寒武纪Q3营收同比暴增13倍，连续三个季度盈利

Core Insights - The company, Cambricon, reported a remarkable financial performance in Q3, with revenue exceeding 1.727 billion yuan, marking a year-on-year increase of over 13 times, and a net profit of 567 million yuan, achieving a historic turnaround from continuous losses to stable profitability [1][2][3] Revenue Growth - Q3 revenue reached 1.727 billion yuan, a staggering year-on-year increase of 1332%, while total revenue for the first three quarters was 4.607 billion yuan, reflecting a growth of 2386% [2] - The significant revenue growth is attributed to the company's continuous market expansion and support for AI application implementation [3] Profitability - The company achieved a net profit of 567 million yuan in Q3, marking the third consecutive quarter of profitability, although it represents a 17% decline from the previous quarter [2] - For the first three quarters, the net profit totaled 1.605 billion yuan, indicating a historic turnaround from losses [2][4] Financial Metrics - The weighted average return on equity reached 25.21%, an increase of 38.69 percentage points year-on-year, with basic earnings per share at 3.85 yuan, compared to a loss of 1.74 yuan in the same period last year [4] Cash Flow and Balance Sheet - Operating cash flow for the first three quarters showed a net outflow of only 29 million yuan, a significant improvement from a 1.81 billion yuan outflow in the previous year [7] - Total assets increased to 12.592 billion yuan, a year-on-year growth of 87%, primarily due to a private placement that raised 3.985 billion yuan [9][10] Research and Development - R&D investment for the first three quarters was 715 million yuan, a year-on-year increase of 8.45%, but the proportion of R&D expenses to revenue dropped sharply from 455.65% to 15.51%, indicating a shift towards commercialization [5] - The absolute amount of R&D investment continues to grow, with Q3 R&D spending at 258 million yuan, up 22.05% year-on-year, reflecting ongoing commitment to technology development [5] Inventory and Receivables - Inventory surged from 1.774 billion yuan at the beginning of the year to 3.729 billion yuan, an increase of over 110%, suggesting anticipation of strong future demand [7] - Accounts receivable rose from 305 million yuan to 567 million yuan, an increase of 86%, indicating improved sales collection [7] Capital Raising - The company completed a private placement in September, raising 3.985 billion yuan, which significantly boosted its total assets and net assets, nearly doubling its asset scale [9] - The increase in cash and cash equivalents from 1.986 billion yuan to 5.178 billion yuan enhances the company's financial safety margin [10]