寒武纪股价创历史新高，工作人员回应订单情况:勿听信传言

Core Insights - Cambricon achieved its first quarterly profit in Q4 last year and continued to be profitable in Q1 this year, but the company faces significant inventory growth and high customer concentration [1][4][5] Financial Performance - In Q4 last year, Cambricon reported revenue of 989 million yuan and a net profit of 281 million yuan, marking its first quarterly profit since going public [4] - For Q1 this year, revenue reached 1.111 billion yuan, a substantial increase from 26 million yuan in the same period last year, with a net profit of 355 million yuan [4] - As of the end of 2024, Cambricon's inventory surged to 1.774 billion yuan, a 1684% increase year-on-year, accounting for 26.41% of total assets [4][5] - Prepayments also rose significantly to 774 million yuan, a 423% increase year-on-year, making up 11.53% of total assets [4][5] Customer Concentration - Cambricon's customer concentration is notably high, with the top five customers accounting for 94.63% of total sales, and the largest customer representing 79.15% of total sales [5] Market Trends - The AI chip market is experiencing growth, with several AI chip companies in China, including Cambricon, preparing for IPOs [5] - Market research indicates that the proportion of outsourced chips in the domestic AI server market is expected to decrease from 63% in 2024 to 49% this year, suggesting an increase in local chip suppliers' market share [5]