寒武纪-U688256 58.74分综合得分 较强 趋势方向 主力成本分析 时间: 2025年4月30日星期三 703.60 元 当日主力成本 700.26 元 5日主力成本 652.93 元 20日主力成本 679.24 元 跌停 60日主力成本 周期内涨跌停 过去一年内该股 涨停 5次 0 次 北向资金数据 | 持股量1035.36万股 | 占流通比2.48% | | --- | --- | | 昨日净买入22.76万股 | 昨日增仓比0.055% | | 5日增仓比-0.091% | 20日增仓比0.001% | 技术面分析 710.80 短期压力位 685.21 短期支撑位 710.80 中期压力位 565.16 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 ★长上影★ 表明行情上档压力沉重,升势受阻 ★多方炮★ 半导体 1.55%、边缘计算 2.22%、人工智能 2.12%、云计算 2.29%等 （以上内容为自选股写手差分机完成，仅作为用户看盘参考，不能作为操作依据。） 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-016 中科寒武纪科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 中科寒武纪科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》及《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划于 2025 年 5 月 12 日 13:00-14:45 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播结合网络文字互动召开，公司将针对 2024 年 度及 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流 和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 （一）会议召开时间：2 ...

金融界4月29日消息，上证指数低开震荡，中证沪港深互联互通信息产业指数 (沪港深通信息产业， H30554)报3753.78点。 从指数持仓来看，中证沪港深互联互通信息产业指数十大权重分别为：阿里巴巴-W（12.92%）、腾讯 控股（11.13%）、小米集团-W（5.61%）、中国移动（3.41%）、中芯国际（1.47%）、中芯国际 （1.26%）、立讯精密（1.12%）、寒武纪（1.07%）、北方华创（1.04%）、快手-W（1.03%）。 从中证沪港深互联互通信息产业指数持仓的市场板块来看，香港证券交易所占比42.61%、深圳证券交 易所占比32.32%、上海证券交易所占比25.07%。 从中证沪港深互联互通信息产业指数持仓样本的行业来看，电子占比23.66%、传媒占比18.51%、半导 体占比18.24%、零售业占比13.10%、计算机占比11.13%、电信服务占比7.84%、通信设备及技术服务占 比7.52%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue contributions from its largest customer, with inventory levels continuing to rise [7] - The company is positioned as a leader in the domestic AI chip market, with expectations of capturing significant market share due to expanding product offerings and ecosystem development [7] - The financial performance for 2024 and Q1 2025 indicates a strong upward trend in revenue and net profit, with substantial growth rates projected for the coming years [7] Financial Summary - Total revenue for 2023 is projected at 709.39 million, with a year-on-year decrease of 2.70%. For 2024, revenue is expected to increase to 1,174.46 million, reflecting a growth of 65.56% [1] - The net profit attributable to the parent company is forecasted to improve from a loss of 848.44 million in 2023 to a loss of 452.34 million in 2024, with a significant turnaround expected in 2025 with a profit of 1,313.01 million [1] - The earnings per share (EPS) is expected to transition from a loss of 2.03 in 2023 to a profit of 3.15 in 2025, indicating a strong recovery trajectory [1] - The company’s gross margin is projected to remain robust, with a slight decrease from 56.71% in 2024 to 54.99% in 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the domestic AI chip market, with significant revenue contributions from its largest customer, which accounted for 79% of total revenue in 2024 [7] - The company's revenue is expected to grow significantly, with projections of 1.17 billion yuan in 2024 and 5.26 billion yuan in 2025, reflecting year-on-year growth rates of 65.56% and 347.44% respectively [1][7] - The report highlights a substantial increase in inventory, which reached 2.76 billion yuan in Q1 2025, indicating potential for future revenue growth [7] Financial Projections - Total revenue is projected to reach 10.99 billion yuan by 2027, with a corresponding net profit of 3.06 billion yuan [1] - The company's earnings per share (EPS) is expected to improve from -1.08 yuan in 2024 to 7.32 yuan in 2027 [1] - The report anticipates a gradual improvement in profit margins, with a gross margin of approximately 55.99% in Q1 2025 [7] Customer Contribution - The top five customers contributed 94.6% of total revenue in 2024, with the largest customer being a long-term partner that increased its purchases due to the company's competitive product offerings [7] - The report emphasizes the company's strong customer resource advantage, which is expected to support revenue growth in the upcoming periods [7] Market Outlook - The AI chip market is projected to grow rapidly, and the company is well-positioned to capture market share through its expanding product portfolio and ecosystem development [7] - The report suggests that the company's performance will improve as it continues to leverage its technological advantages and customer relationships [7]

