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Investment Rating - The report maintains a "Buy" rating for Cambricon-U (688256 SH) [8] Core Views - Cambricon-U reported revenue of 1 85 billion yuan in the first three quarters of 2024, a year-on-year increase of 27 09%, with a net loss attributable to the parent company of 7 24 billion yuan [2] - In Q3 2024, the company achieved revenue of 1 21 billion yuan, a year-on-year increase of 284 59%, and a net loss of 1 94 billion yuan, showing significant improvement in losses both year-on-year and quarter-on-quarter [2][6] - The company's inventory increased significantly, reaching 1 015 billion yuan at the end of Q3 2024, up by 780 million yuan from the mid-year report, indicating strong preparation for future growth [6] - The AI industry is in a rapid growth phase, with increasing demand for domestic AI chips, which is expected to drive Cambricon-U's future performance [2][6][7] Financial Performance - Cambricon-U's gross margin in Q3 2024 was 51 20%, a decrease of 14 88 percentage points quarter-on-quarter, likely due to changes in product structure [7] - The company's R&D expenses were effectively controlled, with some low-margin R&D projects being paused [7] - The company's cash flow showed active preparation in the supply chain, with cash used for purchasing goods and receiving services reaching 1 128 billion yuan in Q3 2024, an increase of 514 million yuan quarter-on-quarter [7] Industry Outlook - The AI hardware demand is expanding, and the demand for domestic AI chips in China is continuously increasing, providing long-term growth momentum for the industry [6][7] - Cambricon-U, as a leading domestic AI chip company, is expected to benefit from the industry's growth and the increasing demand for domestic AI chips [6][7]

上周五上交所副总经理王泊表示，上交所将加快推动"科创板八条"落地见效，加大科创领域并购重组支 持力度。分析师认为，从今年以来的三个季度收入同比增速中位数看，半导体好于电子，电子好于全部 A股，且半导体板块公司净利润增速中位数有明显提升，看好未来中国科技产业将迎来更多的创新机 遇。 科创半导体（中芯国际、海光信息、寒武纪、中微公司）精要： ①首创证券何立中指出，早于今年9月，美国商务部工业和安全局便发布新规，加强了科技领域的管 制，且大选前美半导体行业已被迫移除中企供应商，因此未来更需要从头到尾的自主创新突破； ②从今年以来的三个季度收入同比增速中位数看，半导体好于电子，电子好于全部A股，且半导体板块 公司净利润增速中位数有明显提升； ③何立中认为，通过参与创业板、科创板的ETF，成为新开户投资者间接参与创业板、科创板的途径， 看好权重较大的科创板股票将受益科创ETF规模增长； ④风险因素：本土提到不及预期、投资者申购科创板ETF不及预期。 上交所再提加大科创领域并购重组支持力度，分析师认为半导体板块三季报收入增速已好于全部A股， 并看好这些科创半导体企业有望获得更多新开户投资者的基本盘 上周五，在2024年上 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 11 05 年 月 日 寒武纪-U（688256.SH） 国产算力核心，时代的主角 国产算力底座，推动人工智能赋能产业升级。寒武纪成立于 2016 年，专 注于人工智能芯片产品的研发与技术创新，致力打造人工智能领域核心处 理器芯片。寒武纪提供云边端一体、软硬件协同、训练推理融合、具备统 一生态的系列化智能芯片产品和平台化基础系统软件。寒武纪产品广泛应 用于服务器厂商和产业公司，面向互联网、金融、交通、能源、电力和制 造等领域的复杂 AI 应用场景提供充裕算力，推动人工智能赋能产业升级。 国产算力发展正当时，优质算力厂商显著受益。自 2022 年 ChatGPT 持续 爆火出圈，全球科技龙头纷纷大幅增长算力投入，拉开本轮全球算力大增 长序幕。当前时点往后看，训练侧投资仍在扩张，对标 GPT3.5 及 GPT4， o1 的参数量或可达到 10 万亿级别；微软"星际之门"项目成本预计超千 亿美元。另外，近期发布的 OpenAI o1 说明"Scaling-law"在推理侧或同 样成立，即推理效果随着更多的强化学习和更多的思考时间而提高，推理 需求空 ...

