亏损收窄 寒武纪业绩“含金量”待观察

Core Viewpoint - The company, Cambricon (688256.SH), anticipates improved performance in 2024 due to increased operating revenue and non-recurring gains, although it will continue to face losses [1] Group 1: Financial Performance - For 2024, Cambricon expects operating revenue between 1.07 billion to 1.20 billion yuan, representing a year-on-year growth of 50.83% to 69.16% [1] - The net loss attributable to shareholders is projected to be between 396 million to 484 million yuan, narrowing the loss by 42.95% to 53.33% year-on-year [1] - The net loss after excluding non-recurring gains is expected to be between 765 million to 935 million yuan, with a year-on-year reduction of 10.34% to 26.64% [1] Group 2: Inventory and Prepayments - As of the end of Q3 2024, Cambricon's inventory balance was 1.015 billion yuan, an increase of 338.09% compared to the end of Q2 2024 [2] - Prepayments amounted to 854 million yuan, reflecting a 55.22% increase from the end of Q2 2024 [2] - The significant increase in inventory and prepayments is interpreted by the market as a sign of improving chip production capacity, enhancing future growth prospects [2] Group 3: Non-Recurring Gains - For 2024, the impact of non-recurring gains on net profit is estimated to be between 369 million to 451 million yuan, primarily from the reversal of prior bad debt provisions and government subsidies [2] - In the first three quarters of 2024, Cambricon recorded a total of 138 million yuan in non-recurring gains, indicating that the fourth quarter will see non-recurring gains of approximately 231 million to 313 million yuan [2] Group 4: Stock Performance and Financing - Since its A-share listing in July 2020, Cambricon has raised a total of 4.254 billion yuan through direct financing, with a cumulative net loss of 4.089 billion yuan and no cash dividends [3] - Public funds hold a significant stake in Cambricon, with 100 fund companies collectively owning 10.28796 million shares, accounting for 24.64% of the total share capital, with a market value of approximately 29.749 billion yuan [3] - From September 24, 2024, to January 17, 2025, Cambricon's stock price fluctuated between 210.50 yuan and 777.77 yuan, with a cumulative increase of 178.44%, outperforming the sector and the broader market [3]