海光信息（688041）：25H1点评：强化销售效果显著，开拓智算助力高增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company achieved a revenue of 5.664 billion yuan in H1 2025, representing a year-on-year growth of 45.21%. In Q2 2025, revenue reached 3.064 billion yuan, with a year-on-year increase of 41.15%. The demand for domestic high-end chips continues to rise, and the company is deepening collaborations with OEMs and ecosystem partners in key industries [5] - As of the end of Q2 2025, the company's contract liabilities stood at 3.091 billion yuan, indicating sustained strong downstream demand [5] - The company's gross margin in Q2 2025 was 59.33%, attributed to product structure adjustments and an increase in the proportion of new products [5] - The company is focusing on expanding its market presence and enhancing its sales team, with a sales expense ratio of 3.72% in H1 2025, up by 1.83 percentage points year-on-year [5] - The company is expected to maintain a strong growth trajectory, with projected net profits of 2.920 billion yuan, 4.258 billion yuan, and 5.841 billion yuan for 2025, 2026, and 2027 respectively [5] Financial Summary - The company's revenue is projected to grow from 6.012 billion yuan in 2023 to 24.443 billion yuan in 2027, with a compound annual growth rate (CAGR) of 30% [2] - The net profit is expected to increase from 1.263 billion yuan in 2023 to 5.841 billion yuan in 2027, reflecting a strong growth rate [2] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 2.51 yuan in 2027 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 262.1 in 2023 to 56.7 in 2027, indicating improving valuation metrics [2] Market Position - The company is positioned to benefit from the accelerating growth in the intelligent computing and AI markets, with a focus on enhancing customer acquisition efficiency [5] - The company has a robust inventory level of 6.013 billion yuan as of the end of Q2 2025, ensuring sufficient supply capacity [5] - The company is leveraging its unique x86 architecture licensing and core technology to maintain a competitive edge in the general computing market [5]