海光信息（688041）：业绩稳步增长，架构设计持续升级、服务器生态稳步推进

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][21] Core Insights - The company reported steady growth in revenue and net profit, with a significant increase in contract liabilities, reinforcing confidence in annual performance [8][12] - The gross margin decreased due to a higher proportion of lower-margin DCU products, while the company continues to optimize its product matrix [2][14] - The architecture design is continuously upgraded, and the server ecosystem is steadily advancing, with collaborations with major domestic server manufacturers [3][17] Financial Performance - In H1 2025, the company achieved revenue of 5.464 billion, a year-on-year increase of 45.21%, and a net profit of 1.201 billion, up 40.78% [8] - For Q2 2025, revenue reached 3.064 billion, a year-on-year increase of 41.15%, and net profit was 696 million, up 23.14% [8] - The company’s gross margin for Q2 2025 was 59.3%, down 4.5 percentage points year-on-year, while the net profit margin was 30.3%, down 8.0 percentage points year-on-year [2][14] Future Projections - Revenue projections for 2025-2027 are 15.535 billion, 21.206 billion, and 25.595 billion respectively, with net profits expected to be 3.920 billion, 5.494 billion, and 6.385 billion [3][19] - The current stock price corresponds to a PE ratio of 81, 58, and 50 for the years 2025, 2026, and 2027 respectively [3][19]