Hygon Information Technology (688041) Shanxi Securities·2024-10-17 09:30Investment Rating - The report maintains a "Buy-A" rating for Haiguang Information (688041.SH) [1] Core Views - The company reported a significant revenue growth in Q3 2024, driven by increased product volume and a notable rise in gross margin [1][2] - The demand for domestic CPUs continues to rise due to the rapid advancement of the domestic information technology industry and AI chip market [3] - The company's inventory reached a record high of 3.896 billion yuan by the end of September 2024, reflecting proactive raw material procurement [3] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.137 billion yuan, a year-on-year increase of 55.64%, and a net profit of 1.526 billion yuan, up 69.22% [2] - In Q3 2024 alone, revenue was 2.374 billion yuan, representing a year-on-year growth of 78.33%, with net profit soaring by 199.90% to 672 million yuan [2] - The gross margin for the first three quarters of 2024 was 65.63%, an increase of 5.01 percentage points year-on-year, with Q3 gross margin reaching a four-year high of 69.13% [3] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.89, 1.36, and 1.92 yuan respectively, with corresponding P/E ratios of 127.09, 83.26, and 59.24 [4][5]