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、 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has evolved from a reform "testbed" to a highland for technological innovation, with a focus on six strategic emerging industries, achieving a total of 588 listed companies and a market capitalization exceeding 6.8 trillion yuan by June 2025 [1][2] Industry Overview - The STAR Market is particularly concentrated in the integrated circuit and pharmaceutical sectors, with 119 and 113 listed companies respectively, making it a major listing venue globally outside the US and Hong Kong [2] - The introduction of the "Eight Measures" has further stimulated resource allocation and industrial vitality in these sectors [2] Company Performance - Union Medical (688271.SH) raised 10.988 billion yuan during its IPO in August 2022, using the funds to enhance global expansion and production capacity for high-end medical imaging equipment [3] - The capital raised has significantly supported Union Medical in achieving breakthroughs in core technologies and establishing a complete self-research system for key components [3][4] - Aibo Medical (688050.SH) has experienced continuous revenue and net profit growth since its listing in 2020, with a compound annual growth rate of 39.56% in R&D investment from 2022 to 2024 [5][6] Market Dynamics - The STAR Market has become a key driver of domestic pharmaceutical innovation, with 33 globally new Class 1 drugs launched by STAR-listed companies since 2018, accounting for approximately 14% of all domestic Class 1 drugs approved during the same period [7] - In the integrated circuit sector, STAR-listed companies achieved a combined revenue of 72.182 billion yuan in Q1 2025, representing a 24% year-on-year increase, and a net profit of 4.479 billion yuan, up 73% [7][8] Strategic Developments - Companies like Longxin Zhongke (688047.SH) have accelerated their R&D iterations post-listing, increasing their annual new chip releases from 1-2 to 4-5 [8][9] - The ongoing push for domestic chip production is creating rapid development opportunities for chip companies, with significant growth in revenue and profitability observed [9][10] M&A Activity - The STAR Market encourages mergers and acquisitions as a means for companies to achieve external growth, with several notable cases emerging in 2023 [10][11] - Companies are actively seeking M&A opportunities to enhance their technological capabilities and market presence, with a focus on strategic alignment and operational synergy [11][12]

以下文章来源于数据宝 ，作者朱听武 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定 信息披露媒体的权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 本周70股获机构重点青睐。 据证券时报·数据宝统计，本周（3月3日至3月7日），58家机构合计进行396次评级，共计246股被券商研报给予"买入 型"评级（包括买入、增持、强烈推荐、推荐）。 合计来看，共70股获2家及以上机构重点关注。机构关注度最高的是比亚迪，有19家机构评级；紧随其后的是海光信息， 有10家机构评级。 从行业来看，汽车板块个股最受关注，除比亚迪外，还有长城汽车、宇通客车、长安汽车、赛力斯等10股。 电子行业包括海光信息、佰维存储、恒玄科技、顺络电子等有7股，机构关注数量位居第二。 | 600694 | 大商股份 | 4 | 78.17 | -5.31 | 商贸零售 | | --- | --- | --- | --- | --- | --- | | 300842 | 市科股份 | 4 | 67.76 | 17.41 | 电力设备 | | 00250 ...

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].