Haiguang Information's performance increased significantly, and Chaos Investment Ge Weidong reduced his holdings and cashed out

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Blue Whale News, October 17 (Reporter Wang Xiaonan) Haiguang Information was reduced by "Niu San" Ge Weidong again.

Since landing on the Science and Technology Innovation Board with the "first share of high-end CPU", Haiguang Information (688041. SH) has continued to rise in performance, but has been repeatedly reduced by shareholders. While the net profit in the third quarter of 2024 increased by nearly 2 times year-on-year, Haiguang Information still failed to retain the "Niu San" Ge Weidong, who reduced his holdings by 4,133,275 shares again in the third quarter. Chaos Investment, which once won 44,590,900 shares of Haiguang Information with nearly 500 million yuan, frequently reduced its holdings of 25,395,141 shares and cashed out about 1.874 billion yuan after Haiguang Information was listed for one year.

The net profit in the first three quarters exceeded that of last year

On October 16, Haiguang disclosed the third quarter report of 2024, in the third quarter of this year, the company's operating income was 2.374 billion yuan, a year-on-year increase of 78.33%; The net profit attributable to the parent company was 672 million yuan, a year-on-year increase of 199.9%. As for the reasons for the growth of performance, Haiguang Information said that with the continuous increase in market demand, it has further driven the rapid increase in the company's operating income.

Judging from the performance of the first two quarters of this year, Haiguang Information's revenue and net profit both increased year-on-year, and in the first three quarters of 2024, the company achieved operating income of 6.137 billion yuan, a year-on-year increase of 55.64%; The net profit attributable to the parent company was 1.526 billion yuan, a year-on-year increase of 69.22%.

According to the data, Haiguang Information's main business is R&D, design and sales of high-end processors used in computing and storage devices such as servers and workstations, and the company's products include Haiguang general-purpose processors (CPUs) and Haiguang coprocessors (DCUs).

Among them, Haiguang CPU series products are compatible with x86 instruction set and mainstream operating systems and application software, and are used in important industries or fields such as telecommunications, finance, Internet, education, and transportation; Based on the GPGPU architecture, Haiguang DCU series products are compatible with the general "CUDA-like" environment, and are used in big data processing, artificial intelligence, business computing and other fields.

It is reported that Haiguang Information, founded in 2014, is established by the cooperation of United States Chaowei Semiconductor Company (AMD) and Sugon, and is also the only domestic enterprise that produces x86 chips. In August 2022, Haiguang Information landed on the Science and Technology Innovation Board with the "first share of high-end CPU".

In the first few years of listing, Haiguang Information's performance was not impressive. In 2018, Haiguang Information's revenue was only 48 million yuan, and the net profit loss attributable to the parent company was 124 million yuan, even if the company's revenue increased to 1.022 billion yuan in 2020, it was still in a state of loss, with losses of 83 million yuan and 39 million yuan in 2019 and 2020 respectively.

Until 2021, Haiguang Information achieved profitability for the first time, and since then, the company's performance has increased year by year, with revenue increasing from 2.31 billion yuan in 2021 to 6.012 billion yuan in 2023, and net profit attributable to the parent company has also increased from 327 million yuan to 1.263 billion yuan. Judging from the profit of 1.526 billion yuan in the first three quarters of 2024, it has surpassed the profit of last year.

It is not difficult to find from the company's gross profit margin that Haiguang Information is engaged in a profitable business. In the third quarter of 2024, Haiguang Information's gross profit margin was as high as 69.13%, the company's gross profit margin was 65.63% in the first three quarters, and its gross profit margin was 59.67% for the whole year of 2023.

However, the proportion of Haiguang Information's R&D investment has not increased with the growth of the company's performance. In the first three quarters of 2024, the company's R&D investment was 2.167 billion yuan, a year-on-year increase of 10.56%, and the proportion of R&D investment in operating income was 35.31%, but a decrease of 14.4% over the same period last year. In this regard, the explanation given by Haiguang Information is that the operating income in the same period increased by 55.64% year-on-year, a large increase, which made the proportion of R&D investment in operating income decrease.

