Q3 毛利率大幅提升，单季度业绩创新高。公司3Q24 实现营收23.74 亿元，同比增长78.33%；实现归母净利润6.72 亿元，同比增长199.9%；实现扣非归母净利润6.57 亿元，同比增长205.85%；单Q3 收入、利润增长超预期并创单季度新高，主要系市场需求不断增加所致。公司不断优化产品成本，利润增长快于收入。3Q24 公司销售毛利率为69.13%，同比增长12.9pct，环比增长5.3pct。我们认为毛利率增长的主要原因为，公司高端产品出货增长，营收结构向高毛利产品倾斜。3Q24 公司销售费用率为2.07%，同比上升0.48pct；管理/研发费用率分别为1.45%/28.76%，同比下降0.97/4.47pct。毛利率显著增长和良好的费用控制共同带动公司净利率提升，3Q24 公司净利率为37.12%，同比增长12.71pct。occurrences
Haiguang Information released its 2024 three-quarter report. The company achieved operating income of 6.137 billion yuan in the first three quarters of 2024, up 55.64% year on year; net profit to mother was 1.526 billion yuan, up 69.22% year on year; net profit after deducting non-return to mother was 1.475 billion yuan, up 76.87% year on year.
Comment:
Q3 Gross margin increased dramatically, with record results in a single quarter. The company achieved revenue of 2.374 billion yuan in 3Q24, up 78.33% year on year; achieved net profit of 0.672 billion yuan, up 199.9% year on year; achieved net profit deducted from mother 0.657 billion yuan, up 205.85% year on year; single Q3 revenue and profit growth exceeded expectations and hit new quarterly highs, mainly due to increasing market demand. The company continuously optimizes product costs, and profits are growing faster than revenue. 3Q24's gross sales margin was 69.13%, up 12.9 pct year on year and 5.3 pct month on month. We believe that the main reason for the increase in gross margin is the increase in the company's high-end product shipments, and the revenue structure is skewed towards high-margin products. 3Q24's sales expenses ratio was 2.07%, up 0.48pct year on year; management/R&D expenses ratio was 1.45%/28.76%, respectively, down 0.97/4.47 pct year on year. Significant increase in gross margin and good cost control led to an increase in the company's net profit margin. In 3Q24, the company's net profit margin was 37.12%, an increase of 12.71 pct over the previous year.
Inventory growth is high, and the certainty of performance delivery is high. The company's 3Q24 inventory was 3.896 billion yuan, up 58.7% month-on-month. The high inventory growth reflects the increase in the company's downstream demand expectations, so production capacity planning and preparation is carried out in advance. It is expected that future inventories will continue to transform into apparent performance, and growth is highly certain.
R&D is progressing smoothly, and new CPU+DCU products continue to open up room for growth. The company continues to promote new product research and development. 3Q24 generated R&D investment of 0.796 billion yuan, an increase of 8.91% over the previous year. Haiguang products have scarce ecological advantages: 1) CPU products are compatible with x86 instruction sets and mainstream international operating systems and application software; 2) DCU: products are compatible with common “CUDA-like” environments. According to IDC, China's accelerated server market reached 5 billion US dollars in the first half of 2024, an increase of 63% over the first half of 2023. Local Chinese AI chip brands shipped nearly 0.2 million sheets, accounting for about 20%.
As the market's demand for domestic chips increases, Haiguang's next-generation CPU and DCU products will continue to expand the promotion scale, strengthen high-end product line sales and increase share, and open up room for growth.
Profit forecast and investment rating: We expect the company's 2024-2026 revenue of 8.53/12.07/15.4 billion yuan, and net profit to mother of 1.8/2.42/3.16 billion yuan. Maintain a “buy” rating.
Risk warning: Environmental impact of external policies; supply falls short of expectations; product progress falls short of expectations.
