海光信息（688041）：25Q3点评：收入增势延续，HSL协议开放助力算力扩展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [7] Core Views - The company has demonstrated strong revenue growth, with a projected increase in operating income from 6,012 million yuan in 2023 to 28,700 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 39% [3][6] - The net profit attributable to the parent company is expected to rise from 1,263 million yuan in 2023 to 6,359 million yuan in 2027, with a consistent growth rate of around 40% [3][6] - The company is positioned in a high-demand sector, with significant orders reflected in a contract liability of 28 billion yuan as of the end of Q3 2025, indicating robust market demand [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 9,490 million yuan, a year-on-year increase of 54.65%, and a net profit of 1,961 million yuan, up 28.56% [4] - In Q3 2025 alone, revenue reached 4,026 million yuan, marking a 69.60% increase year-on-year and a 31.38% increase quarter-on-quarter [4] Growth Projections - Revenue projections for 2024, 2025, 2026, and 2027 are 9,162 million yuan, 13,760 million yuan, 20,600 million yuan, and 28,700 million yuan respectively, with growth rates of 52%, 50%, and 50% for the following years [3][6] - The expected earnings per share (EPS) are projected to grow from 0.54 yuan in 2023 to 2.74 yuan in 2027 [3][6] Market Position and Strategy - The company is actively expanding its market presence and investing in research and development, with R&D expenses increasing by 42.55% year-on-year in the first three quarters of 2025 [5] - The opening of the HSL protocol is expected to enhance collaboration across the industry, improving efficiency and resource utilization, which will further drive innovation and market growth [5]