Source: Yiliu Investment Research Notes

Disclaimer: This article is for research and discussion purposes only and does not constitute any investment advice. The stock market is risky, and decision-making needs to be independent thinking, build your own logic system and risk control system, and avoid following the crowd.

On March 1st, Haiguang Information released the 2024 annual report, here is a small comment, of course, the previous basic data part I mainly let Tencent ingots access deepseek generated, slightly adjusted.

1. Company Profile

1. Company Business

Haiguang Information is a leading high-end processor design company in China, doing "computing" trading, but also AI infrastructure support, focusing on servers, workstations and other equipment CPU (general processor) and DCU (co-processor) research and development and sales. The CPU is compatible with x86 instruction set, covering telecommunications, finance, Internet and other fields; The DCU is based on the GPGPU architecture and is used in scenarios such as AI and big data processing.

2. Shareholding structure

Controlling shareholder: Sugon (27.96%)

Actual controller: Institute of Computing Technology, Chinese Academy of Sciences (32.10% equity controlled by Sugon and persons acting in concert in total).

Other important shareholders: Chengdu State-owned Assets (15.49% in total), CAS Holdings (4.86%), etc.

3. Management

Chairman: Sha Chaoqun (former vice president of Sugon, leading the research and development of Haiguang processor).

General Manager/Secretary of the Board of Directors: Xu Wenchao (financial and management background, responsible for strategy and capital operation).

Financial director: Guo Miaotao (many years of experience in financial control).

2. Performance data for 2024

3. Product and R&D

1. Product progress

　　CPU

Iterative to the third generation, the performance is benchmarked against the international mainstream, compatible with the x86 ecosystem, and the security is enhanced (supporting national cryptography algorithm and trusted computing).

　　DCU

Adapt to AI large model training, launch a new generation of products, improve computing power density, improve software stack (DTK/DAS), and cooperate deeply with leading cloud vendors.

2. R&D investment

R&D expenses

: 3.446 billion yuan (+22.63%), accounting for 37.61% of revenue; The capitalization rate was 17.04% (down 12.89 pct).

R&D team

: 2,157 (90.18%), 77.61% with master's degree or above, 836 patents and 304 software copyrights.

3. Ecological construction has joined forces with nearly 5,000 enterprises in the industrial chain to launch more than 10,000 solutions, covering cloud computing, AI, database and other fields, and the ecological barriers are stable.

Fourth, the management industry comments

1. Industry trends

Digital economy

: Policies promote the "artificial intelligence +" action, and the demand for computing power continues to grow.

AIGC erupted

Large-scale model training drives the demand for intelligent computing power, and the size of China's AI chip market is expected to exceed 250 billion yuan by 2028.

Domestic substitution

: The deepening of information and innovation, the penetration rate of domestic CPUs in government affairs, finance and other fields has increased, and Haiguang has the advantage by virtue of x86 compatibility.

2. Company Strategy

Leading technology

: Continue to invest in high R&D, promote CPU/DCU iteration, and deploy chiplet and advanced packaging technologies.

Ecological synergy

: Deepen cooperation with complete machine manufacturers (Inspur, H3C, etc.) and software vendors to build full-stack solutions.

5. Dividends in the last three years

Analysis: The dividend ratio has increased year by year, reaching 20.4% in 2024, reflecting the enhanced stability of profitability. The company takes into account R&D investment and shareholder returns, and is expected to maintain a dividend rate of 20%-30% in the future.

Summary and Valuation

With its technological leadership and ecological advantages, Haiguang Information occupies a leading position in the domestic CPU/DCU track. In 2024, the performance will increase significantly, the gross profit margin will increase significantly, and the R&D investment will consolidate the long-term competitiveness. With the explosion of demand for AI computing power and the deepening of information innovation, the company is expected to continue to benefit, and it needs to pay attention to the intensification of industry competition and supply chain risks.

At the close of trading on February 28, 2025, the share price of Haiguang Information is 160 yuan, the total market value is 371.9 billion, the net profit attributable to the parent company is 1.931 billion, and the price-earnings ratio is 192.

The market is often in a state where it makes sense and it doesn't; It doesn't make sense to say it, it makes sense. It always makes investors feel "tangled", tangled is the norm, and not tangled is not enough to call it a market.

For example, according to the discount rate of 3% and the growth rate of 20%, we use the net profit attributable to the parent to discount, which is calculated to be about 270 billion, and it is still assumed that in 20 years, the discount rate of 3% needs to reach 22% in order to reach the current market value. Maybe there is a dream in it, and there are some "patriotic feelings", after all, it is not easy to maintain a growth rate of 20% every year for 20 years.

Of course, the simple estimate here is also from the perspective of net profit attributable to the parent company, the profit on the book is not equal to the profit that can be obtained, and the company's profit may become equipment or other forms.

Valuation is a subjective activity, often inseparable from individual goals, the same is true for 160 Haiguang information, whether you can make money by buying is another matter, theoretically, as long as someone is willing to buy at a high price, you can make money, if you can persuade a group of people to buy at a high price, then you can often make a steady profit. Before making this judgment, you must first think about whether you are the one who influences others or the person who is affected, and then think about what "you will not lose".

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