海光信息：2024H1业绩持续高增，国产算力领军地位不断验证

Investment Rating - Maintain "Buy" rating [2] Core Views - The company's 2024H1 performance continues to grow significantly, with revenue expected to increase by 37.08% to 50.09% YoY, reaching RMB 3.58 billion to RMB 3.92 billion [1] - Net profit attributable to the parent company is expected to grow by 16.32% to 30.78% YoY, reaching RMB 788 million to RMB 886 million [1] - The company's CPU and DCU products demonstrate excellent performance, with a well-established ecosystem [1] - The company is a leader in domestic computing power, with its DCU supporting large-scale model training and applications such as LLaMa, GPT, and ChatGLM [1] Domestic Computing Power Infrastructure - The domestic computing power infrastructure is progressing steadily, with Beijing aiming to achieve a computing power supply scale of 45 EFLOPS by 2025 [2] - By 2027, Beijing plans to achieve 100% self-controllable computing center construction capabilities, supporting the training and inference of large models [2] X86 and CUDA Ecosystem - The company possesses rare domestic x86 design capabilities and is one of the few integrated circuit design companies with both high-end general-purpose processors and co-processor R&D capabilities [2] - The x86 architecture and CUDA ecosystem form core barriers, with CUDA being widely used by 4 million developers globally as of May 2023 [2] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.275 billion, RMB 11.060 billion, and RMB 14.473 billion, respectively [2] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 1.736 billion, RMB 2.293 billion, and RMB 2.945 billion, respectively [2] Financial Performance (2022-2023) - Revenue in 2022 was RMB 5.125 billion, growing by 121.8% YoY, while 2023 revenue was RMB 6.012 billion, growing by 17.3% YoY [3] - Net profit attributable to the parent company in 2022 was RMB 804 million, growing by 145.7% YoY, while 2023 net profit was RMB 1.263 billion, growing by 57.2% YoY [3] Stock Information - The stock closed at RMB 72.00 on July 15, 2024, with a total market capitalization of RMB 167.352 billion [7] - The free float ratio is 37.88%, with a 30-day average trading volume of 13.87 million shares [7]