20230825-国联证券-中科曙光-603019.SH-业绩符合预期_持续布局计算生态_3页_303kb

2023年半年报业绩亮眼：营业收入5401亿元（同比+733%），归母净利润544亿元（同比+1510%），第二季度单季保持高速增长。核心业务稳定，同时参股海光信息等优质企业持续贡献效益。

战略性布局全产业链，控股多家科技企业，打造"芯-端-云"生态体系，构建了一体化算力平台。

研发投入持续升级：上半年投入1242亿元（同比+2762%），累计6189亿元，已获专利授权1163项，重点聚焦产品性能提升与市场化建设。

财务预测未来三年营收高速增长，预计2023-2025年收入达1.55万亿元起步，CAGR约1997%；收入增速超2000%。归母净利润增长率3025%-2080%，CAGR约2467%。给予2023年目标PE30x，对应目标价4110元，评级增持。

风险提示：系统性风险、供应链波动、客户变化、竞争恶化。

◼分析结果◼
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