Investment Rating - Buy rating with a first-time coverage [1][9] Core Views - The company focuses on AI ecosystem with hardware and software platforms, providing cloud servers, edge computing devices, and intelligent computing cluster systems [2] - The company is developing a new generation of intelligent processor microarchitecture and instruction set, optimizing for natural language processing, video/image generation, and recommendation system models [3] - The company's active inventory buildup signals strong demand and potential for rapid revenue growth [4] - The company's intelligent computing cluster system business, which integrates self-developed acceleration cards and training machines, accounts for a significant portion of revenue [7] - Revenue is expected to grow from 1.52 billion yuan in 2024E to 3.62 billion yuan in 2026E, with a PS ratio of 37.20x, 70.12x, and 47.38x for 2024-2026 respectively [9] Business Breakdown - Revenue breakdown by segment (2024E-2026E): - Cloud intelligent chips and acceleration cards: 100 million yuan (2024E), 110 million yuan (2025E), 121 million yuan (2026E) [8] - Edge intelligent chips and acceleration cards: 12 million yuan (2024E), 13 million yuan (2025E), 14 million yuan (2026E) [8] - Intelligent computing cluster systems: 1.41 billion yuan (2024E), 2.32 billion yuan (2025E), 3.49 billion yuan (2026E) [8] - Total revenue: 1.52 billion yuan (2024E), 2.45 billion yuan (2025E), 3.62 billion yuan (2026E) [8] Financial Performance - 2024 Q3 revenue: 121 million yuan, up 284.59% YoY and 208.30% QoQ [4] - 2024 Q3 net profit: -194 million yuan, up 26.06% YoY and 35.94% QoQ [4] - Inventory levels increased to 1.015 billion yuan in Q3 2024, up from 235 million yuan in Q2 2024 and 247 million yuan in Q3 2023 [4] - Gross margin is expected to remain stable at around 69% from 2024E to 2026E [10] - Net profit is expected to improve from -540.53 million yuan in 2024E to -163.93 million yuan in 2026E [10] Valuation Metrics - PE ratio: -317.43x (2024E), -527.13x (2025E), -1046.69x (2026E) [10] - PB ratio: 33.58x (2024E), 35.87x (2025E), 37.14x (2026E) [10] - ROE: -10.58% (2024E), -6.80% (2025E), -3.55% (2026E) [10]

证券研究报告 | 公司点评 寒武纪(688256.SH) 2024 年 11 月 02 日 买入(维持) 所属行业: 电子/半导体 当前价格(元): 411.01 证券分析师 陈蒙芳 资格编号: S0120522060001 邮箱: chenrf@tebon.com.cn 陈瑜照 资格编号: S0120524010003 邮箱: chenyx5@tebon.com.cn 市场表现 380% 376% 271% | --- | --- | --- | --- | |--------------------------------|--------------|--------------|-------| | 2023-10 \n沪深 300对比 | 2024-02 \n1M | 2024-06 \n2M | 3M | | 绝对涨幅(%) | 84.77 | 73.46 | 82.18 | | 相对涨幅(%) | 79.76 | 56.36 | 66.75 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《寒武纪(688256.SH):产品与生态 持续加强,Al 应用方兴未艾》, 2024 ...

寒武纪-U（688256.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 单季度收入大幅提升，国产 AI 算力龙头潜力可期 2024 年 11 月 01 日 ➢ 事件概述：公司 2024 年 10 月 30 日发布 2024 年三季度报告，前三季度公 司营业收入 1.85 亿元，同比增长 27.09%；归母净利润-7.25 亿元，同比减亏； 扣非归母净利润-8.62 亿元，同比减亏。 ➢ 单季度收入大幅增加，同时存货等指标增加体现公司对未来发展信心。 2024Q3 公司营业收入 1.21 亿元，同比增长 284.59%。公司营业收入增加，主 要原因是公司持续拓展市场。同时，公司调整战略，陆续暂停部分预期毛利率较 低的研发项目，研发投入占比下降。 同时，存货方面，2024 年三季度末公司存货达到 10.15 亿元，较 2024 年中报 的 2.35 亿元大幅提升。预付账款方面，2024 年三季度末公司预付账款达到 8.54 亿元，较 2024 年中报的 5.50 亿元也有明显提升。公司大量备货，体现了对未来 发展的信心。从中长期看，公司的芯片产品已与多个行业领域中的头部公司建立 ...

