According to the Cathay Pacific Haitong Securities Research Report, Haiguang Information is a leading domestic high-end processor manufacturer, and its products cover general-purpose processors and coprocessors. The Shuguang X640 has excellent performance, or may accelerate breakthroughs in domestic card training scenarios. The Haiguang DCU chip accelerates the expansion of multiple scenarios, and performance is expected to grow rapidly. In view of the accelerated growth in domestic AI demand and the growing trend of domestic substitution, performance growth is expected to accelerate. Maintain the company's 2025/2026/2027 EPS at 1.36/2.92/4.49 yuan. Referring to the PE valuation of comparable companies, considering that the company's revenue and net profit scale are close to the Cambrian period, it was given 120 times PE in 2026, and the target price was raised to 350.4 yuan, maintaining the “increase in holdings” rating.

According to the Cathay Pacific Haitong Securities Research Report, Haiguang Information is a leading domestic high-end processor manufacturer, and its products cover general-purpose processors and coprocessors. The Shuguang X640 has excellent performance, or may accelerate breakthroughs in domestic card training scenarios. The Haiguang DCU chip accelerates the expansion of multiple scenarios, and performance is expected to grow rapidly. In view of the accelerated growth in domestic AI demand and the growing trend of domestic substitution, performance growth is expected to accelerate. Maintain the company's 2025/2026/2027 EPS at 1.36/2.92/4.49 yuan. Referring to the PE valuation of comparable companies, considering that the company's revenue and net profit scale are close to the Cambrian period, it was given 120 times PE in 2026, and the target price was raised to 350.4 yuan, maintaining the “increase in holdings” rating.