Cambricon(688256) 东北证券·2025-04-22 02:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][6]. Core Insights - The company achieved a revenue of 1.174 billion yuan in FY24, representing a year-on-year growth of 65.56%, driven by the explosive demand for AI large model computing power [2][4]. - The net profit attributable to the parent company for FY24 was -452 million yuan, with losses narrowing compared to the previous year [2][4]. - In Q1 2025, the company reported a revenue of 1.111 billion yuan, a staggering year-on-year increase of 4230.22%, primarily due to market expansion and technological advancements in the internet sector [2][4]. - The net profit attributable to the parent company in Q1 2025 was 355 million yuan, marking a quarter-on-quarter growth of 30.61%, confirming a turning point towards profitability [2][4]. Financial Performance - As of the end of Q1 2025, the company's inventory reached 2.755 billion yuan, a 55% increase from the previous year, indicating strong demand and proactive stockpiling [3]. - The company's R&D investment for FY24 was 1.072 billion yuan, accounting for 91.30% of its revenue, reflecting a strong commitment to enhancing its core competitiveness [3]. - Revenue projections for 2025-2027 are estimated at 5.264 billion yuan, 7.902 billion yuan, and 10.680 billion yuan, with respective growth rates of 348.18%, 50.12%, and 35.15% [4][5]. Market Position and Strategy - The company is expected to continue gaining market share in the domestic computing power sector, benefiting from the acceleration of domestic chip replacement and strong downstream demand [3][4]. - The company has focused its chip architecture on natural language processing, video generation, and vertical large model scenarios, enhancing its competitive edge through flexibility and efficiency optimization [3].