“CPU+DCU”双轮驱动，国产算力龙头持续受益AIGC落地

Investment Rating - The report maintains an "Overweight-A" rating for Haiguang Information with a 6-month target price of 95.1 RMB [4] Core Views - Haiguang Information is a leading domestic computing power company benefiting from the dual-drive strategy of "CPU+DCU" and the rapid adoption of AIGC (Artificial Intelligence Generated Content) [1] - The company's Q1 2024 revenue reached 1.592 billion RMB, a YoY increase of 37.09%, with a net profit of 289 million RMB, up 20.53% YoY, and a gross margin of 62.87%, up 5 percentage points QoQ [1] - The company is expected to benefit from the strong demand for domestic computing power due to US export restrictions on advanced AI chips and the growing AIGC market [3] Market and Product Analysis - Haiguang Information's revenue growth is driven by increased market development and demand for domestic servers, as well as continuous innovation in high-end processors [2] - The company's CPU products are compatible with x86 instruction sets and mainstream operating systems, widely used in industries such as telecommunications, finance, and education [2] - The DCU series, based on GPGPU architecture, supports full-precision model training and is compatible with major AI models like LLaMa, GPT, and ChatGLM, positioning it as a leader in the domestic market [2] Industry Trends - The global AI server market is projected to grow from $19.5 billion in 2022 to $34.7 billion in 2026, with a CAGR of 17.3% [3] - China's AI server market is expected to grow from 316,000 units in 2023 to 691,000 units in 2027, with a CAGR of 21.6% [3] - US export restrictions on advanced AI chips create opportunities for domestic players like Haiguang Information to capture market share [3] Financial Projections - Revenue for 2024-2026 is projected to be 7.936 billion RMB, 10.317 billion RMB, and 12.896 billion RMB, respectively [7] - Net profit for the same period is expected to be 1.842 billion RMB, 2.359 billion RMB, and 2.847 billion RMB [7] - The company's PE ratio for 2024 is estimated at 94.3x, with a PB ratio of 8.4x [9] Valuation and Target Price - The target price of 95.1 RMB is based on a 120x PE multiple for 2024, reflecting the company's growth potential in the AIGC and domestic computing power markets [8] Key Financial Metrics - Gross margin for Q1 2024 improved to 62.87%, up 5 percentage points QoQ [1] - The company's ROE is expected to increase from 6.8% in 2023 to 11.0% in 2026 [9] - R&D expenses as a percentage of revenue are projected to remain high at 33.1% in 2024, reflecting the company's focus on innovation [10]