海光信息(688041)：Q1业绩高增 国产算力龙头启航

Core Insights - The company reported Q1 2025 revenue of 2.4 billion yuan, a year-on-year increase of 50.8%, and a net profit attributable to shareholders of 510 million yuan, up 75.3% year-on-year, slightly exceeding market expectations [1] - R&D expenses continued to rise, with Q1 2025 R&D investment reaching 760 million yuan, a year-on-year increase of 16.3%, accounting for 31.8% of revenue, down 9.4 percentage points year-on-year [1] - Operating cash flow significantly improved, with a net operating cash flow of 2.52 billion yuan in Q1 2025, compared to -70 million yuan in the same period last year [1] Financial Performance - The company achieved a high growth rate in performance, with a net profit of 510 million yuan and a non-recurring net profit of 440 million yuan, up 62.6% year-on-year [1] - Contract liabilities reached 3.24 billion yuan in Q1 2025, a 258.3% increase from 900 million yuan at the end of 2024, indicating strong downstream order demand [1] - Inventory value stood at 5.79 billion yuan, a 6.8% increase quarter-on-quarter, while prepaid amounts reached 1.62 billion yuan, up 30.7% quarter-on-quarter, reflecting confidence in future development [1] Industry Outlook - The company’s CPU series products are compatible with the x86 instruction set and widely used in critical sectors such as telecommunications, finance, and education, while the DCU series is based on GPGPU architecture for big data and AI applications [2] - The recent U.S. restrictions on GPU chip exports to China may benefit domestic GPU chip alternatives, positioning the company to capitalize on industry opportunities [2] - Revenue forecasts for 2025-2027 are projected at 14.01 billion yuan (+52.9%), 19.18 billion yuan (+36.9%), and 24.59 billion yuan (+28.2%), with net profits of 2.96 billion yuan (+53.5%), 3.69 billion yuan (+24.6%), and 4.17 billion yuan (+12.9%) respectively [2]