Core Viewpoint - Chengdu is initiating a systematic practice of industry investment through institutional innovation, marked by the launch of the "Investment 28 Plan" and the signing of the first projects under the future industry fund, indicating a shift from opportunistic investment to a more structured and nurturing investment ecosystem [3][4]. Group 1: Investment Strategy - The "Investment 28 Plan" aims to establish a predictable investment rhythm by designating the 28th of each month as a city-level innovation day, providing a platform for capital and resources to converge for emerging projects [6][8]. - This plan is designed to cultivate a comprehensive ecosystem that supports the entire lifecycle of startups, from seed stage to IPO, through a dual approach of direct investment and sub-funds [6][12]. - The initiative reflects a departure from traditional venture capital models, which often seek quick returns, towards a long-term investment strategy that accommodates the lengthy R&D cycles typical in hard technology sectors [7][12]. Group 2: Ecosystem Development - The "Investment 28 Plan" is not merely about financial returns but focuses on building a stable and efficient interaction platform that reduces transaction costs and enhances resource allocation efficiency [10][12]. - The plan incorporates a "12345" service framework that connects various elements of the innovation ecosystem, ensuring that funded enterprises gain access to a network that includes market validation, policy support, physical space, and media exposure [11][12]. - By fostering a collaborative environment where government and enterprises share risks and rewards, the initiative aims to create a sustainable and resilient industrial ecosystem in Chengdu [17][19]. Group 3: Future Outlook - The recent signing of 15 projects with a total investment of nearly 500 million yuan highlights the targeted approach of the "Investment 28 Plan," aligning with Chengdu's modern industrial system [21][23]. - The strategy aims to enhance the local supply chain's resilience and self-sufficiency, particularly in the context of global supply chain disruptions, thereby contributing to national security and industrial stability [23]. - The ongoing commitment to the "Investment 28 Plan" signifies Chengdu's long-term confidence in its industrial ecosystem, with the potential for future success stories akin to the "Haiguang" narrative [23][24].

Summary of Haiguang Information Conference Call Company Overview - Haiguang Information achieved revenue of 9.1 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 50%, primarily driven by domestic production and the explosion of server CPUs [2][3][5] - The company went public on the Sci-Tech Innovation Board in 2022, initially showing low profits but has since seen continuous performance release, leading to a valuation digestion and sustained high growth [2][3] Financial Performance - The company's revenue grew from 380 million yuan in 2019 to over 9 billion yuan in 2024, with a CAGR of 89.09% and profits increasing from a loss of 100 million yuan to 1.931 billion yuan [2][5] - At the time of listing, the price-to-earnings (PE) ratio exceeded 100, but due to a growth rate of 145%, the price-to-earnings growth (PEG) ratio was below 1, indicating reasonable valuation [4] - In 2024, Haiguang Information reported a profit of 2 billion yuan, and after merging with China Shuguang, the combined profit exceeded 3 billion yuan, with expectations to surpass 5 billion yuan in the coming years [7][18] Product and Technology Development - The company has developed a full chain capability from chip design to solution integration following its merger with China Shuguang [6][16] - Haiguang Information's DPU products are compatible with NVIDIA's CUDA architecture, providing a competitive edge in the domestic AI chip market [8] - The Deep Computing 3 (深算 3号) product has entered the sales phase, focusing on AI training and autonomous driving, with AI revenue currently accounting for about 30% of total revenue [6][12] Market Dynamics - The domestic GPU market is expected to exceed 50 billion USD, with Haiguang Information's DPU positioned advantageously [9] - Daily token consumption in China has rapidly increased, indicating strong demand for large models, which provides significant growth opportunities for Haiguang Information [9] - Major cloud vendors in China, such as Alibaba and Baidu, are significantly increasing their investments in computing power and AI, further driving the demand for domestic chips [10] Competitive Landscape - The domestic server CPU market penetration has reached 25%, with key players including Huawei and Longxin, indicating a competitive environment [14][15] - Haiguang Information's CPU market revenue has surpassed 7 billion yuan, with strong performance in government, telecommunications, finance, and energy sectors [12] Future Outlook - The company is expected to maintain a CAGR of over 40% in the next three years, with profits projected to reach nearly 6 billion yuan by 2027 and potentially 10 billion yuan by 2028 or 2029 [18] - Haiguang Information is actively participating in national computing power projects and collaborating with various internet companies, enhancing its market position [20] Conclusion - Haiguang Information is positioned as a key player in the rapidly growing domestic AI and computing power market, with strong financial performance, innovative product offerings, and strategic partnerships that support its growth trajectory [2][18]

