Summary of Haiguang Information Conference Call Company Overview - **Company**: Haiguang Information - **Industry**: Semiconductor, specifically focusing on CPU and GPU products Key Points and Arguments - **2024 Performance Forecast**: - Expected revenue between 8.72 billion to 9.53 billion CNY, representing a year-on-year growth of 45.04% to 58.52% [3][4] - Expected net profit attributable to shareholders between 1.81 billion to 2.01 billion CNY, with a year-on-year increase of 43.29% to 59.12% [3][4] - Expected non-recurring net profit of 1.8 billion CNY, showing a growth of 50.48% to 65.44% [4] - **Fourth Quarter Expectations**: - Revenue anticipated to be between 2.58 billion to 3.39 billion CNY, with a year-on-year growth of 24.85% to 63.99% [3][4] - Net profit growth may slow down due to increased R&D and marketing expenses [4] - **Growth Drivers**: - Revenue growth primarily driven by rapid increases in CPU and GPU product demand [4][5] - CPU demand boosted by increased needs from telecommunications, finance, and government sectors, with a significant rise in server localization from 30% in 2021-2022 to an expected 67% by 2025 [5] - GPU growth supported by partnerships with leading internet companies and applications in AI and big data [4][5] - **2025 Outlook**: - Anticipated benefits from the implementation of special bonds and continued penetration in key industries, leading to increased server localization [4][7] - Continued R&D investment in GPU technology to enhance computing capabilities and market share [4][7] - Strong demand for AI chips from government and internet sectors, with significant computing center projects underway [7] Risks - **Market Risks**: - Increased uncertainty due to intensified US-China relations [8] - Heightened market competition [8] - Potential delays in asset center development [8] Additional Important Information - **R&D and Marketing Investments**: - Significant increase in R&D spending, with a nearly 50% year-on-year rise in quarterly R&D expenses [6] - Increased marketing efforts for high-end processors to capture larger market shares [6]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company is expected to achieve operating revenue between 8.72 billion and 9.53 billion yuan in 2024, representing a year-on-year growth of 45.04% to 58.52%. The forecasted net profit attributable to shareholders is between 1.81 billion and 2.01 billion yuan, with a year-on-year increase of 43.29% to 59.12% [4][8] - The company emphasizes R&D investment, with expected R&D expenditure of 3.23 billion to 3.66 billion yuan in 2024, an increase of 14.96% to 30.26% compared to 2023. This continuous investment supports product innovation and enhances market competitiveness [7][8] - The company maintains a leading market position in the general computing market through high-intensity R&D and technological innovation, with its CPU and DCU products gaining wider market recognition, particularly in AI applications [7][8] Financial Summary - The company’s projected financials for 2024-2026 include: - Operating revenue: 9.125 billion yuan in 2024, 12.136 billion yuan in 2025, and 15.777 billion yuan in 2026 [6][10] - Net profit: 1.91 billion yuan in 2024, 2.735 billion yuan in 2025, and 3.676 billion yuan in 2026 [6][10] - EPS (Earnings Per Share): Expected to be 0.82 yuan in 2024, 1.18 yuan in 2025, and 1.58 yuan in 2026 [11] - The company’s P/E ratio is projected to decrease from 174.6 in 2024 to 90.7 in 2026, indicating improving valuation metrics [8][11] Market Position - The company is positioned as a core player in the domestic computing market, with strong competitiveness in its CPU and DCU products, benefiting from the current AI trend and domestic innovation initiatives [7][8]

