Cambricon(688256) 长江商报·2025-04-21 23:42Core Viewpoint - The company Cambricon (688256.SH), a leading AI chip design firm in China, has entered a harvest period with significant revenue growth and profitability after years of losses since its A-share market debut in July 2020 [2][3]. Financial Performance - In Q1 2025, Cambricon achieved a revenue of 1.111 billion yuan, a staggering year-on-year increase of 4230.22%, nearing the total revenue of 1.174 billion yuan for the entire year of 2024 [2][3]. - The company reported a net profit attributable to shareholders of 355 million yuan in Q1 2025, marking a turnaround from previous losses [3]. - For the full year of 2024, Cambricon's net profit was -452 million yuan, with a positive net profit of 272 million yuan in Q4 2024, indicating a trend of profitability [3]. Research and Development - Cambricon has consistently invested heavily in R&D, with total R&D expenditures reaching 5.852 billion yuan since its listing [5][6]. - In 2024, R&D expenses accounted for 91.30% of the company's revenue, reflecting its commitment to innovation in AI chip technology [5]. - The company has filed a total of 2,743 patent applications, with 104 new applications in 2024 alone [6]. Market Position and Stock Performance - Cambricon's stock price has seen a significant increase, rising from a low of 95.85 yuan per share on February 5, 2024, to 695 yuan per share by April 21, 2025, representing over a sixfold increase [4]. - The company's market capitalization has reached 290.1 billion yuan [4]. Inventory and Cash Flow - As of Q1 2025, Cambricon's inventory stood at 2.755 billion yuan, an increase of nearly 1 billion yuan from the end of 2024 [7]. - Despite improved revenue and profitability, the company's operating cash flow remains under pressure, with a net cash outflow of 1.618 billion yuan in 2024 and approximately 1.4 billion yuan in Q1 2025 [6][7].