Research of Guotai Junan Securities: Maintain a "buy" rating on Haiguang Information, raising the target price to 350.4 yuan.

Guotai Junan Securities Research Report pointed out that Haiguang Information is a leading domestic high-end processor manufacturer, with products covering general-purpose processors and coprocessors. The performance of Shuguang X640 is outstanding, which may accelerate the breakthrough in domestic card training scenarios. Haiguang DCU chip accelerates the expansion of multiple scenarios, and performance is expected to grow rapidly. Considering the accelerating growth of domestic AI demand and the strengthening trend of domestic substitution, performance is expected to accelerate. The company's EPS for 2025/2026/2027 is maintained at 1.36/2.92/4.49 yuan. Referring to comparable company PE valuation, considering that the company's revenue and net profit scale is close to Cambricon, giving it a 120 times PE for 2026, raising the target price to 350.4 yuan, maintaining a "buy" rating.