研報掘金丨國海證券:維持海光信息“買入”評級,擬換股吸收合併中科曙光
國海證券研報指出,海光信息換股吸收合併中科曙光,對中科曙光換股給予10%溢價。認為本次交易後,海光信息將實現從高端芯片設計到高端計算機整機、系統的閉環佈局,加速拓展智算全棧能力,實現國產算力產業鏈“強鏈 補鏈延鏈”,聚力打造世界級智算中心。本次交易未完成,盈利預測模型不考慮本次交易影響,預計2025-2027年歸母淨利潤分別為31.70/48.34/73.23億元, EPS分別為1.36/2.08/3.15元/ 股, 當前股價對應2025-2027年PE分別為100.5/65.9/43.5X,維持“買入”評級。
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