东海证券晨会纪要-20251224

Group 1: Key Recommendations - Haiguang Information (688041) is a leading domestic CPU enterprise, positioned in the trillion-yuan market for computing power chips, with a dual-drive strategy of CPU and DCU products, leading in hardware performance and software ecosystem [5][6][9] - Micron's performance guidance exceeded expectations, with Q1 FY2026 revenue reaching $13.64 billion, a significant year-on-year increase of 57%, driven by surging storage demand amid the AI wave [11][12] Group 2: Company Analysis - Haiguang Information - Established in 2014, Haiguang has developed its CPU products based on AMD's authorized technology, with the latest iteration being the Haiguang Five, while the Haiguang Four has already been commercialized [5][6] - The company’s CPUs are compatible with x86 architecture, achieving performance levels comparable to international mainstream CPUs, and dominating the market in government and industry sectors [6][9] - The demand for Haiguang's CPUs is driven by the acceleration of AI server shipments and domestic demand for independent innovation, with a projected 24.3% growth in global AI server shipments in 2025 [6][9] Group 3: Market Trends and Projections - The global AI chip market is expected to reach $92 billion in 2025, growing by 29.58%, with China's share ranking second globally [7][9] - Haiguang's DCU products, based on GPGPU architecture, are designed to meet the full range of AI training and inference needs, with significant partnerships established with major internet companies [7][9] - Revenue projections for Haiguang from 2025 to 2027 are estimated at 143.05 billion, 207.76 billion, and 287.59 billion yuan, with corresponding year-on-year growth rates of 56.13%, 45.23%, and 38.43% [9] Group 4: Company Analysis - Micron - Micron's cloud storage business saw a staggering 99.5% year-on-year revenue increase, reaching $5.284 billion, driven by AI-related demand [12][13] - The company anticipates a significant shortage in storage chip supply, which is expected to persist into 2026 and beyond, with a focus on high-bandwidth memory (HBM) demand projected to grow at a compound annual growth rate of approximately 40% [12][13] - Micron plans to increase its capital expenditure budget for FY2026 from $18 billion to approximately $20 billion to enhance HBM supply capabilities and accelerate the mass production of new DRAM nodes [12][13] Group 5: Industry Insights - The electronic industry is experiencing a gradual recovery, with AI investments exceeding expectations and storage chip prices rising [11][16] - The report suggests focusing on companies benefiting from strong domestic and international demand in the AIOT sector, as well as those involved in semiconductor equipment and key components [16]