海光信息（688041）：3Q2025收入加速增长，股权激励坚定长期信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the third quarter of 2025, with a year-on-year revenue growth of 69.60% and a net profit growth of 13.04% [7] - The company is focusing on ecological construction and expanding its customer base in the internet sector, which is reflected in a substantial increase in sales and R&D expenses [7] - A stock incentive plan has been announced, demonstrating the company's long-term confidence in its growth potential [7] - The company is expected to maintain its leading position in the computing power sector, with projected revenues of 144.70 billion, 227.60 billion, and 338.50 billion for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 94.90 billion, a year-on-year increase of 54.65%, and a net profit of 19.61 billion, up 28.56% year-on-year [7] - The company’s revenue forecast for 2025 is 144.70 billion, with a net profit of 27.69 billion, reflecting a net profit growth rate of 43.41% [6][7] - The company’s R&D investment reached 12.24 billion in Q3 2025, a year-on-year increase of 53.83% [7] Stock Incentive Plan - The company has launched a stock incentive plan for 2025-2027, granting up to 2,068,430 restricted shares at a price not lower than 90.25 yuan per share, which accounts for approximately 0.89% of the total share capital [7] - The revenue growth targets for the stock incentive plan are set at 50%, 90%, and 140% for the years 2025, 2026, and 2027 respectively [7] Market Performance - The company has outperformed the market with a 3Q2025 revenue growth of 69.60%, compared to the broader market indices [4][7]