点击招商研究小程序查看PDF报告原文 海光信息主要产品包括高端通用处理器（CPU）和协处理器（DCU），产品已广泛应用于电信/金融/互联网等多行业数据中心，以及大数据处 理/AI/商业计算等领域。结合2025年一季报信息，点评如下： 25Q1净利水平同环比持续增长，Q1末存货和合同负债再创历史新高。 25Q1营收24亿元，同比+50.76%/环比-20.67%，归母净利润5.06亿 元，同比+75.33%/环比+24.83%，毛利率61.19%，同比-1.68pcts/环比+1.35pcts，净利率29.74%，同比+4.97pcts/环比+9.57pcts。 25Q1末存货57.94亿元，环比24Q4末的54.25亿元持续增长，存货已经实现连续6个季度环比增长。25Q1末合同负债高达32.37亿元，环比 24Q4末的9.03亿元再次大幅提升，此前公司已表示收到客户大额预定合同货款，按照合同约定，公司需分批交付。 国内算力芯片同业公司25Q1业绩表现同样亮眼。 国内算力芯片公司寒武纪25Q1营收11.11亿元，同比+4230%/环比+12%，归母净利润3.55 亿元，环比+31%，毛利率56%，环比-1pct ...

Investment Rating - The report maintains an "Add" investment rating for the company [2] Core Views - The company's profitability continues to improve, with a significant acceleration in the pace of domestic computing chip localization [1][6] - The company’s revenue and net profit are expected to grow substantially over the next few years, with projected revenues of 12.9 billion, 16.95 billion, and 22.1 billion yuan for 2025, 2026, and 2027 respectively [1][6] - The report highlights the positive impact of U.S. export restrictions on high-end chips, which is expected to benefit domestic computing chip companies [6] Financial Data and Valuation - Total revenue for 2023 is projected at 6.012 billion yuan, with a year-on-year growth of 17% [1] - Operating profit is expected to reach 4.008 billion yuan in 2025, reflecting a 44% year-on-year increase [1] - The net profit attributable to the parent company is forecasted to be 2.934 billion yuan in 2025, with a growth rate of 52% [1] - The company’s PE ratio is projected to decrease from 282.9 in 2023 to 66.3 in 2027, indicating improving valuation metrics [1][12] Stock Performance - The stock has shown a 87% increase over the past 12 months, outperforming the benchmark index [4] Key Financial Metrics - The company’s gross margin is expected to stabilize around 63% in the coming years, while the net margin is projected to improve to 24.4% by 2027 [12] - Return on equity (ROE) is anticipated to rise from 7.1% in 2023 to 19.3% in 2027, indicating enhanced profitability [12]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company achieved a revenue of 2.4 billion yuan in Q1 2025, representing a year-on-year growth of 50.76%, and a net profit of 506 million yuan, up 75.33% year-on-year [3][6]. - The significant increase in contract liabilities by 258.27% compared to the end of 2024 indicates strong future growth potential [6]. - The company is positioned to benefit from the restrictions on NVIDIA's H20 chip exports to China, which may enhance the market share of its domestic AI computing products [6][7]. - The report emphasizes the company's strong R&D investment of 764 million yuan, a 16.26% increase year-on-year, which supports ongoing technological innovation and product competitiveness [6][7]. Financial Summary - The company’s projected revenues for 2025-2027 are 13.76 billion yuan, 19.42 billion yuan, and 27.01 billion yuan, respectively, with corresponding net profits of 2.96 billion yuan, 4.31 billion yuan, and 6.15 billion yuan [5][7]. - The gross margin is expected to remain stable around 64%, with net margins increasing from 21.1% in 2024 to 22.8% in 2027 [5][8]. - The company's return on equity (ROE) is projected to rise from 9.5% in 2024 to 19.1% in 2027, indicating improving profitability [5][8]. Market Position - The company is identified as a key player in the domestic AI computing market, with strong competitive advantages in its CPU and DCU product lines [6][7]. - The report highlights the growing demand for AI computing solutions, which is expected to drive the company's performance in the coming years [6][7].

