海光信息(688041)：生态布局徐徐图之 吸并打造信创航母

Core Viewpoint - The company is experiencing steady growth in its performance for the first half of 2025 while actively promoting ecosystem development, with advancements in the new generation CPU research and development [1] Financial Performance - In Q2 2025, the company achieved revenue of 3.06 billion yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 700 million yuan, up 23% year-on-year [2] - For the first half of 2025, total revenue reached 5.46 billion yuan, representing a 45% year-on-year growth, with a net profit of 1.2 billion yuan, up 41% year-on-year [2] - The company has significantly increased its marketing efforts, with sales expenses rising by 186% compared to the same period last year [2] R&D and Product Development - The company is accelerating the R&D progress of the new generation Haiguang general-purpose processor chip design and key technology development, with increased investment in these projects [2] - The DCU and CPU products are designed to create efficient synergy, enabling high bandwidth and low latency consistency in Haiguang products [2] - The company has established a complete domestic supply chain integration in packaging technology, enhancing its product capabilities [3] Strategic Initiatives - The company plans to absorb and merge with Zhongke Shuguang, aiming to create a comprehensive ecosystem for domestic chip applications in key industries such as government, finance, telecommunications, and energy [4] - The merger will allow the company to consolidate resources and focus on the development of intelligent computing solutions, enhancing its competitive edge in the market [4] Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 14.21 billion, 20.70 billion, and 29.15 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 55%, 46%, and 41% respectively [5] - Net profit attributable to shareholders is expected to be 2.98 billion, 4.33 billion, and 6.40 billion yuan for the same period [5] - The company maintains a "buy" rating with corresponding PE valuations of 109, 75, and 51 times for the years 2025 to 2027 [5]