Hygon Information Technology (688041) 平安证券·2025-01-14 05:55Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company is expected to achieve operating revenue between 8.72 billion and 9.53 billion yuan in 2024, representing a year-on-year growth of 45.04% to 58.52%. The forecasted net profit attributable to shareholders is between 1.81 billion and 2.01 billion yuan, with a year-on-year increase of 43.29% to 59.12% [4][8] - The company emphasizes R&D investment, with expected R&D expenditure of 3.23 billion to 3.66 billion yuan in 2024, an increase of 14.96% to 30.26% compared to 2023. This continuous investment supports product innovation and enhances market competitiveness [7][8] - The company maintains a leading market position in the general computing market through high-intensity R&D and technological innovation, with its CPU and DCU products gaining wider market recognition, particularly in AI applications [7][8] Financial Summary - The company’s projected financials for 2024-2026 include: - Operating revenue: 9.125 billion yuan in 2024, 12.136 billion yuan in 2025, and 15.777 billion yuan in 2026 [6][10] - Net profit: 1.91 billion yuan in 2024, 2.735 billion yuan in 2025, and 3.676 billion yuan in 2026 [6][10] - EPS (Earnings Per Share): Expected to be 0.82 yuan in 2024, 1.18 yuan in 2025, and 1.58 yuan in 2026 [11] - The company’s P/E ratio is projected to decrease from 174.6 in 2024 to 90.7 in 2026, indicating improving valuation metrics [8][11] Market Position - The company is positioned as a core player in the domestic computing market, with strong competitiveness in its CPU and DCU products, benefiting from the current AI trend and domestic innovation initiatives [7][8]