200倍PE下的考验：海光信息单季盈利增速骤降，存货再攀新高

Core Insights - Haiguang Information (688041.SH) reported a significant revenue increase of 54.65% year-on-year for the first three quarters of 2025, reaching 9.49 billion yuan, with a net profit growth of 28.56% to 1.961 billion yuan [1] - The third quarter alone saw a remarkable revenue growth of 69.60% year-on-year, reaching 4.026 billion yuan, marking the highest quarterly growth rate of the year [1] - Despite strong revenue growth, the company's net profit growth showed signs of slowing down, with a year-on-year increase of only 13.04% in Q3, down from 23.14% in Q2 [1][2] Revenue and Profit Analysis - The company attributed its revenue growth to deepened collaborations with OEMs and ecosystem partners, particularly in key industries, which accelerated client adoption and expanded market presence for high-end processors [2] - Haiguang's main products include general-purpose processors (CPU) and deep learning accelerators (DCU), with a focus on sectors like government, finance, and telecommunications [2] R&D and Inventory Dynamics - R&D expenditures increased by 35.38% year-on-year, with Q3 R&D spending rising by 53.83%, totaling 2.585 billion yuan, which exceeded revenue growth and exerted pressure on net profit [3] - The company's inventory reached a record high of 6.502 billion yuan, up 66.89% year-on-year, interpreted as strategic stockpiling for high-end processors [3] Market Performance and Valuation - Haiguang's stock price surged by 78.78% in Q3, significantly outperforming the STAR 50 Index, driven by the strategic importance of domestic high-end chips amid a complex international environment [4] - However, the notable slowdown in profitability raised concerns, leading to a single-day stock price drop of over 5% post-earnings report, with a closing price of 233.01 yuan and a market cap of 541.6 billion yuan, indicating a high PE ratio exceeding 200 times [4]