海光信息&寒武纪 20250824 摘要 预计 2025 年四季度，国产算力在中国市场占比有望超英伟达，驱动行 业估值上升，国产芯片厂商成主要驱动力，提升产品边际效益，增强供 应链韧性，减少海外制约对中国 AI 景气度的影响。 2025 年国内互联网、运营商及政府在 AI 领域 CAPEX 预计 3,500 亿至 4,000 亿元，AI 芯片投资约 2000 亿至 2,500 亿元，较 2024 年增长至 少 50%，未来三年市场规模有望达 3,500 亿元，年增长超 30%。 英伟达 H20 芯片面临出口管制、安全约谈等多重挑战，预判国内芯片格 局将发生拐点，政策端对国产芯片影响力提高，关键零组件供应商停产 相关产品，加速国产化进程。 国内 AI 算力需求从训练环节扩展到应用端侧，空间尚未完全打开，中国 移动等关键基础设施行业快速推进国产化，国内大型 AI 芯片厂商展现强 大供应链韧性。 海光 X86 架构 CPU 通过 AMD 授权获得，是中国唯一具有高端计算能力 的 X86 芯片，全球 95%以上的服务器出货基于 X86 架构，为其带来显 著优势，DCU 采用类库达架构，兼容 90%以上库达生态。 Q& ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [19]. Core Views - The company achieved a revenue of 5.464 billion yuan in the first half of 2025, representing a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% year-on-year [6][10]. - The company is experiencing rapid growth in revenue and is building a complete domestic computing power industry ecosystem, driven by increasing demand for high-end chips [9][10]. - The company plans to absorb and merge with Zhongke Shuguang, which will enhance its capabilities in high-end computing and create a comprehensive domestic computing power ecosystem [10]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 3.064 billion yuan, a year-on-year increase of 41.15% and a quarter-on-quarter increase of 27.66% [6]. - The gross margin for Q2 2025 was 59.33%, showing a year-on-year decline of 4.50% and a quarter-on-quarter decline of 1.86% [9]. - The net profit margin for Q2 2025 was 30.29%, with a year-on-year decline of 8.01% but a quarter-on-quarter increase of 0.55% [9]. Market Position and Strategy - The company is deepening collaborations with OEMs and ecosystem partners in key industries to accelerate the adoption of high-end processors [9]. - The company has significantly increased its R&D investment, totaling 1.711 billion yuan in the first half of 2025, a year-on-year increase of 24.68% [9]. - The company’s DCU products are noted for their performance advantages and have established a comprehensive software ecosystem, supporting various AI applications [10]. Future Outlook - The company forecasts revenues of 14.158 billion yuan, 18.716 billion yuan, and 24.220 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.332 billion yuan, 4.468 billion yuan, and 5.895 billion yuan [10]. - The expected EPS for 2025, 2026, and 2027 is projected to be 1.43 yuan, 1.92 yuan, and 2.54 yuan respectively, with PE ratios of 103.74, 77.37, and 58.64 [10].

