Investment Rating - The investment rating for the company is "Buy" with a target price of 137.06 CNY [6][21]. Core Views - The acquisition of Zhongke Shuguang by Haiguang Information is expected to create significant synergies, transitioning the company from a single chip business to a comprehensive domestic computing power ecosystem solution [2]. - The merger is anticipated to enhance business collaboration, reduce friction costs, and establish a complete chain from chip design to end applications, forming a closed loop for domestic computing power [2]. - The company is positioned to benefit from the high growth potential in the domestic computing industry, particularly in the context of the "Xinchuang 2.0" phase, which is expected to accelerate demand in government and industry sectors [5]. Financial Data and Forecasts - The projected revenue for 2023 is 6,012 million CNY, with a growth rate of 17.30%. By 2027, revenue is expected to reach 26,528 million CNY, with a growth rate of 27.28% [5]. - The forecasted net profit attributable to the parent company for 2023 is 1,263.18 million CNY, with an expected increase to 6,921.88 million CNY by 2027, reflecting a growth rate of 29.97% [5]. - Earnings per share (EPS) is projected to grow from 0.54 CNY in 2023 to 2.98 CNY in 2027 [5]. - The company’s EBITDA is expected to increase from 4,039.40 million CNY in 2023 to 10,274.39 million CNY in 2027 [5]. Market Position and Trends - Haiguang Information is recognized as a leader in the domestic computing power sector, and the acquisition of Zhongke Shuguang is expected to enhance its market position [5]. - The company is likely to benefit from the increasing demand in the Xinchuang industry, with the replacement volume in the new phase expected to be nearly nine times that of the previous phase [5].

Group 1 - Zhongke Shuguang and Haiguang Information announced a share swap merger plan with a ratio of 0.5525:1, aiming to enhance their market position in the computing industry [1] - Zhongke Shuguang's stock hit the daily limit up after the announcement, while Haiguang Information opened over 8% higher, indicating strong market interest [1] - The Computer ETF (159998) has seen continuous inflows for 16 trading days, accumulating over 320 million yuan, with a current fund size of 3.123 billion yuan [1] Group 2 - The Computer ETF tracks the CSI Computer Theme Index, which includes companies involved in information technology services, application software, system software, and computer hardware [2] - As of March 31, Zhongke Shuguang accounted for 6.86% of the Computer ETF's net asset value, making it one of the top ten holdings [2] - The Cloud Computing ETF closely follows the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes A-share computing leaders, with Zhongke Shuguang representing 6.33% of its net asset value [2] Group 3 - Ming Sheng Securities believes that the integration of Zhongke Shuguang and Haiguang Information will optimize the industry layout from chips to software and systems, enhancing the overall value chain [3] - The merger is expected to consolidate high-quality resources across the information industry chain, strengthening the leadership role of these companies [3]