跟踪报告之一：CPU和DCU领军企业引领AI芯片国产浪潮

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.35 RMB [4] Core Views - The company is a leader in CPU and DCU technology, with significant growth potential driven by AI chip demand and domestic substitution trends [2] - The company's revenue in 2023 was 6.012 billion RMB, a 17.30% YoY increase, while net profit attributable to shareholders was 1.263 billion RMB, a 57.17% YoY increase [2] - The company's DCU products are compatible with the "CUDA" ecosystem and have been certified by major internet companies like Baidu and Alibaba, positioning them well in the AI infrastructure market [3] Financial Performance and Projections - Revenue is projected to grow to 8.085 billion RMB in 2024, 11.102 billion RMB in 2025, and 14.478 billion RMB in 2026 [4] - Net profit attributable to shareholders is expected to reach 1.606 billion RMB in 2024, 2.274 billion RMB in 2025, and 3.163 billion RMB in 2026 [4] - The company's EPS is forecasted to be 0.69 RMB in 2024, 0.98 RMB in 2025, and 1.36 RMB in 2026 [4] CPU and DCU Product Development - The company's CPU products, particularly the Haiguang 3 series, are widely used in industries such as telecommunications, finance, and internet services, with a 45% performance improvement over the previous generation [40] - The DCU products, including the ShenSuan 2 series, have achieved commercialization in big data processing, AI, and commercial computing, with performance doubling compared to the previous generation [48] - The company is actively developing Haiguang 4 and Haiguang 5 CPU series, as well as ShenSuan 3 and ShenSuan 4 DCU series, indicating strong R&D momentum [40][48] Market Trends and Industry Outlook - The global AI server market is expected to grow significantly, with IDC predicting the Chinese AI server market to reach 70.2 billion RMB by 2025 [2] - The company's products are well-positioned to benefit from the increasing demand for AI servers, particularly in the context of AIGC (AI-generated content) and large model training [2][26] - The domestic substitution trend in the semiconductor industry is expected to drive further growth for the company's CPU and DCU products [40][48] Competitive Advantages - The company has a strong ecosystem compatibility, with its CPU products supporting mainstream operating systems and software, and its DCU products compatible with the "CUDA" ecosystem [40][48] - The company has a robust R&D team, with 1,641 R&D personnel accounting for 91.68% of total employees, and 79.28% of them holding master's degrees or higher [17] - The company has established partnerships with major domestic server manufacturers and has a strong presence in key industries such as telecommunications, finance, and internet services [51]