Ge Long Hui·2025-12-19 07:48Group 1 - The core viewpoint of the report is that Haiguang Information is a leading domestic high-end processor manufacturer, with products covering general processors (CPU) and co-processors (DCU) [1] - The Shuguang X640 has outstanding performance, which may accelerate breakthroughs in domestic card training scenarios, while Haiguang's DCU chips are expanding into multiple scenarios, leading to expected rapid growth in performance [1] - Given the accelerated growth in domestic AI demand and the strengthening trend of domestic substitution, the company's performance is anticipated to grow rapidly [1] Group 2 - The company’s estimated EPS for 2025, 2026, and 2027 is projected to be 1.36, 2.92, and 4.49 yuan respectively [1] - Based on comparable company PE valuations and considering the company's revenue and net profit scale is close to Cambrian, a 120x PE is assigned for 2026, raising the target price to 350.4 yuan [1] - The report maintains a "buy" rating for the company [1]