Dongguan Securities·2025-05-26 09:35Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [5]. Core Viewpoints - The merger between Haiguang Information and Zhongke Shuguang is expected to accelerate the integration of domestic computing power and the process of domestic substitution [1][4]. - Haiguang Information, a leading domestic CPU+DCU enterprise, is benefiting from customer expansion and product high-end development, with significant performance improvements projected for 2024 and the first quarter of 2025 [4]. - Zhongke Shuguang is a core player in the information infrastructure sector, having established a comprehensive computing power industry chain layout, which includes high-performance computers and cloud infrastructure [4]. - The merger is anticipated to enhance the strengths of both companies, creating a closed-loop industry chain from upstream chips to downstream cloud services, thereby forming an integrated capability of "chip + complete machine + computing power service" [4]. Summary by Sections Company Performance - Haiguang Information's main business includes the research, design, and sales of high-end processors, with a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% [4]. - In the first quarter of 2025, Haiguang Information achieved a revenue of 2.4 billion yuan, a 50.76% increase year-on-year, and a net profit of 506 million yuan, reflecting a 75.33% growth [4]. Industry Trends - The report highlights the increasing importance of domestic chip applications in various sectors such as government, communication, finance, and energy, which is expected to drive the healthy development of the information industry in China [4]. - The recent regulatory changes by the China Securities Regulatory Commission regarding asset restructuring are seen as a positive development that could facilitate more mergers and acquisitions in the industry [4].