研報掘金丨民生證券:海光信息換股吸收合併中科曙光,強強聯合優勢互補
民生證券研報指出,海光信息(688041.SH)換股吸收合併中科曙光,強強聯合優勢互補。中科曙光與海光信息進行整合,將優化從芯片到軟件、系統的產業佈局,匯聚信息產業鏈上下遊優質資源,全面發揮龍頭企業引領帶動作用,實現產業鏈“強鏈補鏈延鏈”。中科曙光2024年實現營業收入131.48億元,同比減少8.4%;歸母淨利潤爲19.11億元;同比增長4.1%。看好公司在研發端的持續投入所帶來的產品性能與兼容性優勢,在國產替代提速、AI產業景氣度持續提升的背景下,預計公司2025-2027年實現歸母淨利潤30.66/43.57/59.92億元,對應PE 爲103/73/53倍 ,維持“推薦”評級。
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