CITIC Securities: maintain a "buy" rating on Hai Guang Information, providing full-stack solutions to empower thousands of industries.

The research report from the Bank of China Securities pointed out that Haiguang Information's revenue maintained high growth, and its full-stack solutions empower various industries. The company's revenue in 2025 is expected to reach 14.377 billion yuan, with a year-on-year growth of 57%; net profit attributable to shareholders is estimated to be 2.545 billion yuan, with a year-on-year growth of 32%; and the net profit attributable to shareholders in Q1 of 2026 is expected to be 687 million yuan, with a year-on-year growth of 36%. The company continues to optimize its "CPU+DCU" business layout, building a differentiated competitive advantage and increasing market influence. The company actively collaborates with upstream and downstream enterprises in the domestic information technology industry, using "dual-core" computing power as the foundation, joining hands with technology companies in cloud computing, big data, and industry software to jointly create full-stack solutions that are open, secure, green, low-carbon, and sustainable in terms of scalability. With the commercialization of domestic products entering a new stage, the company's development foundation is becoming more solid, injecting strong momentum into the continuous improvement of operational capabilities. R&D efforts strengthen the technological foundation, and open ecosystems unleash synergies. Deepening industry chain collaboration, local advantages accelerate market penetration. By implementing the "CPU+DCU" dual-core strategy, the company is building a differentiated advantage, creating a full-stack domestic computing power solution through open HSL bus protocol and self-developed software stack, accelerating penetration in the fields of telecommunications, finance, AI, etc., with significant advantages in local ecosystems. The "buy" rating is maintained.