海光信息：收入、利润同比高增，研发夯实技术壁垒

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][18]. Core Insights - The company is expected to achieve a revenue of 87.2-95.3 billion yuan in 2024, representing a year-on-year growth of 45.0%-58.5%, and a net profit of 18.1-20.1 billion yuan, with a year-on-year increase of 43.3%-59.1% [7][4]. - The company is focusing on increasing its R&D investment, projected to be 32.3-36.6 billion yuan in 2024, which is a year-on-year growth of 15.0%-30.3% [8][2]. - The CPU and DCU products are expected to expand their market applications significantly, benefiting from the rapid growth of the AI chip market and the domestic hardware industry [12][3]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 91 billion yuan, 124 billion yuan, and 161 billion yuan respectively, with net profits of 19 billion yuan, 30 billion yuan, and 40 billion yuan for the same period [4][13]. - The company’s earnings per share are projected to increase from 0.81 yuan in 2024 to 1.73 yuan in 2026 [5][15]. Market Trends - The domestic hardware market is expected to grow from approximately 214.6 billion yuan in 2022 to 788.95 billion yuan by 2026, with a CAGR of 38.5% [12][3]. - The AI chip market in China is projected to grow from 65.2 billion yuan in 2023 to 258.2 billion yuan by 2028, with a CAGR of 31.7% [12][3]. Financial Metrics - The company’s EBIT margin is expected to improve significantly, reaching 26.4% in 2024 and 32.7% in 2026 [5][15]. - The return on equity (ROE) is projected to increase from 9.2% in 2024 to 14.7% in 2026 [5][15].