Cambricon(SH:688256) GF SECURITIES·2024-12-27 05:59Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 671.98 CNY per share based on a 2025 PS valuation of 80 times [26][55]. Core Views - The company's application for a comprehensive credit line of up to 2.5 billion CNY reflects strong confidence in downstream demand for its AI chip products, particularly from internet and intelligent computing center clients [29][61]. - The company has seen significant increases in inventory and prepayments, indicating robust demand for its products [5][57]. - Revenue forecasts for 2024-2026 show substantial growth, with expected revenues of 11.82 billion CNY in 2024, 35.07 billion CNY in 2025, and 59.42 billion CNY in 2026, representing growth rates of 66.6%, 196.7%, and 69.5% respectively [35][68]. Financial Summary - Revenue (in million CNY): - 2022A: 729 - 2023A: 709 - 2024E: 1,182 - 2025E: 3,507 - 2026E: 5,942 - Net Profit (in million CNY): - 2022A: -1,256 - 2023A: -848 - 2024E: -300 - 2025E: 187 - 2026E: 826 - EPS (CNY per share): - 2022A: -3.14 - 2023A: -2.07 - 2024E: -0.72 - 2025E: 0.45 - 2026E: 1.98 [2][35][68]. Business Segments - The company’s cloud product line is expected to recover in revenue growth after supply chain improvements, with projected growth rates of 333.3%, 294.2%, and 82.1% for 2024-2026 [62]. - The intelligent computing cluster system business is anticipated to benefit from increased investment in high-performance computing infrastructure, with expected revenue growth rates of 29.4%, 149.8%, and 59.7% for the same period [31][62]. - The edge product line is projected to decline in revenue due to strategic shifts towards cloud products, with expected growth rates of -36.1%, -20.9%, and -12.5% for 2024-2026 [32][62].