Core Viewpoint - The article highlights the evolution and achievements of the Chinese high-performance computing (HPC) industry, particularly focusing on the contributions of Sugon (中科曙光) in establishing China as a global leader in supercomputing technology. It emphasizes the importance of self-reliance in technology and the strategic significance of HPC in various sectors. Group 1: Historical Development - In 1990, the National Intelligent Computer Research and Development Center was established to promote the "863 Program," with Li Guojie appointed as the director [24] - The first project initiated by Li was the development of supercomputers, leading to the creation of "Shuguang No. 1" in 1993, marking China's entry into the HPC field [35][12] - The success of "Shuguang No. 1" led to the lifting of the ban on 10 billion calculations for China by Western countries just three days later [37] Group 2: Technological Advancements - Sugon has developed several supercomputers, including "Shuguang 4000A," "Shuguang 5000," and "Shuguang 6000," breaking the Western monopoly and establishing China as the third country capable of independently developing supercomputers [12] - The "Shuguang" series has been instrumental in various applications, from weather forecasting to space exploration, showcasing the versatility and necessity of HPC [8][10] Group 3: Market Position and Challenges - From 2009 to 2019, Sugon ranked first in the China HPC TOP100 for ten consecutive years, despite facing significant pressure from U.S. sanctions [13] - In June 2019, the U.S. Department of Commerce placed five Chinese companies on the Entity List, including four from the Sugon system, but this did not hinder Sugon's innovation [14] Group 4: Strategic Expansion - Sugon has expanded its capabilities beyond supercomputing to include a full industry chain involving chips, computing, cloud, and intelligence, enhancing its competitive edge [15] - The company has developed its own chips through subsidiaries like Haiguang Information, which produces both X86 architecture CPUs and self-developed deep computing units [16] Group 5: Financial Performance - By 2024, Sugon's gross margin and net margin reached 29.16% and 15.16%, respectively, representing increases of 159% and 293% since 2018 [91] - The net profit surged from 116 million in 2014 to 1.911 billion in 2024, marking a 16-fold increase over ten years [91] Group 6: Future Outlook - The merger of Haiguang Information and Sugon is set to create a comprehensive ecosystem for domestic chip, server, storage, and data center services, establishing a new landscape for the domestic HPC industry [80] - Sugon's strategic initiatives, including the establishment of intelligent computing centers and cloud services, position it well for future growth and resilience against external pressures [83][84]

格隆汇11月10日｜平安证券研报指出，中科曙光2025年前三季度实现归母净利润9.66亿元，同比增长 25.55%，分季度看，公司一、二、三季度实现归母净利润1.86亿元、5.42亿元、2.37亿元，分别同比增 长30.79%、28.91%、15.07%。公司第三季度营收加速增长，扣非归母净利润表现良好。公司是国内领 先的ICT基础设施解决方案提供商，拥有算力基础设施全产业链布局。公司发布超节点scaleX640，拥抱 国产AI算力产业发展机遇，将为公司长期可持续发展打下坚实基础。该行看好公司的未来发展，维 持"推荐"评级。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13]. Core Views - The company has shown strong performance in its non-recurring net profit, with a significant year-on-year growth of 70.17% in the first three quarters of 2025 [4][8]. - The launch of the scaleX640 super node positions the company to capitalize on the domestic AI computing power market, which is expected to grow rapidly due to increased spending from major players like Alibaba and Tencent [9][8]. - The company is actively addressing challenges in the domestic AI chip market by promoting an "AI computing open architecture" to lower development barriers and foster ecosystem collaboration [9][8]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 88.20 billion yuan, a year-on-year increase of 9.68%, and a net profit attributable to shareholders of 9.66 billion yuan, up 25.55% [4][8]. - The quarterly breakdown shows revenue growth of 4.34%, 0.94%, and 27.51% for Q1, Q2, and Q3 respectively, indicating a strong acceleration in Q3 [8]. - The company’s projected net profits for 2025-2027 are 23.87 billion yuan, 29.50 billion yuan, and 36.31 billion yuan respectively, with corresponding EPS of 1.63 yuan, 2.02 yuan, and 2.48 yuan [9][10]. Market Position and Strategy - The company is recognized as a leading provider of ICT infrastructure solutions in China, with a comprehensive layout in computing power infrastructure [9][8]. - The scaleX640 super node is designed to enhance computing power density by 20 times compared to traditional solutions, making it a key asset in the company's strategy to lead in the AI computing sector [9][8]. - The report emphasizes the importance of the scaleX640 in supporting high-performance AI applications, which is crucial for the company's long-term sustainable development [9][8].