寒武纪（688256）：利润开始释放，经营杠杆显著

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved revenue of 1.174 billion RMB in 2024, a year-on-year increase of 65.56%, with a narrowed net loss of 452 million RMB, improving by 46.69% compared to the previous year [1][4] - The company is actively advancing the introduction and validation of internet clients, with significant revenue growth expected from large-scale shipments starting in Q4 2024 [1][2] - The company is positioned to benefit from rapid growth in AI capital expenditures from domestic internet companies, with a strong competitive edge in AI accelerator card products [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.174 billion RMB, up 65.56% year-on-year, and a net loss of 452 million RMB, which is a 46.69% improvement from the previous year [1] - The company’s revenue from cloud intelligent chips and acceleration cards reached 1.167 billion RMB in 2024, reflecting a year-on-year increase of 1188% [2] - The gross margin for 2024 was 56.71%, down 12.45 percentage points year-on-year, but showed improvement in the latter quarters [2] Future Outlook - For 2025, the company is expected to see significant revenue and profit elasticity from order fulfillment, with projected revenues of 5.271 billion RMB and net profits of 1.391 billion RMB [4] - The domestic AI capital expenditure is anticipated to maintain rapid growth, with the company’s inventory levels indicating strong future delivery capabilities [2][4] Competitive Positioning - The company’s AI accelerator card products are competitive, with software platforms optimized for major model training, and new hardware architectures are under development to enhance performance [3]