CUDA Ecosystem - The company possesses rare domestic x86 design capabilities and is one of the few integrated circuit design companies with both high-end general-purpose processors and co-processor R&D capabilities [2] - The x86 architecture and CUDA ecosystem form core barriers, with CUDA being widely used by 4 million developers globally as of May 2023 [2] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.275 billion, RMB 11.060 billion, and RMB 14.473 billion, respectively [2] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 1.736 billion, RMB 2.293 billion, and RMB 2.945 billion, respectively [2] Financial Performance (2022-2023) - Revenue in 2022 was RMB 5.125 billion, growing by 121.8% YoY, while 2023 revenue was RMB 6.012 billion, growing by 17.3% YoY [3] - Net profit attributable to the parent company in 2022 was RMB 804 million, growing by 145.7% YoY, while 2023 net profit was RMB 1.263 billion, growing by 57.2% YoY [3] Stock Information - The stock closed at RMB 72.00 on July 15, 2024, with a total market capitalization of RMB 167.352 billion [7] - The free float ratio is 37.88%, with a 30-day average trading volume of 13.87 million shares [7]

电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 15 日 688041.SH 买入 原评级:买入 市场价格:人民币 70.59 板块评级:强于大市 股价表现 (37%) (27%) (17%) (7%) 2% 12% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24 海光信息 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (2.4) (0.5) (9.5) (5.8) 相对上证综指 (2.8) 1.7 (7.9) 1.2 | --- | --- | |--------------------------|------------| | 发行股数 (百万) | 2,324.34 | | 流通股 (百万) | 880.56 | | 总市值 (人民币 百万) | 164,075.03 | | 3 个月日均交易额 (人民币 | 1,100.34 | | 主要股东 | | | 曙光信息产业股份有限公司 | 27.96 | | 资料来源:公司公告,Wind | | 以 2024 年 7 月 ...

华福证券 海光信息(688041.SH) Q2 业绩预告延续强增长,算力国产替代势头不 减 投资要点: 24H1 业绩预告:营收&净利双增,公司成长势头依然迅猛 根据公司业绩预告,公司 24H1 营收成长性延续。24H1 预计实现 营收 35.8-39.2 亿元(中值 37.50 亿元),yoy+37.08~50.09%。若以中值 计算,单 24Q2 预计实现营收 21.58 亿元,yoy+49%,qoq+36%。利润 端环比大增。24H1 预计实现归母净利润 7.88-8.86 亿元(中值 8.37 亿 元),yoy+16.32%~30.78%。若以中值计算,单 24Q2 预计实现归母净 利润 5.48 亿元,yoy+25%,qoq+90%。 净利率大幅提升,公司盈利能力有望进一步释放 根据业绩预告所示营收及归母净利润中值,我们计算得到 24H1 公司净利率为 22.3%(23H1 为 25.9%),24Q2 净利率为 25.4%,同比 下降 4.8pcts,环比提升 7.3pcts。此前 23H1 公司有较大额度的财务费 用抵减,主要来自于募集资金 22H2 到账额度较大,利息收入同比增幅 较大,由此带来 ...

海光信息(688041.SH) 2024 年 07 月 15 日 投资评级:买入(维持) | --- | --- | |--------------------|-------------| | 日期 | 2024/7/12 | | 当前股价(元) | 70.59 | | 一年最高最低(元) | 90.26/49.31 | | 总市值(亿元) | 1,640.75 | | 流通市值(亿元) | 624.85 | | 总股本(亿股) | 23.24 | | 流通股本(亿股) | 8.85 | | 近 3 个月换手率(%) | 100.93 | 股价走势图 海光信息 沪深300 -48% -36% -24% -12% 0% 12% 24% 2023-07 2023-11 2024-03 数据来源:聚源 收入大超预期,利润符合预期 电子/半导体 陈宝健(分析师) 刘逍遥(分析师) liuxiaoyao@kysec.cn 证书编号:S0790520090001 chenbaojian@kysec.cn 证书编号:S0790520080001 高度看好公司长期发展,维持 "买入"评级 我们维持公司 2024-2026 ...

Revenue Projections - The company expects to achieve operating revenue of between 358 million and 392 million CNY for the first half of 2024, representing a year-on-year increase of 96.83 million to 130.83 million CNY, or a growth rate of 37.08% to 50.09%[4]. - The company achieved operating revenue of 2.6116941 billion CNY in the same period last year[6]. Profit Projections - The projected net profit attributable to the parent company for the first half of 2024 is between 788 million and 886 million CNY, an increase of 110.55 million to 208.55 million CNY compared to the same period last year, reflecting a growth of 16.32% to 30.78%[5]. - The expected net profit attributable to the parent company after deducting non-recurring gains and losses is estimated to be between 726 million and 821 million CNY, with an increase of 107 million to 202 million CNY year-on-year, corresponding to a growth of 17.29% to 32.63%[5]. - The net profit attributable to the parent company in the previous year was 677.4518 million CNY[6]. R&D Investment - The company maintains a high level of R&D investment, focusing on providing high-performance, reliable, and low-power products, which has contributed to sustained performance growth[7]. Performance Forecast Accuracy - There are currently no significant uncertainties affecting the accuracy of this performance forecast[8]. - The financial data provided is preliminary and subject to change upon the official release of the 2024 semi-annual report[8].

