中科曙光(603019)：扣非净利润表现良好 发布超节点拥抱产业机遇

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit, indicating a positive trend in its operations and market position [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 8.82 billion yuan, a year-on-year increase of 9.68% [1][2]. - The net profit attributable to shareholders reached 966 million yuan, reflecting a year-on-year growth of 25.55% [1][2]. - The non-recurring net profit attributable to shareholders was 757 million yuan, showing a substantial year-on-year increase of 70.17% [1][2]. - Quarterly breakdown shows revenue growth of 4.34%, 0.94%, and 27.51% for Q1, Q2, and Q3 respectively, with Q3 showing accelerated growth [2]. - Quarterly net profit attributable to shareholders was 186 million yuan, 542 million yuan, and 237 million yuan for Q1, Q2, and Q3 respectively, with Q3 growth at 15.07% [2]. Product Development - The company launched the scaleX640 super node, which is the world's first single-cabinet 640-card super node, during the World Internet Conference in November 2025 [3][4]. - The scaleX640 features a "one-to-two" high-density architecture, achieving high-speed interconnection and significantly enhancing computing power density by 20 times compared to traditional solutions [3][4]. - The product supports advanced AI applications, including training and inference for trillion-parameter models, and is positioned to capitalize on the growing domestic AI computing market [3][4]. Industry Positioning - The company is actively addressing challenges in the domestic AI computing landscape, such as high-end chip shortages and lack of standards, by collaborating with over 20 industry players to establish an "AI Computing Open Architecture" [4]. - The launch of the scaleX640 is seen as a strategic move to leverage opportunities in the domestic AI computing industry, which is expected to grow rapidly due to increased capital expenditure from major players like Alibaba and Tencent [3][4]. Earnings Forecast - The company adjusted its profit forecasts for 2025-2027, estimating net profits of 2.387 billion yuan, 2.950 billion yuan, and 3.631 billion yuan respectively, with corresponding EPS of 1.63 yuan, 2.02 yuan, and 2.48 yuan [5]. - The company is recognized as a leading provider of ICT infrastructure solutions in China, with a comprehensive layout in computing infrastructure [5].