研報掘金丨民生證券:海光信息業績符合預期,維持“推薦”評級
民生證券研報指出,海光信息(688041.SH)24年歸母淨利潤19.31億元,同比增長52.87%,業績符合預期。存貨方面,2024年末存貨達到54.25 億元,較上一年度末10.74 億元大幅增加。其中,原材料賬面價值32 億元,產成品賬面價值13 億元。目前在大國博弈等背景下,部分芯片設計廠商存在供貨困難等情況,因此充足的備貨是芯片設計廠商能夠發展的基礎,存貨的大幅增長體現了公司在供應鏈中的韌性。公司CPU和DCU產品在性能和生態方面國內領先,如CPU憑藉先進設計技術具備強大計算和擴展能力,DCU 基於並行計算微結構設計,計算性能強且能效比高。公司是國內芯片領域龍頭,CPU業務保持快速發展態勢,DCU業務自身優勢不斷增強,有望打開公司新的成長空間。維持“推薦”評級。
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