Cambricon(688256) 东吴证券·2025-04-25 03:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the domestic AI chip market, with significant revenue contributions from its largest customer, which accounted for 79% of total revenue in 2024 [7] - The company's revenue is expected to grow significantly, with projections of 1.17 billion yuan in 2024 and 5.26 billion yuan in 2025, reflecting year-on-year growth rates of 65.56% and 347.44% respectively [1][7] - The report highlights a substantial increase in inventory, which reached 2.76 billion yuan in Q1 2025, indicating potential for future revenue growth [7] Financial Projections - Total revenue is projected to reach 10.99 billion yuan by 2027, with a corresponding net profit of 3.06 billion yuan [1] - The company's earnings per share (EPS) is expected to improve from -1.08 yuan in 2024 to 7.32 yuan in 2027 [1] - The report anticipates a gradual improvement in profit margins, with a gross margin of approximately 55.99% in Q1 2025 [7] Customer Contribution - The top five customers contributed 94.6% of total revenue in 2024, with the largest customer being a long-term partner that increased its purchases due to the company's competitive product offerings [7] - The report emphasizes the company's strong customer resource advantage, which is expected to support revenue growth in the upcoming periods [7] Market Outlook - The AI chip market is projected to grow rapidly, and the company is well-positioned to capture market share through its expanding product portfolio and ecosystem development [7] - The report suggests that the company's performance will improve as it continues to leverage its technological advantages and customer relationships [7]