受益于上半年业绩大幅增长，近日新易盛、中际旭创、锐捷网络、洛阳钼业、仕佳光子、巨化股份等公 司股价纷纷创新高。 资金面上，近期A股市场两融余额持续攀升，其中融资余额已突破2万亿元大关。在此背景下，多家绩 优公司获得融资资金大手笔加仓。 铁大科技今年上半年实现净利润0.24亿元，同比增长53.68%。8月19日收盘，该公司A股市值为24.2亿 元。 据数据宝统计，从估值水平来看，截至8月19日收盘，这45家业绩稳健增长的公司中，滚动市盈率低于 30倍的有22家。其中5家滚动市盈率低于10倍，分别是青岛银行、常熟银行、杭州银行、齐鲁银行和捷 佳伟创。 二级市场的走势体现出投资者对这些绩优公司的认可。截至8月19日收盘，上述45家业绩稳健增长的公 司，今年以来股价平均上涨41.66%。 5家公司股价年内涨幅翻倍，分别是涛涛车业、民士达、并行科技、匠心家居、福斯达。 少数公司股价处于滞涨状态，威胜信息、立讯精密、中国移动等公司年内股价下跌。 据证券时报·数据宝统计，截至8月19日，不含2024年以来上市的股票，按照半年报、业绩快报、预告净 利润下限（无下限则取公告数值）计算，2025年上半年净利润创历史同期新高的公司 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of several companies in their half-year reports, with many stocks reaching historical highs due to positive earnings results [2][3][4] - Weichai Power (潍柴重机) reported a total revenue of 2.746 billion yuan, a year-on-year increase of 43.91%, and a net profit of 144 million yuan, up 52.62% year-on-year, marking a historical high for the same period [2] - New Yisheng (新易盛) also saw its stock price rise nearly 8% in early trading, supported by its strong half-year performance [2] Group 2 - A total of approximately 350 stocks reported historical highs in net profit for the first half of 2025, with 10 stocks exceeding 10 billion yuan in net profit, including China Mobile, Kweichow Moutai, and CATL [4] - Among these, 45 stocks have shown continuous growth in net profit since their listing, with six stocks having a market capitalization exceeding 100 billion yuan [4] - Haiguang Information (海光信息) achieved a net profit of 1.201 billion yuan, a year-on-year increase of 40.78%, establishing itself as a leading high-end processor design company [4] Group 3 - Smaller companies like Qingju Technology (青矩技术) and Iron University Technology (铁大科技) also demonstrated steady growth, with Iron University Technology reporting a net profit of 24 million yuan, up 53.68% year-on-year [5] - The average increase in stock prices for the 45 companies with stable growth was 41.25% year-to-date, outperforming the Shanghai Composite Index by approximately 30 percentage points [7][9] - Financing activities have increased, with nine stocks among the 45 receiving over 100 million yuan in net purchases since August, indicating strong investor interest [9]

Investment Rating - The report maintains a "Buy" rating for Haiguang Information, indicating a strong expectation for performance relative to the market [6]. Core Views - Haiguang Information reported a revenue of 5.464 billion yuan for H1 2025, reflecting a year-on-year growth of 45.2%. The net profit attributable to shareholders was 1.201 billion yuan, up 40.8% year-on-year [6]. - The company is expected to benefit from strong demand for its CPU products in sectors such as telecommunications and finance, with a focus on enhancing quality and efficiency [6]. - The report anticipates continued growth in revenue and net profit for 2025-2027, with projected revenues of 13.582 billion yuan, 17.530 billion yuan, and 21.403 billion yuan respectively, and net profits of 2.942 billion yuan, 3.948 billion yuan, and 4.654 billion yuan [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.162 billion yuan, with a year-on-year growth rate of 52.4%. For H1 2025, revenue is expected to reach 13.582 billion yuan, with a growth rate of 48.2% [5]. - The gross profit margin for H1 2025 is reported at 60.1%, with a slight decrease from the previous year due to a higher proportion of lower-margin products [6]. - Research and development expenses for H1 2025 amounted to 1.71 billion yuan, representing a 24.7% increase year-on-year, indicating a strong commitment to innovation [6].

