“寒王”首次年度盈利

Core Viewpoint - The continuous rise in demand for computing power in the artificial intelligence industry has led to the first annual profit for Cambricon Technologies Corp., which is projected to achieve significant revenue growth in 2025 [1][3]. Financial Performance - Cambricon expects to achieve an operating revenue of 6 billion to 7 billion yuan in 2025, representing a year-on-year growth of 410.87% to 496.02% compared to 2024 [1][3]. - The company anticipates a net profit attributable to shareholders of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [3][4]. - In 2024, Cambricon reported an operating revenue of 1.174 billion yuan and a net loss of 455 million yuan [3][4]. Market Dynamics - The growth in revenue and profit is attributed to the sustained demand for computing power in the AI sector, with Cambricon leveraging its competitive products to expand market presence [3][4]. - The company transitioned from primarily IP licensing to smart computing cluster systems from 2019 to 2023, and in 2024, cloud chip products became the main revenue driver [4]. Historical Context - Since its establishment in 2016, Cambricon has faced cumulative losses exceeding 5 billion yuan until 2024, when it achieved a quarterly profit for the first time [4]. - The company’s stock price surged by 387.55% in 2024, making it the top performer in the A-share market, driven by increased domestic demand for AI chips amid U.S. export restrictions [4]. Future Projections - For the fourth quarter of 2025, Cambricon projects an operating revenue of 1.393 billion to 2.393 billion yuan and a net profit of 245 million to 545 million yuan, indicating a decline compared to the third quarter of 2025 [5].