半导体产业链回暖，“寒王”寒武纪扭亏

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]