海光信息：业绩表现亮眼，产品核心竞争力持续提升

Investment Rating - The report maintains a Recommend rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [3] Core Views - The company's Q3 2024 financial performance was strong, with revenue reaching 6.127 billion yuan, a 55.64% YoY increase, and net profit attributable to shareholders of 1.526 billion yuan, up 69.22% YoY [1] - The company's gross margin reached a historical high of 69.13% in Q3 2024, reflecting its strong pricing power and competitive advantage in core products [1] - The company is a leader in domestic high-end processors, with significant advantages in CPU and DCU chip technologies, benefiting from the dual drivers of domestic substitution in the IT sector (信创) and computing power demand [2] Financial Performance - In Q3 2024, the company achieved a 23.74 billion yuan revenue, a 78.33% YoY increase, and a net profit attributable to shareholders of 672 million yuan, a 199.9% YoY surge [1] - The company's gross margin for the first three quarters of 2024 was 65.63%, a 5.01 percentage point increase YoY, with Q3 gross margin rising to 69.13%, up 12.91 percentage points YoY [1] - R&D expenses for the first three quarters were 1.814 billion yuan, a 41.83% YoY increase, with Q3 R&D expenses reaching 683 million yuan, up 54.52% YoY [1] Industry and Growth Prospects - The company's products, including Haiguang CPUs and DCUs, are widely used in key industries such as telecommunications, finance, and internet, with strong compatibility and performance [2] - The company is expected to benefit from the iteration of large models, the national integrated computing power network, and the "East Data West Computing" project, which will drive demand for domestic computing power [2] - The company's inventory increased significantly to 3.896 billion yuan, up 263% from the beginning of the year, indicating strong downstream demand and high industry景气度 [1] Valuation and Forecast - The company's net profit attributable to shareholders is expected to grow to 2.009 billion yuan in 2024, 2.764 billion yuan in 2025, and 3.748 billion yuan in 2026, with a 59.08%, 37%, and 34.04% YoY growth, respectively [2] - The company's PE ratio is projected to be 85x in 2024, 62x in 2025, and 46x in 2026, reflecting its growth potential in the domestic high-end processor market [2]