中科海讯(300810)：HX-A200国产化芯片完成研制测试 业绩有望迎来拐点

Core Viewpoint - The company has successfully developed and tested the HX-A200 domestically produced core processing chip, which is expected to receive bulk orders this year [1][2]. Group 1: Product Development - The HX-A200 chip is specifically designed for the underwater acoustic equipment industry and has achieved stable operational capabilities [2]. - The high-performance data computing platform equipped with the HX-A200 chip has also completed development and testing, with bulk orders anticipated in the current year [2]. Group 2: Industry Context - Deep-sea technology has been included in the 2025 Government Work Report as a strategic emerging industry, highlighting the importance of sonar equipment for deep-sea exploration [3]. - The upcoming military parade on September 3 will showcase domestic main battle equipment, including new types of combat forces such as underwater operations and intelligent systems, indicating a shift towards advanced military capabilities [3]. Group 3: Financial Outlook - In 2023, the company faced a one-time revenue reduction of 159 million yuan due to pricing factors, but without this impact, revenue would have reached 323 million yuan, marking a record high since its listing [3]. - The company is expected to experience a performance turning point in 2025, coinciding with the end of the 14th Five-Year Plan [3]. - Projected net profits for 2025-2027 are estimated at 51 million, 85 million, and 123 million yuan, representing year-on-year growth rates of 297%, 66%, and 44% respectively [4].