Industry Overview - The global semiconductor industry is showing signs of recovery in 2024, with a clear trend of improvement in the supply chain [1] - The second-largest chip foundry, SMIC, reported a historical high in revenue for 2024, reversing the decline seen in 2023 [1] Company Performance - SMIC achieved a revenue of 57.796 billion yuan in 2024, a year-on-year increase of 27.72%, while net profit decreased by 23.31% to 3.699 billion yuan, with a significantly reduced decline [1] - Huahong Semiconductor, ranked fifth globally, reported a revenue of 14.388 billion yuan in 2024, down 11.36%, and a net profit of 0.381 billion yuan, down 80.34% [1] A-Share Semiconductor Sector - Haiguang Information reported a revenue of 9.162 billion yuan in 2024, up 52.4%, and a net profit of 1.931 billion yuan, up 52.87% [2] - In Q1 2025, Haiguang Information's revenue reached 2.4 billion yuan, a 50.76% increase, with net profit growing 75.33% to 0.506 billion yuan, and contract liabilities hitting a record high of 3.237 billion yuan [2] Notable Company Developments - Cambricon achieved a revenue of 1.174 billion yuan in 2024, a 65.56% increase, but reported a net loss of 0.452 billion yuan [3] - In Q4 2024, Cambricon recorded a net profit of 0.272 billion yuan, marking its first quarterly profit since listing, and in Q1 2025, revenue surged to 1.111 billion yuan, a staggering 4230.22% increase, with a net profit of 0.356 billion yuan [3] Future Outlook - As market demand gradually recovers in 2025, various segments of the supply chain are expected to improve, benefiting major domestic foundries like SMIC and Huahong, particularly Huahong due to its higher proportion of mature processes [4] - Domestic AI chip manufacturers are anticipated to experience significant and more certain growth due to rapid increases in capital expenditure from downstream firms [4]

Group 1 - The article discusses the urgent response from the management regarding the casino area surrounding 2025, indicating a significant focus on regulatory compliance and operational adjustments [1] - There is mention of a partnership with a wine franchise, highlighting a strategic move to diversify offerings and enhance revenue streams [1] - The text references a financial figure of 3.55 billion related to a rental agreement, suggesting a substantial investment or operational cost associated with the casino's expansion [1] Group 2 - The management's proactive approach is emphasized, indicating a commitment to addressing potential challenges in the casino industry [1] - The article hints at international trade implications, suggesting that the casino's operations may have broader economic impacts beyond local markets [1] - There are references to various operational metrics, although specific details are obscured, indicating a complex operational environment [1]

