海光信息：收入和净利润持续高增，DCU新品有望推动收入加速增长

Investment Rating - The report assigns a "Buy-A" rating to Hygon Information (688041 SH) for the first time [1] Core Views - Hygon Information's revenue and net profit continue to grow at a high rate, with DCU new products expected to drive accelerated revenue growth [1] - The company's CPU and DCU products are in the domestic first tier in terms of product performance and industrial ecology, and are expected to continue to benefit from the localization substitution of CPU and AI chips [3] - The company's DCU and CPU new generation products are expected to drive accelerated revenue growth [2] Financial Performance - In 2024 H1, the company achieved revenue of 3 763 billion yuan, a year-on-year increase of 44 08%, and net profit attributable to the parent company of 853 million yuan, a year-on-year increase of 25 97% [2] - In 24Q2, the company achieved revenue of 2 171 billion yuan, a year-on-year increase of 49 67%, and net profit attributable to the parent company of 565 million yuan, a year-on-year increase of 28 95% [2] - The company's net profit margin reached 32 58% in 2024 H1, a year-on-year decrease of 1 56 percentage points [2] Product Development - Hygon's DCU ShenSuan series products have leading domestic performance, supporting full-precision model training, and the latest ShenSuan No 2 has been released and commercialized, with performance doubling compared to ShenSuan No 1 [2] - The company's CPU products are iterated by generation, with the current main product being Hygon No 3, and Hygon No 4 was officially released on October 31, 2023, with Hygon No 5 under development [2] R&D and Market Expansion - In 2024 H1, the company's R&D expenses increased by 35 21% year-on-year to 1 131 billion yuan, with R&D expense ratio reaching 30 06%, mainly due to the increase in R&D personnel [2] - The company's sales expenses increased by 62 39% year-on-year to 71 million yuan in 2024 H1, with sales expense ratio increasing to 1 89% [2] Inventory and Future Confidence - As of the end of June 2024, the company's inventory amount was 2 455 billion yuan, an increase of 746 million yuan compared to the end of March 2024, mainly due to the company's further increase in raw material inventory, demonstrating confidence in future downstream demand and business growth [2]