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研報掘金丨財通證券:維持海光信息“買入”評級,存貨和合同負債大幅提升
格隆匯 03-03 15:05

財通證券研報指出,海光信息(688041.SH)24年歸母淨利潤19.31億元,同比增長52.87%。4Q2024單季度合同負債和存貨大幅增長,2025年有望持續高增。需求旺盛,截至4Q2024,公司合同負債爲9.03億元,環比3Q2024數據增加8.88億元,同比去年同期增加9.0億元,主要系受到客戶大額訂單。供給預備,截至4Q2024,公司存貨爲54.25億元,再創新高,環比3Q增加15.29億元,比去年同期增加43.51億元。認爲需求側在頭部互聯網公司大幅提升CapEx的帶動下,公司合同負債的大幅增長或反映了其DCU產品受到客戶認可;同時爲了應對更大規模的市場需求及供應鏈穩定,公司存貨快速增長,認爲報表層面的供需兩旺,2025年公司收入有望持續高速增長,國產算力迎來“黃金期”。公司作爲國內極爲稀缺的X86和GPGPU技術架構領航員,正持續保持極高強度的研發力度加速技術迭代。維持“買入”評級。

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