Revenue and Profit Projections - The company expects 2024 annual operating revenue to be between 872 million and 953 million CNY, an increase of 270.8 million to 351.8 million CNY compared to the previous year, representing a growth of 45.04% to 58.52%[3] - The projected net profit attributable to shareholders for 2024 is expected to be between 181 million and 201 million CNY, an increase of 54.68 million to 74.68 million CNY year-on-year, reflecting a growth of 43.29% to 59.12%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 171 million and 188 million CNY, with a year-on-year increase of 57.36 million to 74.36 million CNY, indicating a growth of 50.48% to 65.44%[5] Research and Development Investment - Research and development investment for 2024 is projected to be between 323 million and 366 million CNY, an increase of 42.02 million to 85.02 million CNY compared to the previous year, representing a growth of 14.96% to 30.26%[5] - The company maintains a leading market position through high-intensity R&D investment, focusing on technology innovation and product performance enhancement[7] Market Position and Product Performance - The company's CPU products have expanded market applications and increased market share, supporting complex applications in data centers and cloud computing[7] - The DCU products have rapidly iterated and gained wider market recognition, supporting AI industry applications with high computing power and good software ecosystem[7] Earnings Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[8] - The forecast data is preliminary and subject to change upon the release of the audited annual report for 2024[9] Previous Year Performance - The company achieved an operating revenue of 601.2 million CNY in the previous year, with a net profit of 126.3 million CNY attributable to shareholders[6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [14][17]. Core Views - The company is recognized as a leader in the domestic chip sector, with its CPU business experiencing rapid growth. The DCU business is also gaining strength, which is expected to open new growth opportunities for the company [14][17]. - The company has successfully applied for multiple patents, enhancing its technological independence and capabilities in processor interconnect technology, which is crucial for AI applications [18]. - The company reported significant revenue growth, with a 55.64% year-on-year increase in the first three quarters of 2024, and a net profit growth of 69.22% [18]. Financial Summary - Revenue projections for the company are as follows: - 2023: 6,012 million - 2024: 8,929 million - 2025: 12,323 million - 2026: 16,087 million - The expected growth rates for revenue are 17.3% in 2023, 48.5% in 2024, 38.0% in 2025, and 30.5% in 2026 [14][16]. - Net profit forecasts are: - 2023: 1,263 million - 2024: 1,958 million - 2025: 2,594 million - 2026: 3,397 million - The growth rates for net profit are projected at 57.2% for 2023, 55.0% for 2024, 32.5% for 2025, and 30.9% for 2026 [14][16]. Key Financial Metrics - Earnings per share (EPS) are expected to be: - 2023: 0.54 - 2024: 0.84 - 2025: 1.12 - 2026: 1.46 - Price-to-earnings (PE) ratios are projected to decrease from 259 in 2023 to 96 in 2026, indicating improving valuation [14][16].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading player in high-end processors, leveraging its state-backed status and technological origins from AMD to achieve independent iteration [3] - The company's DCU (Deep Computing Unit) is expected to benefit from the generative AI boom, with potential for significant market expansion in commercial sectors such as the internet [3] - The CPU business is poised to capture a substantial share of the x86 commercial market, driven by strong ecosystem support and increasing demand in the server market [4] - The company's financial performance is expected to grow significantly, with projected revenue and net profit increases from 2024 to 2026 [5] Market Performance - The company's stock has shown significant volatility, with a 62.14% absolute increase over the past three months, outperforming the CSI 300 index [2] CPU Business - The company's CPU products are compatible with the x86 instruction set, which dominates the server market with an 88% share in 2023 [4] - The x86 server market in China is expected to grow by 5.7% in 2024, reaching a market size of 306 billion yuan [4] - The company has completed product refinement in the domestic market and is expected to expand into the internet customer base, driving future growth [4] DCU Business - The DCU market is expected to benefit from the AI boom, with the Chinese accelerated server market projected to reach $12.4 billion by 2028, growing at a CAGR of 5.7% from 2023 [3] - The company's DCU products are compatible with mainstream AI frameworks and have achieved leading domestic performance in large model applications [3] Financial Projections - Revenue is projected to grow from 8.154 billion yuan in 2024 to 14.513 billion yuan in 2026, with a CAGR of 30.27% [5] - Net profit is expected to increase from 1.647 billion yuan in 2024 to 3.023 billion yuan in 2026, with a CAGR of 31.97% [5] - The company's PE ratio is expected to decrease from 177.0 in 2024 to 96.4 in 2026, reflecting strong growth prospects [5] Industry Trends - The AI server market in China is growing rapidly, with the internet sector accounting for nearly 60% of the accelerated server market in 2023 [56] - The government and operators are increasing investments in AI infrastructure, with operators expected to spend over 110 billion yuan on computing in 2024 [62] Competitive Advantages - The company's DCU products are compatible with the "CUDA-like" environment, providing a strong ecosystem advantage for AI applications [66] - The company's CPU products have strong compatibility with mainstream operating systems and software, making them suitable for a wide range of applications [80] Supply Chain and Inventory - The company has significantly increased its prepayments and inventory, indicating improved upstream supply and optimistic demand forecasts [46] - Inventory levels have risen sharply, with a 177.84% year-on-year increase in Q2 2024, reflecting strong demand and supply chain improvements [46]

证券代码：688041 证券简称：海光信息 公告编号：2024-038 海光信息技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 15 日（星期五）下午 15:00-16:00 会议召开地点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 8 日（星期五）至 11 月 14 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 海光信息技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 16 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 124.45 yuan [4] Core Views - The company's Q3 revenue and net profit showed significant growth, with Q3 revenue reaching 2.374 billion yuan, a year-on-year increase of 78.33%, and Q3 net profit attributable to the parent company reaching 672 million yuan, a year-on-year increase of 199.90% [1] - The company's gross margin reached a historical high of 69.13% in Q3, driven by an increase in the proportion of high-end product sales [2] - The company's inventory has grown for four consecutive quarters, reaching 3.896 billion yuan at the end of Q3, indicating strong downstream demand and potential for future revenue growth [2] - The company's CPU and DCU products are expected to benefit from the dual drivers of AI and domestic substitution, with significant growth potential by 2025 [3] Financial Performance - The company achieved revenue of 6.137 billion yuan in the first three quarters of 2024, a year-on-year increase of 55.64%, and net profit attributable to the parent company of 1.526 billion yuan, a year-on-year increase of 69.22% [1] - The company's R&D expense ratio in Q3 was 28.76%, a decrease of 4.47 percentage points compared to the same period last year, reflecting improved management efficiency [1] - The company's gross margin for the first three quarters of 2024 was 65.63%, an increase of 5 percentage points year-on-year [2] Industry and Product Analysis - The company's CPU products are compatible with the x86 instruction set and mainstream operating systems, widely used in industries such as telecommunications, finance, and education [3] - The company's DCU products, based on the GPGPU architecture, support full-precision model training and are compatible with major AI models, positioning the company well in the AI computing power expansion trend [3] Financial Forecasts - The report raises the company's revenue forecasts for 2024-2026 to 8.930 billion yuan, 12.779 billion yuan, and 16.606 billion yuan, respectively, and net profit forecasts to 1.952 billion yuan, 2.954 billion yuan, and 3.797 billion yuan, respectively [3] - The company's EPS is expected to grow from 0.84 yuan in 2024 to 1.63 yuan in 2026 [5] Valuation Metrics - The company's P/E ratio is expected to decrease from 147.48 in 2024 to 75.83 in 2026, while the P/B ratio is expected to decrease from 14.08 in 2024 to 11.15 in 2026 [5] - The company's EV/EBITDA ratio is forecasted to decline from 87.62 in 2024 to 50.32 in 2026 [5]