十 年 陪 跑 。 作者 I 冯雨晨 报道 I 投资界PEdaily 历 史 无 数 次 证 明 ： 等 一 等，或 许 就 有 超 级 回 报 。 十年时光，海光信息为身后投资人带来了多个回报时机——从成功IPO那一刻开始，原始 股东们就注定赚钱。今年9月，海光信息股价登上2 7 0元/股，较发行价翻超7倍，市值超 6 0 0 0亿。 当中成都国资的回报，最为惊艳。 早 年 在 海 光 信 息 还 没 有 第 一 代 产 品 时 ， 成 都 国 资 以 不 到 1 0 亿 元 价 格 拿 下 海 光 信 息 6. 5 亿 股，凭借IPO前两次转让就收回成本。 到今天，成都国资持股账面浮盈仍超10 0 0亿元，同时海光信息最赚钱的子公司扎根在成 都。不曾想当年的一笔产业招商投资，可以如此充满想象力。 十年，缔造6000亿市值 盛宴开端于十年前。 那时，全球CPU产业格局暗流涌动。美国主导的X8 6微处理器几乎占据了全球CPU市场约 9成份额，在"棱镜门"事件引起数据安全恐慌之下，国产替代摆在桌面。顺势而为，20 1 4 年10月天津国资旗下的海泰科技发起设立海光信息，瞄准CPU研发。 成立两个月，海光信息就启 ...

Core Viewpoint - The article discusses the evolution and strategic significance of Haiguang Information in the Chinese semiconductor industry, highlighting its role in breaking through the X86 architecture dominance and fostering domestic chip development amidst geopolitical tensions [1][2]. Group 1: Haiguang's Strategic Moves - Haiguang's collaboration with AMD in 2016 is noted as a pivotal "technology for market" case, establishing joint ventures to gain permanent X86 architecture licensing and Zen microarchitecture support [3]. - The establishment of Haiguang's R&D system, leveraging expertise from the Chinese Academy of Sciences, aimed to break the cycle of dependency on foreign technology through a structured training approach [3][4]. - The launch of Haiguang's first CPU, Haiguang 1, in 2018 marked a significant milestone, achieving mass production with a 14nm process and compatibility with X86 instruction sets, targeting the financial sector [4]. Group 2: Technological Advancements - Haiguang's subsequent CPUs, including Haiguang 2 and Haiguang 3, demonstrated continuous performance improvements, with the latter achieving a 45% performance increase over its predecessor [5]. - The introduction of the Haiguang 4 in October 2023 further solidified its technological advancements, with each generation showing over 30% performance enhancement [5]. - Haiguang's approach of "architecture licensing - absorption - independent iteration" has created a balance between ecological compatibility and technological control, contributing to a significant increase in the domestic X86 server market [5][6]. Group 3: Market Impact and Ecosystem Development - The rise of Haiguang has influenced international semiconductor regulations, prompting the U.S. to revise export control laws regarding X86 technology transfer to China [6]. - Haiguang's dual strategy of focusing on both CPU and DCU (Deep Learning Computing Unit) development has positioned it well in the rapidly evolving AI computing landscape [8]. - The establishment of the "Light Organization" in 2021 aimed to foster a collaborative ecosystem among over 5,000 members, significantly reducing adaptation costs and enhancing the integration of hardware and software [17][18]. Group 4: Financial Milestones and Future Outlook - Haiguang's IPO in 2022 raised 10.8 billion yuan, marking the largest semiconductor IPO of the year and reflecting strong market confidence in domestic chip development [12]. - The anticipated merger with Zhongke Shuguang aims to deepen integration within the domestic computing power industry, enhancing capabilities across various sectors [19]. - The article concludes that Haiguang's journey exemplifies a shift in the Chinese semiconductor industry from policy-driven to market-driven growth, positioning it as a key player in the global semiconductor landscape [20].

