华为若上市，市值能否超越数十个寒武纪？

Core Viewpoint - The technology stock market is experiencing significant growth, with some companies seeing their market values soar dramatically, particularly in the artificial intelligence sector, exemplified by Cambrian's remarkable rise in market capitalization [1][3]. Group 1: Cambrian's Performance - Cambrian's market capitalization has surpassed 660 billion yuan, exceeding that of traditional financial giant Bank of Communications, which has an annual net profit close to 100 billion yuan [1]. - Cambrian's stock price has skyrocketed from over 40 yuan to 1,596 yuan within two years, resulting in a staggering dynamic price-to-earnings ratio of 320 [1]. - Cambrian's market value is approaching that of American chip giant Intel, with speculation about its potential to surpass Qualcomm, which has a market value of approximately 1,237.2 billion yuan [3]. Group 2: Comparison with Huawei - In 2024, Cambrian's revenue is projected to be 1.174 billion yuan, with a net loss of 450 million yuan, while Huawei's revenue is expected to reach 862.1 billion yuan, with a net profit of 62.6 billion yuan, highlighting a significant disparity in scale [3]. - Huawei's research and development (R&D) investment for 2024 is expected to be 179.7 billion yuan, which is 167 times that of Cambrian's 10.72 billion yuan [3]. - Over the past decade, Huawei's cumulative R&D investment has reached an impressive 1.2 trillion yuan, underscoring its commitment to technological innovation and leadership in the global tech sector [3]. Group 3: R&D and Workforce - Despite Cambrian's position in the AI sector, its R&D personnel count is relatively small, and it has accumulated losses of 5.3 billion yuan over the past eight years [5]. - Huawei boasts a workforce of 113,000 R&D personnel, enabling it to build a self-sufficient industrial ecosystem across various fields, including chips and software, reducing reliance on foreign technology [5][6]. - Huawei's founder, Ren Zhengfei, has stated that the company will not go public, emphasizing the importance of long-term strategic focus over short-term shareholder interests [5].