After throwing out the third quarterly report with a net profit increase of 2 times, including Kaiyuan Securities and Huafu Securities, etc., gave Haiguang Information a buy rating, but on the other hand, shareholders of listed companies are frequently reducing their holdings.

Shareholders gathered to reduce their holdings, and "Niu San" Ge Weidong cashed out more than 1.8 billion

At the same time as Haiguang Information disclosed a "bright" third quarterly report, Chaos Investment under "Niu San" Ge Weidong reduced its holdings again.

On June 11, 2020, Chaos Investment subscribed for the registered capital of 44.590909 million yuan of Haiguang Information at a consideration of 11.21 yuan/total capital contribution of 499 million yuan, with a shareholding ratio of 2.2%. After the IPO of Haiguang Information, Chaos Investment ranked as the 9th largest shareholder with 44,590,909 shares, with a shareholding ratio of 1.92%.

On August 12, 2022, Haiguang Information officially landed on the Science and Technology Innovation Board, with an issue price of 36 yuan per share, and the highest intraday price reached 73.8 yuan per share, and according to the highest price at that time, Chaos Investment had a floating profit of 2.79 billion yuan.

However, after rising to a high of 102 yuan/share on April 25, 2023, Haiguang Information's share price continued to decline, and by August 14 of the same year, the company's stock price had fallen to about 54 yuan/share, and this day was also the lifting day of Haiguang Information one year after landing on A-shares.

According to WIND, in the third and fourth quarters of 2023, Chaos Investment reduced its holdings of 2,788,177 shares and 6,393,958 shares of Haiguang Information respectively, calculated according to the quarterly average price of 56.75 yuan/share and 68.24 yuan/share, respectively, and Chaos Investment cashed out about 158 million yuan and 436 million yuan respectively. At the end of 2023, Chaos Investment held 35,408,774 shares of Haiguang Information, accounting for 1.52% of the total share capital.

By 2024, Chaos Investment has withdrawn from the list of the top ten shareholders of Haiguang Information, and as the share price of Haiguang Information continues to "recover", Chaos Investment continues to reduce its holdings. In the first quarter of 2024, Chaos Investment reduced its holdings of Haiguang Information by 12,079,731 shares, which was about 920 million yuan based on the quarterly average price of 76.21 yuan per share. In the following three quarters, Chaos Investment chose to reduce its holdings of Haiguang Information by 4,133,275 shares again, and the cash amount was about 360 million yuan based on the quarterly average price of 87.39 yuan per share.

Since the lifting of the ban in August 2023, Ge Weidong has reduced his holdings of 25,395,141 shares of Haiguang Information through Chaos Investment, and roughly calculated, Ge Weidong's cash amount is about 1.8 billion yuan. As of the third quarter of 2024, Hybrid Investment only holds 19,195,768 shares of Haiguang Information, accounting for only 2.17% of the outstanding share capital. As of the close of trading on October 17, the market value of Haiguang Information shares held by Chaos Investment was still about 1.983 billion yuan. At present, Ge Weidong has made a net profit of more than 1.3 billion yuan.

In addition to Ge Weidong's chaotic investment, Haiguang Information's "star" shareholders also include Sugon, Guoke Holdings, Changhong Electric, Tixin Capital, Haihe Industrial Fund, Zhongke Turing, etc.

Among them, the Haihe River Special Fund and Guoke Holdings, which are subsidiaries of the Haihe Industry Fund, have also reduced their holdings of Haiguang Information many times. In April 2019, Haifu Tianding Partnership transferred its capital contribution of 32.105 million yuan held by Haiguang Information to Haihe Special Fund at a transfer price of 11.21 yuan per capital contribution and a transaction consideration of 360 million yuan. As the "founder" of Haiguang Information, CAS Holdings, as early as 2014, initiated the establishment of a company with Sugon, and its IPO owned 61.5 million shares.

However, the Haihe Special Fund has reduced its holdings by a total of 7.6396 million shares since the lifting of the ban in August last year, and then after reducing its holdings of 1 million shares in the third quarter of this year, it has cashed out about 611 million yuan, and Guoke Holdings has also reduced its holdings by a total of 7.6396 million shares since the lifting of the ban in August last year, and then reduced its holdings by 5.702991 million shares in the third quarter of this year, with a total of about 2.899 billion yuan.