海光信息：年报业绩符合预期高增，国产GPU领军发力在即-20250303

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5][7]. Core Views - The company achieved significant growth in its 2024 annual report, with operating revenue reaching 9.162 billion yuan, a year-on-year increase of 52.4%, and net profit attributable to shareholders of 1.931 billion yuan, up 52.87% year-on-year [1][2]. - The company is increasing its research and development (R&D) investment, which amounted to 3.446 billion yuan in 2024, representing a 22.63% increase year-on-year, and accounting for 37.61% of its operating revenue [2]. - The company is actively increasing inventory to ensure supply chain stability, with inventory levels reaching 5.425 billion yuan, a significant increase of 405.09% year-on-year [2]. Financial Performance - In Q4 2024, the company reported operating revenue of 3.026 billion yuan, a 46.22% increase year-on-year, and a net profit of 405 million yuan, up 12.09% year-on-year [2]. - The company expects continued revenue growth, projecting revenues of 14.671 billion yuan, 18.352 billion yuan, and 22.031 billion yuan for 2025, 2026, and 2027 respectively [5][6]. - The projected net profit for 2025 is 3.936 billion yuan, with a year-on-year growth rate of 103.8% [5][6]. Industry Position and Strategy - The company is positioned as a leader in the domestic GPU market, with its DCU product line designed for high-performance computing and AI applications, supporting various precision levels and parallel computing capabilities [3]. - The company has developed a comprehensive software ecosystem for its DCU products, significantly reducing application migration difficulties and enhancing compatibility with major domestic internet firms [3]. - The ongoing geopolitical tensions and trade policies are expected to accelerate the development of domestic AI computing centers, further enhancing the company's strategic importance in the industry [4].