全文摘要 海光信息公司是一家专注于高性能计算解决方案的企业,成功获得 AMD 授权并推出了一系列服务器和工作站 CPU 产品。该公司 DCU 产品基于国际主流 GPU 架构,已成功应用于多个项目,展示了高度的兼容性、生态扩展能力和 高性能。凭借与 Arm 的授权合作,海光的 DCU 能够全面兼容 RollCOM GPU 计算生态,并支持广泛的国际主流软 件,适合大规模模型训练和预测任务。此外,海光 CPU 产品线涵盖了 3000、5000、7000 系列,尤其在高端 7000 系列方面具有显著的毛利率优势。公司自 2016 年以来,经历了五代产品的迭代开发,实现了营业收入和净 利润的大幅增长。在面对供应链挑战时,海光公司维持了较高的研发投入,并通过国内信创市场的快速发展占领了 一席之地。展望未来,海光公司预计将继续扩大其在服务器市场及 CPU 应用领域的市场份额,特别是在移动工作 站和 DCU 领域显示出强劲的增长潜力。 海光信息公司技术进展与市场表现汇报 海光信息公司已获得 AMD 授权,在服务器市场取得一定份额,并推出工作站 CPU 产品。其 DCU 产品采用国际主 流 GPU 路线,已有深算一号和二号商 ...

大家好欢迎参加华复电子大科技海光信息公司深度汇报联华会议目前所有参负者均处于静音状态下面开始播报名字声明声明完毕后主持人可以直接开始发言谢谢 本次会议紧面向华福证券的专业投资机构客户或受邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议不得交流敏感内幕信息未经华福证券事先书面许可任何机构或个人严禁录音制作纪要转发转载传播复制编辑修改等涉嫌违反上述情形等我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者大家晚上好我是华富电子旭旭然后今天的话我们给大家汇报一下海光信息的我们之前外发的一个深度报告然后海光的话它是国内整个在产品的话包括CPU以及它的DCU产品就覆盖了像服务器以及说是一些类似于GPU的一些应用 然后在整个服务器端就是海光去吸收了AMD的一个授权然后现在已经具备一些产品自主迭代的一个能力然后目前在整个服务器市场的话也是拿到了一个比较还不错的一个份额那么在整个CQ这块的话它其实初开在服务器端然后近期的话也在工作站这个市场也推出了一些相应的产品 然后另外一块的话它的DCU的话就采用的是国际主流的GPGPU的路线而且具备一个类库大的一个架构 能够适配国际的一些主流软 ...

Summary of Haiguang Information Company Conference Call Industry and Company Overview - **Company**: Haiguang Information Company - **Industry**: Semiconductor, specifically focusing on CPU and DCU products for server and high-performance computing markets [2][3][4] Key Points and Arguments - **Significant Progress**: Haiguang has made notable advancements in chip and DCU products, particularly in the server market and high-performance computing chip sector [2][3] - **AMD Authorization**: The company has received authorization from AMD, enabling independent product iteration and capturing a considerable market share in the server sector [2][3] - **Product Expansion**: Haiguang's CPU products have expanded into the workstation market, while its DCU products follow mainstream GPU architectures, suitable for major software applications [2][3][5] - **Product Iteration**: From 2016 to 2018, Haiguang's chip series underwent five iterations, covering various application fields from high-end servers to entry-level markets [2][3][4] - **Profit Growth**: The company has demonstrated significant net profit growth, indicating a robust business model [2][4][9] - **Future Plans**: Haiguang plans to increase R&D investment and optimize product structure for sustainable development and market share expansion [2][4] Market Performance and Application Prospects - **Market Coverage**: Haiguang's CPU has a high coverage in the server market and has extended to mobile workstation applications, such as the AI mobile workstation series from Zhongke Keke [5][12] - **DCU Product Line**: The DCU product line, particularly the "Deep Calculation" series, is in its third generation, with the first two already commercialized [8][14] - **Revenue Growth**: As of 2023, Haiguang's annual revenue reached 6.1 billion yuan, a 17% year-on-year increase, with net profit at 1.26 billion yuan, up 59% [9] Competitive Positioning - **Market Share**: Haiguang holds a dominant position in the x86 architecture server CPU market, with a market share of approximately 90% [12] - **Performance Comparison**: Haiguang's CPUs have comparable performance to Intel's mainstream processors, with some models outperforming Intel [11] - **Ecosystem Compatibility**: The DCU products are designed for better compatibility with mainstream software ecosystems, providing a competitive edge over other domestic chips [15] Additional Insights - **High R&D Investment**: Despite high R&D expenditures, the company has managed to reduce sales management and financial costs, leading to improved profit margins [9] - **Future Market Trends**: The server market is expected to recover, and Haiguang is well-positioned to benefit from this trend, particularly in the mobile workstation and DCU sectors [12][13]

海光信息 20240711_原文 2024年07月11日 23:43 发言人 00:04 大家好，欢迎参加华富电子大科技海光信息公司深度汇报电话会议。目前所有参会者均处于静音状态，下 面开始播报本次声明，声明完毕后，主持人可以直接开始发言，谢谢。本次会议仅面向华福证券的专业投 资机构客户或受邀客户、第三方专家发言，内容仅代表其个人观点，所有信息或观点不构成投资建议。根 据监管规定，会议不得交流敏感、内幕信息。未经华福证券事先书面许可，任何机构或个人严禁录音、制 作纪要、转发、转载、传播、复制、编辑、修改等。涉嫌违反上述情形的，我们将保留一切法律权利。感 谢您的理解和支持，谢谢。 发言人 00:48 好的，各位投资者大家晚上好，我是华富电子学学。然后今天的话我们给大家汇报一下海关信息的我们之 前外发的一个审查报告。然后海光的话它是国内整个在产品的话，包括 CPU以及它的DCU产品，就覆盖 了像服务器以及说是一些类似于g pu的一些应用。然后在整个服务器端，海光去吸收了AMD的一个授权， 然后现在已经具备一些产品自主迭代的一个能力。然后目前在整个服务器市场的话，也是拿到了一个比较 还不错的一个份额。在整个CPU这 ...