群益证券：给予海光信息增持评级，目标价175.0元

Group 1 - The core viewpoint of the report is that the merger between Haiguang Information and Zhongke Shuguang is expected to enhance the competitive advantage in the computing power industry and improve future development potential [1] - Haiguang Information plans to conduct a stock swap merger with Zhongke Shuguang, with a share price of 143.36 yuan per share, and dissenting shareholders have the right to sell their shares back to the company if the stock price falls below 136.13 yuan [1] - The merger is anticipated to shift Haiguang Information from a single chip business to providing comprehensive domestic computing power solutions, creating synergies and reducing costs in the supply chain [1] Group 2 - In Q1 2025, Haiguang Information achieved revenue of 2.4 billion yuan, a year-on-year increase of 50.8%, and a net profit of 506 million yuan, up 75.3% year-on-year [2] - The company maintained high R&D investment focused on general computing and AI computing markets, leading to continuous technological innovation and product performance improvement [2] - The three major expense ratios decreased to 33.53%, down 6.5 percentage points year-on-year, contributing to a nearly 5 percentage point increase in net profit margin [2] Group 3 - Haiguang's main products include CPU and DCU, which are compatible with the x86 instruction set and widely used in key industries such as telecommunications, finance, and education [3] - The demand for domestic computing power chips is expected to accelerate due to trade conflicts and the need for licenses for H20 supplies to China, benefiting Haiguang as a rare DCU design manufacturer [3] - The company is expected to see rapid sales growth in CPU products as the domestic computing power market continues to thrive [3] Group 4 - The profit forecast for Haiguang Information estimates net profits of 3.202 billion yuan, 4.673 billion yuan, and 6.709 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 65.81%, 45.96%, and 43.56% [4] - The expected earnings per share (EPS) for the same years are 1.38 yuan, 2.01 yuan, and 2.89 yuan, with corresponding P/E ratios of 103, 71, and 49 times [4] - The target price set for Haiguang Information is 175.0 yuan [4]