证券研究报告 海光信息 (688041 CH) 1Q25：合同负债大增，库存持续提升 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 半导体 | 2025 展望：信创替代步伐加紧，新一代 DCU 放量在即 我们预计 25 年公司营收有望同比增长 60%，其中：1）CPU：信创替代工 作进入加速阶段，行业信创不断深化，公司份额保持领先。此外，中国对原 产于美国的进口商品加征关税，或对英特尔 CPU 产品进口产生影响，CPU 国产化迫在眉睫；2）DCU：根据英伟达披露的 8-K 文件，英伟达于 4 月 9 日接到 H20 对华出口需获得美国政府许可的通知，国产 AI 芯片采购需求旺 盛。目前海光 DCU 已与 DeepSeek-V3/R1 等主流模型完成适配，新一代 DCU 产品性能表现优异，有望成为替代主力。 投资建议：目标价 176.6 元，维持"买入"评级 我们认为公司一季报显现出较强的产业链话语权及优异的造血能力，维持 25/26/27 年营收 146.63/220.49/254.06 亿元，考虑新产品上 ...

25Q1 收入利润均超预期高增，经营性现金流净额由负转正至 25.22 亿。1）公司不断实现 技术创新、产品性能提升，竞争力保持市场领先，市场需求不断增加，带动公司业绩快速增 长。根据公司 2025 年一季报，实现营业收入 24.00 亿元，同比+50.76%；实现归母净利 5.06 亿元，同比+75.33%；实现扣非归母净利 4.42 亿元，同比+62.63%，业绩超出市场预期。 2）公司营收增长带动了销售回款增加，已签订合同的预收货款高增，2025Q1 公司经营性现 金流净额达 25.22 亿元，去年同期为-0.68 亿元。3）2025 年一季度，公司实现销售净利率 29.74%，去年同期为 24.77%，同比+4.97pct。 合同负债暴增至 32 亿元，积极备货、研发加大显示信心。1）2025 年一季度，合同负债金 额达 32.37 亿元，去年年报仅为 9.03 亿元，环比+258.47%。2）同时，公司积极备货，2025Q1 存货达到 57.94 亿元，环比+6.80%，彰显公司发展信心。3）公司持续加强研发投入，2025 年一季度公司研发投入 7.64 亿元，较上年同期增长+16.26%，占营收比 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688041 证券简称：海光信息 本公司董事会及全体董事保证本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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 主要会计数据和财务指标 单位：元 币种：人民币 □适用 √不适用 主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 二、 股东信息 (一) 普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损 ...

金磊 整理自 凹非寺 量子位 | 公众号 QbitAI 2024年11月，《关于做好教育系统软件正版化工作的通知》中进一步明确要求：到2027年底前，教育系统须全面采用正版操作系统和办公 软件。这标志着教育信创已驶入快车道。 但值得注意的是，这场变革的难点从来不只是"更换设备"这么简单。真正的挑战，在于能否实现整个IT生态的平稳迁移与重建。 架构之争：在生态与自研之间求平衡 长期以来，国产电脑因软件生态不完善而屡遭诟病：驱动缺失、应用不完整、专业软件难以运行，而这一切问题的根源并不在于表层的应用 适配，而是指向底层的CPU架构。 计算机软硬件之间通过"指令集架构"（ISA）沟通，这一架构承担着"翻译官"的角色，决定了硬件如何理解和执行软件指令。 目前主流的ISA包括x86、ARM、MIPS和RISC-V等，它们在指令结构与执行逻辑方面存在根本差异，因此，不同架构之间的软件生态往往 难以兼容。 从Wintel大潮退却说起。 2024年年底，中国网络空间安全协会对英特尔发起网络安全审查；紧接着，2025年初又传出微软拟关闭中国区业务的消息，尽管微软随后 予以否认，但这两则事件无疑揭示出：Wintel联盟的根基正面 ...

