Digital economy + domestic alternative two wheel drive, domestic server CPU space is broad. Under the background of digital economy, servers, as the underlying computing power support, ushered in the demand explosion in the wave of digital intelligence transformation in all walks of life. According to IDC, it is expected that the shipment volume of servers in China will reach 5.252 million units and the market scale will reach 35 billion US dollars in 2025. At the same time, the severe international trade situation once again emphasizes the necessity and urgency of self-control. According to several policies for promoting the high-quality development of integrated circuit industry and software industry in the new era issued by the State Council, China’s chip self-sufficiency rate will reach 70% (currently less than 20%) by 2025. It is expected that the shipment of domestic x86 chips will exceed 7 million in 2025, and the market scale will be about US $15.8 billion.
Six domestic CPUs compete for the industry information and innovation market. At present, the mainstream domestic CPU manufacturers include megacore and haiguang with x86 architecture, Feiteng and Hisilicon with arm architecture, Godson based on MIPS architecture and Shenwei based on alpha architecture. Considering the industrial demand and the performance and ecological adaptation of flagship products of various manufacturers, we believe that in the short term, haiguang, Kunpeng and Feiteng are most likely to benefit from the outbreak rhythm of industry information innovation and new infrastructure, and it is highly certain that they will usher in a high increase in shipment within 1-3 years; There is still uncertainty in the follow-up market pattern. With the continuous iteration of the independent and controllable technology path of the whole stack, Godson and other manufacturers are also expected to achieve rapid development.
Dawning and haiguang have outstanding synergy and share high growth opportunities Dawning Information Industry Co.Ltd(603019) is the largest shareholder of haiguang information, and their businesses form a good synergy. Haiguang provides domestic CPU with excellent performance to provide a fulcrum for dawning’s strategic transformation; Dawning has accumulated a large number of high-quality customer resources and sales channels in the overall layout of the computing industry, laying the foundation for the large-scale production of haiguang chips.
Risk warning: risk of deterioration of international trade situation; The localization rate of Xinchuang in telecommunications, finance and other industries did not meet expectations; Haiguang chip shipments were lower than expected; Intensified industry competition, etc.