Core Insights - The report highlights a significant transformation in the revenue structure of Cambrian, with a rapid rise in cloud chip business and a notable reduction in seasonal fluctuations [1][3] - Cambrian's Q1 revenue reached 1.111 billion yuan, marking a 12% quarter-on-quarter increase, contrasting with the typical 90% decline seen in previous years [3][4] - Goldman Sachs upgraded Cambrian's rating from "Neutral" to "Buy," raising the target price from 607.8 yuan to 1223 yuan, indicating a potential upside of 76% from the latest closing price [1] Revenue and Business Model - Cambrian's business focus has shifted from government projects to cloud chip business, with 99% of 2024 revenue expected to come from this segment, up from 20% in 2022 and 13% in 2023 [3][4] - The company is projected to achieve a compound annual growth rate (CAGR) of 111% in revenue from 2025 to 2027 [4][7] Demand Indicators - Cambrian's inventory increased to 2.8 billion yuan in Q1 2025, significantly higher than 990 million yuan in 2023 and 1.77 billion yuan in 2024, indicating strong market demand [6] - Contract liabilities rose to 1.4 million yuan in Q1 2025, up from 300,000 yuan in 2023, reflecting increased customer prepayment willingness [6] Research and Development Efficiency - The number of R&D engineers increased from a low of 727 in early 2024 to 741 by year-end, with revenue per engineer rising from 381,000 yuan in 2022 to 619,000 yuan in 2024, a 62% increase [6][7] - R&D investment is expected to grow at a CAGR of 52% from 2025 to 2030 [6] Profitability Outlook - Cambrian is expected to achieve profitability in 2025, with net profit forecasts for 2026 raised from 879 million yuan to 2.369 billion yuan [7] - EBITDA margin is projected to increase from 16% in 2025 to 26% by 2030, approaching levels seen in global peers like Nvidia and AMD [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved revenue of 1.174 billion RMB in 2024, a year-on-year increase of 65.56%, with a narrowed net loss of 452 million RMB, improving by 46.69% compared to the previous year [1][4] - The company is actively advancing the introduction and validation of internet clients, with significant revenue growth expected from large-scale shipments starting in Q4 2024 [1][2] - The company is positioned to benefit from rapid growth in AI capital expenditures from domestic internet companies, with a strong competitive edge in AI accelerator card products [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.174 billion RMB, up 65.56% year-on-year, and a net loss of 452 million RMB, which is a 46.69% improvement from the previous year [1] - The company’s revenue from cloud intelligent chips and acceleration cards reached 1.167 billion RMB in 2024, reflecting a year-on-year increase of 1188% [2] - The gross margin for 2024 was 56.71%, down 12.45 percentage points year-on-year, but showed improvement in the latter quarters [2] Future Outlook - For 2025, the company is expected to see significant revenue and profit elasticity from order fulfillment, with projected revenues of 5.271 billion RMB and net profits of 1.391 billion RMB [4] - The domestic AI capital expenditure is anticipated to maintain rapid growth, with the company’s inventory levels indicating strong future delivery capabilities [2][4] Competitive Positioning - The company’s AI accelerator card products are competitive, with software platforms optimized for major model training, and new hardware architectures are under development to enhance performance [3]

Investment Rating - The report upgrades Cambricon to a Buy rating with a target price of Rmb1,223, indicating a potential upside of 76% from the current price of Rmb695 [1][2]. Core Insights - Cambricon is experiencing a recovery in revenue growth, driven by a shift from intelligent computing cluster systems to cloud chips, which are expected to dominate its revenue stream. The company anticipates a revenue growth of 111% CAGR from 2025 to 2027, primarily due to the rising demand for cloud chips in the generative AI sector in China [1][2]. - The company is projected to turn profitable in 2025, with an EBIT margin expected to improve to 26% by 2030 [2]. Summary by Sections Revenue and Growth - In 1Q25, Cambricon's revenues increased by 12% QoQ, marking a significant recovery from a -90% QoQ decline in the same quarter over the past five years. Cloud chips contributed 99% of 2024 revenues, a substantial increase from 13% in 2023 [1][2]. - The forecast for total revenue is Rmb1,174.5 million in 2024, Rmb5,531.1 million in 2025, Rmb12,047.9 million in 2026, and Rmb24,703.5 million in 2027 [4][13]. Inventory and Demand - Inventory levels rose to Rmb2.8 billion in 1Q25, up from Rmb99 million in 2023, indicating strong demand for cloud chips. Raw material costs surged by 1,400% YoY in 2024, while finished goods inventory declined by 23% YoY [1][2][27]. - Contract liabilities, reflecting pre-orders, increased to Rmb1.4 million in 1Q25, up from Rmb0.3 million in 2023, signaling positive future growth prospects [1][2]. Research and Development - The number of R&D engineers increased from 727 in 1H24 to 741 in 2024, with revenue per R&D engineer rising to Rmb619, compared to Rmb381k in 2022 [1][2][17]. Financial Projections - The report anticipates a significant increase in net income, with projections of Rmb946.8 million in 2025, Rmb2,369 million in 2026, and Rmb5,014 million in 2027, reflecting a growth of 546% from previous estimates [30]. - EBITDA is expected to grow at an 80% CAGR from 2025 to 2030, with margins improving to 26% by 2030 [34]. Valuation - The target price of Rmb1,223 is based on a revised EV/EBITDA multiple of 49x for 2030E, reflecting a more conservative approach compared to previous estimates [35][37].