海光信息：24H1业绩符合预期高增，国产GPU领军发力在即

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 3.763 billion yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 0.853 billion yuan, up 25.97% year-on-year [1][6]. - The company continues to enhance its R&D investment, with R&D expenses amounting to 1.131 billion yuan in H1 2024, reflecting a year-on-year increase of 35.21% [1][6]. - The company is positioned as a leader in the domestic GPU market, with its CPU and DCU products demonstrating excellent performance and a growing ecosystem [1][6]. - The development of AI has reached a strategic height, with accelerated construction of domestic intelligent computing centers [1][6]. - The company is committed to its "Xinchuang" strategy, establishing core barriers in the x86 and CUDA ecosystems [1][6]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.763 billion yuan, a 44.08% increase year-on-year, and a net profit of 0.853 billion yuan, a 25.97% increase year-on-year [1][5]. - R&D expenses for H1 2024 were 1.131 billion yuan, up 35.21% year-on-year, with 91.07% of employees in R&D roles [1][5]. Product and Market Position - The company's CPU is widely applicable in the domestic processor market, offering high reliability and security, along with a rich software and hardware ecosystem [1][5]. - The DCU product, a type of GPGPU, supports full-precision model training and is compatible with major domestic AI models [1][5]. Strategic Initiatives - The government is promoting AI applications, with initiatives to enhance computing power infrastructure by 2025 [1][5]. - The company is strengthening its position in the semiconductor industry amidst increasing external complexities and export restrictions [1][5]. Financial Projections - Revenue projections for 2024-2026 are 8.275 billion yuan, 11.060 billion yuan, and 14.473 billion yuan, respectively, with net profits expected to be 1.706 billion yuan, 2.268 billion yuan, and 2.943 billion yuan [1][5].