寒武纪：产品与生态持续加强，AI应用方兴未艾

Investment Rating - Buy (Maintained) [1] Core Viewpoints - The company's product strength and ecosystem construction are continuously improving, with positive progress in business areas [5] - The company is expected to achieve revenues of 1,679/2,271/3,085 million yuan in 2024-2026, with net profits of -446/-208/148 million yuan [5] - The company's performance is typically released in the second half of the year, and with products gradually ready, the second half performance is promising [4] Market Performance - Absolute gains: -2.79% (1M), 29.20% (2M), 46.86% (3M) [2] - Relative gains: 0.71% (1M), 33.26% (2M), 54.08% (3M) [2] Financial Performance - 24H1 revenue: 0.65 billion yuan, yoy-43.4% [4] - 24H1 net profit: -5.30 billion yuan, yoy+2.7% [4] - 24Q2 revenue: 0.39 billion yuan, qoq+52.34% [4] - 24Q2 net profit: -3.03 billion yuan, qoq-0.76 billion yuan [4] - Gross margin: 62.72% (24H1), 66.08% (24Q2) [4] Business Progress - Deepened cooperation with internet clients, achieving batch shipments in natural language application scenarios [4] - Continued business and technical cooperation with leading domestic algorithm companies in the large model field [4] - Obtained multiple product compatibility certifications in the visual large model field [4] - Conducted large language model tests and industry application explorations with multiple financial institutions [4] R&D and Product Development - R&D team: 727 people, 78.82% with master's degree or above [4] - 24H1 R&D expenses: 4.5 billion yuan [4] - Developing new-generation intelligent processor microarchitecture and instruction set, optimizing for NLP, video/image generation, and recommendation system large models [4] - Enhancing training platform versatility and ecosystem construction, achieving native support for MLU in Transformers and Accelerate communities [4] - Successfully verified large language model pre-training function on clusters, achieving industry-leading single training task stability and computational efficiency [4] Financial Projections - 2024-2026 revenue: 1,679/2,271/3,085 million yuan [5] - 2024-2026 net profit: -446/-208/148 million yuan [5] - 2024-2026 gross margin: 58.6%/63.4%/68.2% [6] - 2024-2026 ROE: -8.4%/-4.1%/2.8% [6]