下游订单需求旺盛，存货、预付款稳步增长。公司2025 年Q1合同负债为32.4亿元，截止2024 年年报为 9.0 亿元，环比+258.3%，显示2025 年Q1 下游订单需求旺盛。与此同时，公司存货和预付款稳步增长， 2025 年Q1 存货价值为57.9 亿元，环比+6.8%，预付款金额为16.2 亿元，环比+30.7%，彰显公司未来发 展信心。 CPU、DCU双轮驱动，国产替代放量在即。公司CPU系列产品兼容 x86 指令集以及国际上主流操作系 统和应用软件，软硬件生态丰富，性能优异，安全可靠，广泛应用于电信、金融、互联网、教育、交通 等重要行业或领域。DCU 系列产品以GPGPU 架构为基础，广泛应用于大数据处理、人工智能、商业计 算等应用领域。当地2025 年4月15 日，英伟达发布公告，H20 以及相关标准芯片出口中国需申请许可 证，意味着美国进一步加强对华GPU芯片限制，海光信息或将受益国产GPU 芯片替代带来的行业红 利。 事件：公司发布 2025年一季报，2025年 Q1实现收入24.0亿元，同比+50.8%，实现归母净利润5.1亿元， 同比+75.3%，其中扣非净利润4.4亿元，同比+62. ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company, Haiguang Information, reported a significant revenue increase of 50.8% year-on-year in Q1 2025, reaching 2.4 billion yuan, and a net profit of 510 million yuan, up 75.3% year-on-year, slightly exceeding market expectations [6] - The company is experiencing strong demand for its products, with a notable increase in contract liabilities, indicating robust downstream order demand [6] - The company is positioned to benefit from the domestic GPU chip replacement trend due to increased restrictions on high-end GPU exports to China [6] Financial Performance Summary - Revenue projections for 2025-2027 are 14.01 billion yuan (+52.9%), 19.18 billion yuan (+36.9%), and 24.59 billion yuan (+28.2%) respectively [7] - Net profit forecasts for the same period are 2.96 billion yuan (+53.5%), 3.69 billion yuan (+24.6%), and 4.17 billion yuan (+12.9%) respectively [7] - The company’s EPS is expected to grow from 1.28 yuan in 2025 to 1.79 yuan in 2027 [7] - The company’s ROE is projected to increase from 15.78% in 2025 to 16.22% in 2027 [2] Business Segmentation - The high-end processor segment is expected to generate revenues of 13.98 billion yuan in 2025, with a growth rate of 52.5% and a gross margin of 63.2% [7] - The technology services segment is projected to see a dramatic revenue increase of 14,660% in 2025, with a stable gross margin of 71% [7] Market Position and Strategy - The company is focusing on high-intensity R&D investments in the computer and AI markets, with R&D expenses reaching 760 million yuan in Q1 2025, accounting for 31.8% of revenue [6] - The company’s CPU products are compatible with the x86 instruction set and widely used across critical industries, while its DCU products are based on GPGPU architecture, catering to big data processing and AI applications [6]