寒武纪：客户优势积累中，资产端或预示24H2增长潜力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [7][13]. Core Insights - The company's asset side suggests sufficient supply, with potential for significant performance release in the second half of 2024, driven by new product launches [5][10]. - Despite a year-on-year revenue decline of 43.42% in the first half of 2024, the company has narrowed its net loss, indicating improved profitability [2][10]. - The company is establishing a competitive advantage with clients, particularly in the internet sector, where its products have seen bulk shipments in natural language applications [3][4]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 64.77 million yuan, with a net loss of 530 million yuan, which is a reduction in loss compared to the previous year [2]. - The balance sheet shows inventory growth of 83% and a 169% increase in prepaid expenses, indicating strong supply capabilities [2][10]. - Revenue projections for 2024-2026 are 1.482 billion, 2.280 billion, and 3.497 billion yuan respectively, reflecting a significant growth trajectory [5][10]. Client Development and Ecosystem - The company has made rapid progress in client development, forming strategic partnerships in the visual and language model sectors, enhancing its product compatibility and performance [3][4]. - The ecosystem is being strengthened with updates to the training software platform, supporting various AI applications and improving development efficiency [4][10]. Valuation Metrics - The current price-to-sales (P/S) multiples for 2024, 2025, and 2026 are projected at 72, 47, and 31 times respectively, indicating a high valuation relative to expected revenue growth [5][10]. - The company’s financial metrics show a projected net profit margin improvement, with net losses expected to decrease significantly by 2026 [10].