海光信息（688041）：高激励目标彰显信心，国产算力加速腾飞

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance and market conditions [4][6]. Core Viewpoints - The company has announced a stock incentive plan aimed at boosting confidence and accelerating growth in domestic computing power, with ambitious revenue targets set for the years 2025 to 2027 [2][4]. - The performance targets for the incentive plan are set at a revenue of no less than 142 billion yuan in 2025, 206 billion yuan in 2026, and 275 billion yuan in 2027, reflecting a compound annual growth rate of approximately 44.2% [2][4]. - The company's CPU and DCU product lines are expected to drive significant revenue growth, with applications across various critical industries such as telecommunications, finance, and education [2][4]. Financial Projections - The projected revenues for the company are 142.1 billion yuan for 2025, 206.1 billion yuan for 2026, and 279.9 billion yuan for 2027, with corresponding net profits of 32.7 billion yuan, 46.7 billion yuan, and 66.8 billion yuan respectively [4][5]. - The report indicates a strong growth trajectory, with revenue growth rates of 55.1% in 2025 and 45.1% in 2026, followed by a decrease to 35.8% in 2027 [5][8]. - The earnings per share (EPS) are projected to increase from 1.41 yuan in 2025 to 2.87 yuan in 2027, reflecting the company's improving profitability [5][8]. Incentive Plan Details - The incentive plan involves granting up to 20.684 million shares of restricted stock, representing approximately 0.89% of the company's total share capital at the time of the announcement [1][3]. - The grant price for the restricted stock will not be less than 90.25 yuan per share, with the total expense for the plan estimated at 1.435 billion yuan over four years [3][4]. - The plan targets a broad range of employees, including core technical personnel, with a total of up to 879 individuals eligible for the stock grants [3][4].