Guohai Securities Research Report points out that Haiguang Information's profitability and inventory trends are improving, and its ecological advantages may be underestimated. Net profit to mother continued to increase in 2026Q3, and the localization process turned market-driven. As of the end of the third quarter of 2026, the company's inventory was 8.921 billion yuan, up 1,403 billion yuan from the end of 2026H1, and an increase of 2,515 billion yuan over the beginning of the year. The company clarified the “dual-core strategy” and built an AI engineering development and service platform with “Haiguang DCU+Haiguang CPU” as the core support. The company also has HySwitch high-speed switching chips, RDMA network cards and switches supporting the scale-up scenario. At the same time, it also relies on the photosynthetic ecosystem to complete a full-link localized intelligent computing system solution. The company's DCU serves customers such as the National Intelligent Computing Center and the Internet. Haiguang's AI cluster solution has leading advantages in AI application storage performance acceleration, liquid-cooled supernode system design, and GPU framework development. In the future, with the official launch of HSL bus products, the influence of Haiguang CPU in the domestic AI computing power market is expected to accelerate. Demand in the domestic high-end chip market continues to rise. The company occupies a leading position in both domestic CPU and GPU tracks, and is expected to benefit from the accelerated development of the AI computing power industry. Maintain a “buy” rating.

Guohai Securities Research Report points out that Haiguang Information's profitability and inventory trends are improving, and its ecological advantages may be underestimated. Net profit to mother continued to increase in 2026Q3, and the localization process turned market-driven. As of the end of the third quarter of 2026, the company's inventory was 8.921 billion yuan, up 1,403 billion yuan from the end of 2026H1, and an increase of 2,515 billion yuan over the beginning of the year. The company clarified the “dual-core strategy” and built an AI engineering development and service platform with “Haiguang DCU+Haiguang CPU” as the core support. The company also has HySwitch high-speed switching chips, RDMA network cards and switches supporting the scale-up scenario. At the same time, it also relies on the photosynthetic ecosystem to complete a full-link localized intelligent computing system solution. The company's DCU serves customers such as the National Intelligent Computing Center and the Internet. Haiguang's AI cluster solution has leading advantages in AI application storage performance acceleration, liquid-cooled supernode system design, and GPU framework development. In the future, with the official launch of HSL bus products, the influence of Haiguang CPU in the domestic AI computing power market is expected to accelerate. Demand in the domestic high-end chip market continues to rise. The company occupies a leading position in both domestic CPU and GPU tracks, and is expected to benefit from the accelerated development of the AI computing power industry. Maintain a “buy” rating.