海光信息（688041）：Q2维持高增，期待曙光合并与新品迭代

Investment Rating - The report maintains a "Buy" rating for Haiguang Information, indicating a strong expectation for performance relative to the market [6]. Core Views - Haiguang Information reported a revenue of 5.464 billion yuan for H1 2025, reflecting a year-on-year growth of 45.2%. The net profit attributable to shareholders was 1.201 billion yuan, up 40.8% year-on-year [6]. - The company is expected to benefit from strong demand for its CPU products in sectors such as telecommunications and finance, with a focus on enhancing quality and efficiency [6]. - The report anticipates continued growth in revenue and net profit for 2025-2027, with projected revenues of 13.582 billion yuan, 17.530 billion yuan, and 21.403 billion yuan respectively, and net profits of 2.942 billion yuan, 3.948 billion yuan, and 4.654 billion yuan [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.162 billion yuan, with a year-on-year growth rate of 52.4%. For H1 2025, revenue is expected to reach 13.582 billion yuan, with a growth rate of 48.2% [5]. - The gross profit margin for H1 2025 is reported at 60.1%, with a slight decrease from the previous year due to a higher proportion of lower-margin products [6]. - Research and development expenses for H1 2025 amounted to 1.71 billion yuan, representing a 24.7% increase year-on-year, indicating a strong commitment to innovation [6].