寒武纪：投资要点

Investment Rating - The report maintains a "Buy" rating for Cambricon (688256) [6] Core Views - Cambricon's chairman proposed a share buyback plan using the company's own funds, with a total amount ranging from RMB 200 million to RMB 400 million, to be used for employee stock ownership or equity incentives [1] - Domestic computing power is accelerating due to top-down policy support, with multiple regions in China promoting AI industry development through computing power vouchers [2] - Cambricon is making significant R&D investments to enhance its hardware and software ecosystems, including the development of a new generation of intelligent processor microarchitecture and instruction set, as well as the open-sourcing of the Triton-Linalg AI compiler front-end [3] - The company is expected to achieve a turnaround, with revenue projected to grow from RMB 1.38 billion in 2024 to RMB 3.52 billion in 2026, and net profit turning positive in 2026 [4] Financial Projections - Revenue is expected to grow by 95% in 2024, 55% in 2025, and 65% in 2026, reaching RMB 3.52 billion by 2026 [4] - Net profit attributable to the parent company is projected to improve from a loss of RMB 536 million in 2024 to a profit of RMB 175 million in 2026 [4] - The company's PS (Price-to-Sales) ratio is estimated at 77x for 2024, 50x for 2025, and 30x for 2026 [4] Industry and Policy Context - The Beijing Municipal Government released a plan to support the development of domestic computing power infrastructure, with subsidies for enterprises purchasing domestically controlled GPU chips [2] - Other regions such as Guizhou, Gansu, Hubei, and Jiangsu are also promoting AI industry development through computing power vouchers, leading to high utilization rates in AI computing centers [2] Company Developments - Cambricon is focusing on optimizing its hardware for large-scale natural language processing, video/image generation, and recommendation system models, aiming to improve programming flexibility, usability, performance, power consumption, and area efficiency [3] - The company has integrated its software with Baidu's PaddlePaddle, making it part of the routine version release system [3]