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company's revenue in Q3 2024 grew significantly by 284 59% YoY, driven by market expansion and the development of core processor chips in the AI field [1] - Despite the high revenue growth, the gross margin is under temporary pressure due to market expansion and delivery timing, with a Q3 gross margin of 51 20%, down 14 92pct YoY and 14 88pct QoQ [1] - Prepayments and inventory increased by 10 84 billion yuan in Q3 2024, indicating improved delivery capabilities and a positive outlook for future performance [1][2] - The company has adjusted its strategy by suspending low-margin R&D projects, leading to a reduction in R&D expenses by 8 13% YoY to 659 million yuan [3][5] - The company is expected to benefit from the growing demand for computing power driven by large model development, with projected revenues of 1 4 billion yuan in 2024, 2 493 billion yuan in 2025, and 3 484 billion yuan in 2026 [5] Financial Performance - Q3 2024 revenue reached 121 million yuan, a 284 59% YoY increase, while net profit attributable to shareholders was -194 million yuan, a 26 06% YoY improvement [1] - For the first three quarters of 2024, revenue was 185 million yuan, up 27 09% YoY, with a net profit attributable to shareholders of -724 million yuan, a 10 31% YoY improvement [1] - Gross margin for the first three quarters of 2024 was 55 23%, down 14 61pct YoY [1] - Prepayments increased by 304 million yuan compared to H1 2024, and inventory grew by 780 million yuan, reflecting improved supply chain conditions [1] - Accounts receivable remained stable, increasing by 85 million yuan compared to H1 2024 [1] Strategic Adjustments - The company has paused low-margin R&D projects, leading to a reduction in R&D expenses and a more focused R&D team of 727 people, down 253 YoY [3][5] - The company continues to prioritize independent innovation and efficient R&D, with ongoing projects in high-end and mid-range cloud AI chips, edge, and automotive AI chips [5] Market and Valuation - The company's stock price has shown strong performance, with a 56 9% increase over the past month and a 323% increase over the past year, outperforming the CSI 300 index [1] - The current market capitalization is 189 358 38 million yuan, with a stock price of 453 60 yuan [1] - The company is valued at 135x PS for 2024, 76x PS for 2025, and 54x PS for 2026, reflecting its growth potential in the AI chip market [5] Future Outlook - The company is expected to see continued revenue growth in Q4 2024 and beyond, driven by internet and other orders, as well as product deliveries [2] - The company's ability to provide cloud-edge-end integrated, software-hardware collaborative, and training-inference fused AI chip products positions it well to benefit from the growing demand for computing power [5]

Investment Rating - Maintain "Buy" rating for Cambricon (688256 SH) [3][5] Core Views - Cambricon's inventory surged significantly in 24Q3, reaching 1 02 billion, a substantial increase from 130 million in 24Q1 and 240 million in 24Q2 [1] - 24Q3 revenue reached 120 million, a yoy increase of 285% and qoq increase of 208%, marking a historical high for the company [1] - The company's gross margin in 24Q3 was 51 2%, a qoq decrease of 14 9 percentage points, but future margin trends are expected to be more indicative of performance [1] - Cambricon is actively adapting to the domestic AI model ecosystem, with significant updates to its software framework and hardware support, indicating potential for future growth [2] - The domestic AI chip market is expected to grow rapidly, with Cambricon positioned as a leading player benefiting from the AI computing power trend [3] Financial Performance - 24Q3 net cash flow from operating activities was -1 18 billion, primarily due to increased procurement expenditures [1] - 24Q3 net profit attributable to the parent company was -190 million, a yoy increase of 26% and qoq increase of 36% [1] - Revenue forecasts for 2024-2026 have been revised upward to 1 527 billion, 2 891 billion, and 4 975 billion, respectively [3] - The company's P/S ratios for 2024-2026 are projected at 122x, 64x, and 37x, reflecting strong growth expectations [3] Industry and Market Context - 2024 is seen as a pivotal year for the rise of domestic AI models, with increasing demand for inference computing power [2] - Cambricon's efforts in software ecosystem development, including the release of new frameworks and hardware support, are expected to enhance its competitive position [2] - The company's inventory and prepayment levels suggest strong supply readiness, with potential for significant performance in 24Q4 [1][3] Financial Projections - Revenue growth rates for 2024-2026 are projected at 115%, 89%, and 72%, respectively [3] - Net profit attributable to the parent company is expected to improve significantly, with growth rates of 49%, 128%, and 848% for 2024-2026 [3] - The company's gross margin is expected to remain stable at around 69% over the forecast period [3]

中科寒武纪科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 13 证券代码：688256 证券简称：寒武纪 中科寒武纪科技股份有限公司 2024 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|-------------------|--------------------------------------|-------------------|------ ...