公 司 报 告 电子 2025年08月11日 海光信息(688041.SH) 国产算力领先企业，25H1业绩持续大幅增长 推荐 ( 维持) 股价:136.12元 行情走势图 证券分析师 | 陈福栋 | 投资咨询资格编号 | | --- | --- | | | S1060524100001 | | | CHENFUDONG847@pingan.com.cn | 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,012 | 9,162 | 14,214 | 20,063 | 27,110 | | YOY(%) | 17.3 | 52.4 | 55.1 | 41.2 | 35.1 | | 净利润(百万元) | 1,263 | 1,931 | 3,074 | 4,511 | 6,210 | | YOY(%) | 57.2 | 52.9 | 59.2 | 46.7 | 37. ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 165.56 CNY, reflecting an expected return exceeding the market index [5]. Core Views - The company has demonstrated significant revenue growth driven by the increasing demand for domestic high-end chips, with a revenue increase of 45.21% year-on-year in H1 2025 [2]. - A strategic merger with Zhongke Shuguang is expected to enhance the company's position in the high-end computing sector, creating a closed-loop layout from chip design to complete systems [3]. - The company is heavily investing in R&D, with a 24.68% increase in R&D expenditure in H1 2025, indicating a commitment to technological advancement [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.464 billion CNY, up 45.21% year-on-year, and a net profit of 1.201 billion CNY, up 40.78% year-on-year [1]. - In Q2 2025, the company reported a revenue of 3.064 billion CNY, a 41.15% increase year-on-year, and a net profit of 696 million CNY, a 23.14% increase year-on-year [1]. Revenue and Profitability - The overall gross margin for H1 2025 was 60.15%, a decrease of 3.28 percentage points year-on-year, attributed to product structure optimization and rising raw material costs [2]. - The net profit margin for H1 2025 was 30.05%, down 2.53 percentage points year-on-year [2]. Strategic Initiatives - The merger with Zhongke Shuguang aims to create synergies and strengthen the company's position in the AI chip industry, enhancing its competitiveness in the domestic computing market [3]. - The company is focusing on high-end computing, storage, and data center products, which are expected to drive future growth [3]. Research and Development - The company invested 1.711 billion CNY in R&D in H1 2025, representing 31.31% of its revenue, with a 28% increase in R&D personnel compared to the same period last year [4]. - Collaboration with the Chinese Academy of Sciences to promote AI applications in scientific research highlights the company's commitment to innovation [4]. Market Outlook - The company is projected to benefit from the AI industrialization wave and domestic substitution trends, with revenue forecasts of 13.743 billion CNY, 19.241 billion CNY, and 25.013 billion CNY for 2025, 2026, and 2027 respectively [9]. - The expected net profits for the same years are 3.210 billion CNY, 4.634 billion CNY, and 6.213 billion CNY [9].

维持"买入"评级。作为国内芯片厂商龙头，随着deepseek 的发布代表着国产模型大进展，AI 应用百花 齐放，叠加外部博弈持续加深，国产算力迎来发展机遇，考虑产品性能的迭代与下游需求的不断释放， 我们预计公司2025-2027 年收入为149.19/192.51/242.45 亿元，归母净利润为39.79/52.32/68.30 亿元，维 持"买入"评级。 风险提示：技术迭代不及预期风险、经济下行超预期风险、行业竞争加剧风险。 DCU 兼具性能、生态优势，重要行业客户发力在即。1）海光DCU 基于通用图形处理器设计理念，具 有全精度支撑能力，包括双精度、单精度、半精度、整型等，能够充分挖掘应用的并行性，发挥其大规 模并行计算的能力，快速开发高能效的应用程序，为科学计算、人工智能计算提供算力，可以全面支持 深度学习训练、推理场景，以及大模型场景等。海光DCU 具备自主研发的DTK 软件栈，是目前国内最 为完备的生态之一，极大的减少了应用迁移难度。2）海光DCU 拥有完善的统一底层硬件驱动平台，能 够适配不同API 接口和编译器，并支持常见的函数库，与国内多家头部互联网厂商完成全面适配。3） 公司依托光合组织打 ...

| 总股本(百万股) | 2,324.34 | | --- | --- | | 流通股本(百万股) | 886.56 | | 市价(元) | 142.46 | | 市值(百万元) | 331,125.20 | | 流通市值(百万元) | 126,298.94 | 半导体 海光信息 25H1 点评：强化销售效果显著，开拓智算助力高增长 海光信息（688041.SH） 证券研究报告/公司点评报告 2025 年 08 月 06 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙行臻 | | 营业收入（百万元） | 6,012 | 9,162 | 13,530 | 18,802 | 24,443 | | | | 增长率 yoy% | 17% | 52% | 48% | 39% | 30% | | 执业证书编号：S0740524030002 | | 归母净利润（百万元） | ...

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].