Cambricon(SH:688256) Guohai Securities·2024-07-21 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The chairman proposed a share buyback to enhance investor confidence and strengthen the product ecosystem [1][4] - The company is focusing on the development of general-purpose AI chips, optimizing for training and inference scenarios [6] - The demand for domestic AI computing power is accelerating, with significant adoption of domestic chips in various sectors [7][8] Financial Performance and Forecast - The company is projected to achieve revenues of 1.4 billion, 2.493 billion, and 3.484 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 97%, 78%, and 40% [9] - The net profit forecast shows a loss of 441 million yuan in 2024, a profit of 18 million yuan in 2025, and a profit of 250 million yuan in 2026, indicating a significant turnaround [9] - The company’s PS ratios are expected to be 75.59, 42.45, and 30.37 for the years 2024, 2025, and 2026 respectively [9] Market Position and Competitive Advantage - The company is recognized as a leading player in the smart chip sector in China, providing integrated solutions that combine cloud, edge, and hardware-software collaboration [8] - The company has developed a distributed inference acceleration library, BangTransformer, achieving industry-leading computational efficiency for large model inference [3][6] Share Buyback Details - The proposed share buyback will utilize self-owned funds, with a total amount ranging from 20 million to 40 million yuan, aimed at employee stock ownership plans and equity incentives [5][4]