海光信息（688041）：Q3收入超预期，CPU和DCU产品持续突破

Investment Rating - The report maintains a "Buy-A" rating for the company [1][4]. Core Insights - The company reported a revenue of 9.49 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 54.65%. The net profit attributable to shareholders was 1.96 billion yuan, up 28.56% year-on-year [2][3]. - In Q3 2025, the company achieved a revenue of 4.03 billion yuan, a significant year-on-year growth of 69.60%, with a net profit of 760 million yuan, reflecting a 1.04% increase compared to the previous quarter [2][3]. - The company is expected to benefit from the ongoing domestic substitution of CPU and AI chips, with strong performance in both product categories [4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 60.10%, a decrease of 5.54 percentage points year-on-year. The net profit margin was 29.93%, down 4.40 percentage points year-on-year [3]. - The company’s contract liabilities stood at 2.8 billion yuan, indicating a substantial amount of new contracts that will convert to revenue in the coming quarters. Inventory reached 6.50 billion yuan, up from 6.01 billion yuan at the end of Q2 2025, reflecting confidence in future operations [3]. - The company’s revenue projections for 2025-2027 are 14.24 billion yuan, 20.04 billion yuan, and 26.65 billion yuan, respectively, with corresponding EPS estimates of 1.22, 1.93, and 2.61 [4][7]. Market Data - As of October 16, 2025, the company's closing price was 233.01 yuan, with a market capitalization of 54.16 billion yuan. The stock has seen a yearly high of 277.98 yuan and a low of 115.15 yuan [2][3]. - The company’s basic and diluted earnings per share for 2025 are both projected at 0.85 yuan, with a net asset return rate of 11.28% [2][3].