Group 1 - The core viewpoint of the article is that the global computing power competition has entered a "system-level" confrontation era, with China's computing power industry accelerating its integration through a "carrier-level" approach [1][22] - The strategic merger between domestic chip giant Haiguang Information and server leader Zhongke Shuguang is expected to break traditional industry boundaries between chip design and complete machine manufacturing, marking a significant move in China's computing power industry [1][5] - This merger is the first absorption merger case following the revision of the "Major Asset Restructuring Management Measures for Listed Companies," highlighting its importance in optimizing the independent innovation ecosystem in response to international technological blockades [1][6] Group 2 - The merger is anticipated to significantly reduce research and transaction costs, potentially creating a "hard technology platform enterprise" that combines high-valuation chip business with stable cash flow [1][10] - Haiguang Information holds a leading market share of 53.6% in domestic server CPUs and over 30% in the domestic GPU market, while Zhongke Shuguang is the leading player in the domestic server market with a sales volume of 265,400 units in 2024 [6][12] - The integration aims to enhance technological synergy and strengthen ecological advantages, promoting the development of leading enterprises in the information industry [6][7] Group 3 - The historical context shows that both companies share a common origin, having been established to overcome the bottleneck of domestic high-end processor technology [3][4] - The integration is seen as a beneficial attempt to "fill gaps and strengthen advantages" in China's computing power industry, leveraging technological complementarity and resource reuse [8][21] - The new entity formed post-merger is expected to adopt a dual-driven model of "high-valuation chip research and development + stable cash flow from complete machine sales," which may attract a valuation premium as a "hard technology platform enterprise" [10][31] Group 4 - The article discusses the evolution of China's computing power industry, which has transitioned from reliance on imported chips and systems to developing a complete innovation chain from basic chips to supercomputing applications [11][13] - The merger reflects a shift from "individual combat" to "group combat," allowing Chinese enterprises to participate in global competition with system-level advantages [21][23] - The article highlights the increasing global significance of computing power as a key indicator of national strategic capability, with the merger being a strategic move to build a self-controlled full industry chain ecosystem [22][24]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating its strong position in the industry [1]. - The expected financial performance for Haiguang Information shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3][4]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information from 2025 to 2027 are 50.9%, 39.9%, and 36.0%, respectively [4][9]. Earnings Forecast and Financial Indicators - The earnings per share (EPS) for Haiguang Information is projected to be 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027 [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 in 2027, indicating improving valuation over time [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% from 2024 to 2027, showcasing strong profitability [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating strong competitive positioning [1]. - The expected financial performance shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, but with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information are 50.9% for 2025, 39.9% for 2026, and 36.0% for 2027 [4][9]. Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for Haiguang Information are 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027, respectively [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 by 2027, indicating improving valuation metrics [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% over the forecast period [8][9].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is seen as a significant event that could reshape the global computing power landscape, marking the emergence of a new leader in China's AI sector [4][3]. Company Overview - Haiguang Information, a domestic CPU/DCU chip developer, has a market capitalization of 316.4 billion, while Zhongke Shuguang, a high-end computer manufacturer and cloud service provider, has a market capitalization of 90.5 billion [4]. - The merger is expected to create a "computing power aircraft carrier," consolidating resources and capabilities in the computing power sector [5]. Historical Context - Both companies share a common origin, with Zhongke Shuguang being backed by the Chinese Academy of Sciences and Haiguang Information established with significant investment from Zhongke Shuguang [6][7]. - Haiguang Information was founded in 2014, while Zhongke Shuguang has been a leader in the computing power field since its establishment in 1996 [6][7]. Strategic Significance - The merger will enable the formation of a complete industrial chain in the computing power chip sector, integrating server, storage, and data center solutions with high-end domestic chip development [8]. - This integration is seen as crucial for establishing a self-sufficient computing power ecosystem in China, particularly in the context of the AI boom [8]. Investment Insights - Chengdu's state-owned capital has made significant investments in Haiguang Information, with returns exceeding 500 billion, highlighting the financial success of local government investments in the tech sector [10][12][13]. - The investment strategy has not only yielded substantial financial returns but has also contributed to the growth of the local semiconductor ecosystem [13].

海光信息 20250414 摘要 Q&A 在中美贸易摩擦加剧的背景下，中国自主可控趋势对国产算力产业链有哪些影 响？ 中美贸易摩擦加剧使得中国自主可控趋势更加明确，尤其在高端处理器领域。 美国对中国进口产品加征关税，中国也采取了相应的反制措施，这些都推动了 国产替代的需求增长。例如，美国对进口英特尔和 AMD 系列 CPU 产品加征关税 已达到 125%以上，这将影响这些产品在中国市场的需求，为国产 CPU 如海光和 华为提供了市场空间。海光信息凭借其 x86 架构的良好兼容性，有望在市场份 • 中美贸易摩擦加剧，美国对进口 CPU 加征高额关税，推动国产替代需求增 长，为海光信息等国产 CPU 厂商提供市场机遇，尤其是在 x86 架构兼容性 方面。 • 海光信息在 AI 芯片领域发展迅速，深算三号 GPU 系列需求显著增长，提升 长期市场空间和短期 EPS。其 DCU 架构与英伟达 CUDA 生态兼容，最新一代 AI 芯片性能实现翻倍增长，预计快速实现大规模应用。 • 海光信息作为中科系国资背景的高端处理器龙头，提供 CPU 及芯片产品， 兼具 AMD 技术背景。2024 年营收 91.62 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]