★ 宏观动态 ★ 国务院国资委：推动央企强化资金统筹，确保及时付款 据新华社，记者21日从国务院国资委获悉，国务院国资委近日作出专门部署，要求中央企业主动作为、靠 前发力，强化资金统筹安排，确保及时付款，并可对中小企业小额款项、长账龄款项依法协商提前支付， 加力支持产业链上下游企业。据了解，国务院国资委此举旨在落实党中央、国务院相关部署，加强保障中 小企业款项支付，以畅通资金循环有效助力畅通国民经济循环，充分彰显中央企业责任担当。党中央、国 务院高度重视解决拖欠企业账款问题。党的二十届三中全会决定明确指出，健全涉企收费长效监管和拖欠 企业账款清偿法律法规体系。日前，修订后的《保障中小企业款项支付条例》公布，自2025年6月1日起 施行。3月28日，国务院常务会议审议通过《加快加力清理拖欠企业账款行动方案》。 服务业扩大开放新增9个试点城市 今天，国新办新闻发布会介绍，近日，国务院批复同意《加快推进服务业扩大开放综合试点工作方案》。 在过去十年的创新探索基础上，《工作方案》确定了试点扩围、分类推进新的试点任务等内容。为加快形 成更丰富多样的制度创新成果，进一步提高试点工作效率，此次试点任务在符合条件的地区全面铺 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥2,400,148,814.98, representing a 50.76% increase compared to ¥1,592,079,880.40 in the same period last year[4] - Net profit attributable to shareholders was ¥505,894,195.29, a 75.33% increase from ¥288,537,305.29 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥442,161,117.27, reflecting a 62.63% increase from ¥271,876,253.55 in the previous year[4] - Basic and diluted earnings per share both increased to ¥0.22, an 83.33% rise compared to ¥0.12 in the same period last year[4] - Operating profit for Q1 2025 was CNY 730,052,891.50, an increase of 82.2% from CNY 400,651,897.20 in Q1 2024[20] - Net profit for Q1 2025 was CNY 713,869,163.02, up 81.1% compared to CNY 394,357,356.94 in Q1 2024[20] Cash Flow - The company's cash flow from operating activities was ¥2,522,136,186.99, a significant turnaround from a negative cash flow of ¥67,883,860.02 in the previous year[4] - Cash flow from operating activities for Q1 2025 was CNY 5,539,644,394.00, significantly higher than CNY 2,048,577,557.13 in Q1 2024[22] - The net cash flow from operating activities was 2,522,136,186.99, a significant increase from -67,883,860.02 in the previous period[23] - The company reported a total operating cash inflow of 6,047,073,514.47, compared to 2,146,854,739.74 previously[23] - Total cash inflow from investment activities amounted to 2,502,134,174.89, while cash outflow was 6,541,141,700.11, resulting in a net cash flow of -4,039,007,525.22[23] - Cash inflow from financing activities was 796,345,000.00, while cash outflow totaled 812,874,936.45, leading to a net cash flow of -16,529,936.45[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥31,006,388,860.44, an 8.57% increase from ¥28,559,492,036.59 at the end of the previous year[5] - Total liabilities rose to CNY 7,614,334,983.25 in Q1 2025, up from CNY 5,907,529,891.71 in Q1 2024, marking a 28.8% increase[17] - As of March 31, 2025, the company's total current assets amounted to approximately ¥20.35 billion, an increase from ¥18.21 billion as of December 31, 2024, representing a growth of about 11.75%[14] - The company reported a significant increase in contract liabilities, rising to CNY 3,236,831,652.94 in Q1 2025 from CNY 903,471,386.47 in Q1 2024, reflecting a growth of 258.5%[17] Research and Development - R&D investment totaled ¥763,769,572.81, up 16.26% from ¥656,966,890.23, although the proportion of R&D investment to operating revenue decreased by 9.44 percentage points to 31.82%[5] - Research and development expenses for Q1 2025 totaled CNY 706,316,006.88, up 22.9% from CNY 574,568,364.86 in Q1 2024[20] - The increase in revenue was driven by high R&D investment and continuous technological innovation, maintaining market competitiveness amid rising market demand[8] Shareholder Information - The company reported a total of 649,900,000 shares outstanding, with major shareholders including Tianjin Haifu Tianding Technology Partnership holding 251,194,546 shares, representing 10.81%[11] - The top ten shareholders collectively hold significant stakes, with the largest being Li Jinyang, owning 65,732,946 shares, or 2.83%[11] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12] Other Financial Information - The company reported non-recurring gains of ¥63,733,078.02, after accounting for tax and minority interests[7] - The company's cash and cash equivalents decreased to approximately ¥7.46 billion from ¥8.80 billion, a decline of about 15.2%[14] - Accounts receivable stood at approximately ¥2.02 billion, down from ¥2.28 billion, indicating a decrease of around 11.5%[15] - Inventory increased to approximately ¥5.79 billion from ¥5.43 billion, reflecting a growth of about 6.5%[15] - Non-current assets included intangible assets valued at approximately ¥3.74 billion, down from ¥4.12 billion, a decrease of about 9.2%[15] - The total amount of trading financial assets was approximately ¥2.90 billion[15] - The company has not engaged in any financing or securities lending activities during the reporting period[12] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24]

海光信息公告，2025年第一季度营收为24亿元，同比增长50.76%；净利润为5.06亿元，同比增长 75.33%。 ...