证券研究报告 | 2025年08月06日 海光信息（688041.SH） 优于大市 业绩稳步增长，架构设计持续升级、服务器生态稳步推进 25Q2 收入、净利润稳步增长，合同负债夯实全年业绩信心。公司发布 25 年 中报，25H1 实现营业收入 54.64 亿，同比+45.21%；归母净利润 12.01 亿元， 同比+40.78%；扣非归母净利润 10.90 亿元，同比+33.31%。分季度来看，25Q2 公司实现营业收入 30.64 亿元，同比+41.15%、环比+27.66%；归母净利润 6.96 亿元，同比+23.14%、环比+37.49%；扣非归母净利润 6.48 亿元，同比+18.71%、 环比+46.52%，收入、净利润稳步增长，主要由于国内高端芯片市场需求持 续增长，公司通过深化与整机厂商、生态伙伴在重点行业、领域合作，加速 在客户端的导入。截至 25Q2 公司合同负债为 30.91 亿元，相较于 24Q4、25Q1 末分别+21.88、-1.46 亿元，仍维持历史高位，产品需求旺盛；同时，公司 25Q2 末预付款、存货分别为 20.63、60.13 亿元，相较于 25Q1 末分别增长 4.42、 ...

Investment Rating - The investment rating for the company is "Buy" [5][12]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 9.162 billion, a year-on-year increase of 52%, and a net profit attributable to shareholders of 1.931 billion, up 53% [1][5]. - The company has proactively increased strategic inventory to meet downstream demand, ending 2024 with inventory valued at 5.425 billion, a 405% increase year-on-year [1]. - The company is heavily investing in research and development, with R&D expenses amounting to 2.910 billion in 2024, a 46% increase from the previous year [1][2]. Financial Summary - In 2024, the company reported revenue of 91.62 billion, with a growth rate of 52.4% compared to 2023 [3]. - The net profit for 2024 was 19.31 billion, reflecting a growth rate of 52.9% [3]. - The company expects revenue to grow to 132.78 billion, 179.19 billion, and 232.87 billion in 2025, 2026, and 2027, respectively, with growth rates of 45%, 35%, and 30% [2][3].