2024 年 11 月 04 日 公司点评 买入/维持 海光信息(688041) 目标价: 昨收盘:123.88 Q3 业绩大幅增长，毛利率显著提升 ◼ 走势比较 (20%) 4% 28% 52% 76% 100% 23/11/324/1/1424/3/2624/6/624/8/17 24/10/28 海光信息 沪深300 ◼ 股票数据 总股本/流通(亿股) 23.24/8.87 总市值/流通(亿元) 2,879.39/1,098.27 12 个月内最高/最低 价(元) 148.7/62.79 相关研究报告 <>--2024-08-18 <<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 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：公司发布 2024 年三季报。2024 年 Q1-Q3 公司实现营业收入 61.3 ...

Investment Rating - The report maintains a **Recommend** rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [3] Core Views - The company's Q3 2024 financial performance was strong, with revenue reaching **6.127 billion yuan**, a **55.64% YoY increase**, and net profit attributable to shareholders of **1.526 billion yuan**, up **69.22% YoY** [1] - The company's gross margin reached a historical high of **69.13%** in Q3 2024, reflecting its strong pricing power and competitive advantage in core products [1] - The company is a leader in domestic high-end processors, with significant advantages in CPU and DCU chip technologies, benefiting from the dual drivers of **domestic substitution in the IT sector (信创)** and **computing power demand** [2] Financial Performance - In Q3 2024, the company achieved a **23.74 billion yuan** revenue, a **78.33% YoY increase**, and a net profit attributable to shareholders of **672 million yuan**, a **199.9% YoY surge** [1] - The company's gross margin for the first three quarters of 2024 was **65.63%**, a **5.01 percentage point increase YoY**, with Q3 gross margin rising to **69.13%**, up **12.91 percentage points YoY** [1] - R&D expenses for the first three quarters were **1.814 billion yuan**, a **41.83% YoY increase**, with Q3 R&D expenses reaching **683 million yuan**, up **54.52% YoY** [1] Industry and Growth Prospects - The company's products, including **Haiguang CPUs** and **DCUs**, are widely used in key industries such as telecommunications, finance, and internet, with strong compatibility and performance [2] - The company is expected to benefit from the **iteration of large models**, the **national integrated computing power network**, and the **"East Data West Computing" project**, which will drive demand for domestic computing power [2] - The company's inventory increased significantly to **3.896 billion yuan**, up **263% from the beginning of the year**, indicating strong downstream demand and high industry景气度 [1] Valuation and Forecast - The company's net profit attributable to shareholders is expected to grow to **2.009 billion yuan** in 2024, **2.764 billion yuan** in 2025, and **3.748 billion yuan** in 2026, with a **59.08%**, **37%**, and **34.04% YoY growth**, respectively [2] - The company's PE ratio is projected to be **85x** in 2024, **62x** in 2025, and **46x** in 2026, reflecting its growth potential in the domestic high-end processor market [2]

2024 年 10 月 19 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] Q3 业绩倍数增长，存货+预付款展现成长信心 ——海光信息（688041）科创板公司动态研究 事件: 最近一年走势 10 月 15 日，公司发布 2024 年三季度报告：2024Q1-Q3，公司实现营 业收入 61.37 亿元，同比增长 55.64%；实现归母净利润 15.26 亿元，同 比增长 69.22%；实现扣非净利润 14.75 亿元，同比增长 76.87%。 2024Q3，公司收入 23.74 亿元，同比增长 78.33%；归母净利润 6.72 亿 元，同比增长 199.90%；扣非净利润 6.57 亿元，同比增长 205.85%。 投资要点: 相对沪深 300 表现 2024/10/18 产品竞争力市场领先，盈利能力持续提升 表现 1M 3M 12M 公司表示，始终围绕通用计算市场，持续加大技术研发投入，产品 海光信息 78.0% 76.5% 139.9% 竞争力保持市场领先，市场需求不断增加，带动公司营业收入 ...