海光信息（688041）：股权激励目标积极，国产算力增长信心强劲

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a strong confidence in the growth of domestic computing power, supported by an active stock incentive plan aimed at enhancing employee motivation and retention [5][6] - The performance targets set in the incentive plan focus solely on the revenue from the company's CPU and DCU products, with ambitious growth rates projected for the coming years [6] - The company is expected to achieve significant revenue growth, with projected revenues of 61.2 billion yuan in 2025, 91.6 billion yuan in 2026, and 137.4 billion yuan in 2027 [6] Financial Projections - Revenue projections for the company are as follows: - 2023: 6,012 million yuan - 2024: 9,162 million yuan (growth rate of 52%) - 2025: 13,530 million yuan (growth rate of 48%) - 2026: 18,802 million yuan (growth rate of 39%) - 2027: 24,443 million yuan (growth rate of 30%) [2] - Net profit projections are as follows: - 2023: 1,263 million yuan - 2024: 1,931 million yuan (growth rate of 53%) - 2025: 2,920 million yuan (growth rate of 51%) - 2026: 4,258 million yuan (growth rate of 46%) - 2027: 5,841 million yuan (growth rate of 37%) [2] - Earnings per share (EPS) are projected to increase from 0.54 yuan in 2023 to 2.51 yuan in 2027 [2] Stock Incentive Plan - The company plans to grant up to 20.68 million restricted stocks, accounting for 0.89% of the total share capital, with 80% allocated for initial grants and 20% reserved [5] - The incentive plan aims to motivate a broad range of employees, with up to 879 individuals targeted, representing 31.36% of the total workforce [6] Market Position and Strategy - The company is positioned to leverage its unique x86 architecture and core technology to drive growth in the general computing market, with a focus on continuous R&D investment [6] - The dual-driven strategy of CPU and DCU products is expected to fulfill the logic of domestic substitution, with increasing demand in the downstream market [6]