Cambricon(SH:688256) Minsheng Securities·2024-11-02 03:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 27.09% year-on-year increase in revenue for the first three quarters of 2024, reaching 185 million yuan, and a remarkable 284.59% increase in Q3 alone, amounting to 121 million yuan [1]. - The company is focusing on expanding its market presence and has adjusted its strategy by pausing low-margin R&D projects, leading to a decrease in R&D expenditure as a percentage of revenue [1]. - Inventory levels have surged to 1.015 billion yuan by the end of Q3 2024, up from 235 million yuan at the end of the first half of 2024, indicating confidence in future growth [1]. - The company has established partnerships with leading firms across various industries, enhancing its brand reputation and market position [1]. - The company is actively investing in R&D for next-generation intelligent processors and software platforms, which are crucial for long-term growth [1]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 1.536 billion yuan, 3.544 billion yuan, and 5.015 billion yuan, respectively, with corresponding price-to-sales (PS) ratios of 112X, 48X, and 34X [2][4]. - The net profit attributable to shareholders is expected to improve from a loss of 257 million yuan in 2024 to a profit of 323 million yuan in 2026 [2][4]. - The company anticipates a significant increase in EBIT from -372 million yuan in 2024 to 200 million yuan in 2026, reflecting improved operational efficiency [4].